What's Muskoka got that the Hamptons don't? A hearty property market

By Michael Babad - Fri., May 12, 2017

Briefing highlights

  • Muskoka property market thriving
  • Toronto, Victoria named hottest luxury cities
  • Toronto, Victoria, Hamilton on fire
  • CIBC wins approval for PrivateBancorp
  • Home Capital in no rush to sell

Muskoka vs. the Hamptons

Ontario’s Muskoka playground may not be quite as famous as the Hamptons, but its real estate market is faring far better. Indeed, says a new report, real estate in “Toronto’s weekend resort market” is booming while the Hamptons suffer the uncertainties of New York.

“Especially notable is that certain second-home resort markets that are closely tied to a major urban area are often at the mercy of these feeder markets,” said the study released this week by Christie’s International Real Estate and Toronto’s Chestnut Park Real Estate, its Canadian affiliate.

“The upside of this trend can be seen in Toronto’s weekend resort market of Muskoka,” it added.

“This seasonal resort destination experienced a remarkable year of recreational property sales, echoing trends in sales and price activity in the Greater Toronto Area which saw values increase by 20 per cent in 2016 alone.”

Then there’s the other side of that phenomenon.

“Conversely, the downside of this trend can be difficult for second-home resort markets that rely on the fortunes of other cities, such as New York and the Hamptons, and London with various resort markets including Barbados,” the report said. Sales of properties worth $1-million or more in second-home resort markets surged 36 per cent last year, while slipping 3 per cent in the U.S., where potential purchasers often don't buy in an election year.

Read the article on TheGlobeandMail.com

Harvey Kalles Real Estate LTD Brokerage

Mailing List

© Copyright 2021 - Alexandra MacDonald