2015's Luxury Market Review

Last year I did a little summary of the Luxury Market in The Highlands and it seemed well received. Time flies, so it is time to review last year's market.

The Highlands is a technicolour  tourist area! Big, small and everything inbetween. Our 600 lakes provide everything from the quiet, private retreat to big boating. And the area is growing! Minden and Haliburton, the two main towns, have both seen growth this past year but the best part is that even though the area is growing, we will never get too big. This keeps our market stable during tough times, and growing the rest of the time. People who discover the Highlands never want to leave!
 In my previous blog I noted that the Luxury Market, although still young to the area, has been growing in leaps and bounds. Between 2013 and 2014 the market grew 38% in number of sales from 5 sales in the whole tourist area that were over $1,000,000 to 8 sales. In 2015 we had 11 sales over $1,000,000.
The lakes that these sales occurred were all over the map! A small, private lake with pure privacy, mid-size lakes such as Mountain and Kushog, chain lakes such as Twelve Mile, Soyers, and Kashagawagimog, and of course the two larger lakes - Kennisis and Redstone. The smallest waterfront was 95 feet, ranging up to 1,273 feet (excluding the private lake which really skews the numbers). Again, the number of sales in a whole year is small, but looking at the big picture of area and market growth - the luxury market is continuing to climb as more luxury cottages are built. The increase from 8 sales to 11 sales in one year is a 28% increase.
At the beginning of February I am travelling to Mississauga to upgrade my training on latest marketing trends and learning from industry leaders in the Luxury Marketing industry. I am so excited...keeping on top and up to date so that I can offer the best possible service for my clients. I will let everyone know how the training went....stay tuned!

2016 - Are You Ready?

As we leave a banner year and start anew, it is "cleanup" time for real estate agents. Review our marketing strategies, reconnect with clients, price properties that may be listed in the coming year, take some courses.....Winter is a time of renewal and I love it!
I attended a seminar with TD Canada Trust last week, and our local Mobile Specialist, Dale Bull presented some excellent material. One tidbit of information is that there is an unusual amount of mortgages coming due for renewal in 2016. Up to 25% of all mortgages are coming due this year.

Gull River - Minden

What does this mean as it relates to real estate? One factor many Sellers do not take into account when they decide to sell is the inevitable "early repayment" fees when they pay off their mortgage. For many, this can be a very significant expense, and depending on your lender. Many Sellers assume there will be no fee because their next purchase will be through the same lender. It does not work that way and even though you have been with your lender for several years, you must re-qualify for the next mortgage and there are fees. Assume nothing - be ready.
Have a chat with your financial advisor when you think you may want to sell. The best real estate transaction is a "no surprise" one, and doing your homework with your lender is a great way to start.
There may be more listings this year with mortgages coming due - it eliminates the early repayment fees. Do you know when your mortgage is due?
More listings due to mortgage renewals and more Buyers due to the continued lower interest rate - another balanced market in The Highlands.