Making sense of the real estate market isn’t easy. It’s impacted by so many outside factors that long term predictions are difficult.
The threat of tariffs, inflation, interest rates, and other elements have caused a bit of trepidation in certain market sectors so far this year.
Combined with people changing their travel patterns, many weddings and other gatherings finally taking place after being delayed, and the warmer weather taking a bit longer to arrive, the cottage country real estate market started slowly.
Experienced brokers like Bob Clarke of Royal LePage Lakes of Muskoka Clarke Muskoka Realty can offer the insight necessary to navigate the market during seemingly uncertain times.
“Port Severn has been really quiet: it’s in a buyer’s market right now,” he says. “In late June, there had only been 26 waterfront property sales since the beginning of the year. That’s exceptionally quiet.”
However, there are still deals being made, provided the property is listed with an honest value and the realtors are willing to put in the work.
“The reality is that you have to work twice as hard, but the good news is that I have active buyers and they’re shopping,” explains Bob. “And they’re qualified buyers, they’re ready to go.”
Local knowledge is key
Bob says when choosing to buy or sell a property in Port Severn, particularly on the water, it’s important to carefully consider who to work with. The real estate market in cottage country is extremely different than that of a city.
Going with someone from the local area who understands all the nuances of shoreline setbacks, road allowances, and other similar rules and regulations will save time, money, and stress.
Bob says he has encountered many situations over the years where an underinformed agent from outside the region has run into issues they didn’t know how to solve.
Factors to consider include the timing of sun exposure, topography, water depth and quality, what changes you’re allowed to make to the property, what changes might be coming on neighbouring properties, and so much more.
“It’s not because we want to keep all the business; it’s because these are complicated transactions,” he explains. “If I’m doing condo deals in downtown Toronto, I want a realtor from that area who knows the ins and outs. The same idea applies in Port Severn and area. You need to use an experienced, local representative who understands all the complexities.”
TEXT CHRIS OCCHIUZZI
