The Muskoka resale marketplace is a varied, segmented group of micro-markets, including town and residential properties, condominium apartments, some rural properties, and, of course, recreational waterfront properties. It is impossible to assess the Muskoka marketplace in a homogeneous, definitive manner. The various micro-markets operate in divergent fashion depending on time of year, the prevailing economy, and, of course, geopolitical matters, which have been weighing heavily in real estate markets generally. 

If we restrict ourselves to waterfront and non-waterfront, market patterns emerge that indicate how these sectors are developing following the unprecedented pandemic market. 

Non-Waterfront  

Overall, Muskoka’s non-waterfront recreation marketplace has shown signs of growth, albeit modest growth in average sale prices, but sales performance continues to struggle. This is not dissimilar to market performance in larger urban markets like the Greater Toronto Area. It would appear that sales are still seeking a bottom, particularly in the towns of Bracebridge, Gravenhurst and Huntsville, where most of the non-waterfront sales activity takes place. On a positive note, the average sale price came in at $673,509 in July, up 5.5 percent from a year ago. 

New properties coming to market declined by almost 9 percent year-over-year, from 246 to 226 properties available to buyers, reducing the total active listing inventory from 572 to 549 non-waterfront properties. The decline in the number of available properties also had the effect of reducing inventory levels from 7.7 to 6.4 months. As a comparison, there are 4.6 months of inventory in the Greater Toronto Area at the end of July.  

Waterfront 

For the most part, the waterfront market has been more robust than the surrounding non-waterfront property market. Sales were slightly down from a year ago, but only marginally, while average sale prices saw a dramatic increase. Year-over-year, the average sale price for all waterfront properties reported sold increased by 23 percent, from $1.7 million last year to $2.1 million. The most dramatic price increases were for properties reported sold on Lake of Bays and the Muskoka Lakes. Reported sales and prices are not always an accurate reflection of sales activity and average sale prices achieved. In the Muskoka Lakes market, in particular on Muskoka’s Big Lakes, Rousseau, Joseph, and Lake Muskoka, numerous lakefront properties are sold exclusively and not reported. 

Unlike the non-waterfront property market, the recreational market saw a sharp increase in new listings, from 164 a year ago to 192 in July, an increase of over 17 percent, bringing the active inventory to 596 waterfront properties, up almost 10 percent compared to last year. Waterfront inventory on the Muskoka Lakes, where the bulk of waterfront sales activity takes place, comes in at 6.4 months at month-end. 

Chestnut Park’s Performance 

Chestnut Park’s realtors continue to outperform the overall Muskoka marketplace, particularly in the waterfront and recreational sector. By month-end in July, Chestnut Park realtors were instrumental in sales volume exceeding $345 million, with more than $123 million in sales in the month of July alone. The average sale price for all sales completed by Chestnut Park realtors exceeds $3 million and is substantially higher for sales on Muskoka’s Big Lakes. Chestnut Park’s realtors were responsible for almost 27 percent of the volume of all real estate reported sold year-to-date, 271 percent higher than the next competitive brokerage and higher than the combined dollar volume of sales by the next 7 brokerages combined, and these numbers do not include our exclusives and off-market trades. An amazing accomplishment.