With both the allure of owning a recreational waterfront property and the value of such properties on the rise, there has never been a better time to buy a waterfront property.
Chestnut Park’s Muskoka and Area Report of all of the markets encompassed by the Muskoka and Area Realtor’s Association shows that the entire area produced positive sales increases in 2015. And in the five key areas we serve – Georgina, Beaverton, Orillia, Oro/Medonte and Innisfil – Lake Simcoe waterfront sales increased by an average 15 per cent in 2015.
The highlights of owning Lake Simcoe recreational property include such things as:
- Owning waterfront property that is a second home rather than a seasonal cottage, as many Lake Simcoe dwellers can attest to.
- Lake Simcoe’s proximity to Toronto enables homeowners to enjoy their recreational property all year long.
- With more than 150 miles of shoreline around Lake Simcoe and several distinct communities there are a wide range of market values around the Lake.
- Construction continues to dot the shoreline as more and more people are building new homes or substantially renovating their existing homes.
- A trend that we will continue to see is the decision of many homeowners to designate their waterfront home as their permanent address.
- Retirees and business owners that can work from home are cashing out of the hot Toronto market and moving to the lake.
My research shows that in total, there were 137 waterfront sales reported in 2015 compared to 119 sales in 2014. For reporting purposes in this blog series, we have not included sales under $300,000 and only Lake Simcoe properties were included in our analysis.