Recreation and cottage markets are following a similar trend to the city market. This may be a good opportunity for buyers thinking of buying a cottage.
Our team works with excellent agents in different parts of the province. I am sharing a blurb by my colleague Mark Veer who‘s team works the Collingwood/Thornbury area.
The Collingwood/Blue Mountains real estate market has slowed a bit over the past few weeks. After two years of record high prices, we’re seeing signs that this upward trend is starting to flatten out.
Our market needed to chill out a bit. An annual 29% price increase for single family homes and 21% for condos is simply not sustainable.
Buyers are exhausted. Many have been through the multiple offer game several times and lost. It gets tiring fast.
The volatility of the stock market and war have also added to the current uncertainty.
It’s not all doom and gloom. Properties here are still selling. We are still seeing multiple offers on some. Two or three will come through if priced properly instead of eight to ten which was common just two months back.
Inventory levels are increasing and supply and demand are starting to equalize. Hence we have a calmer market.
Our area has been “rediscovered” since Covid began. We predict the area will remain a sought-after destination for weekend enthusiasts, retirees, and young families. We are truly a four season destination.
– Mark Veer