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!

2014 - Steady and Healthy

Another real estate year is almost complete. The market is settling down with distractions such as Hunting Season arriving, and people needing to close up, clean up and secure homes and cottages for winter. For me personally, this was a banner year in real estate in the Highlands as I continue to grow my business, but let's talk about what YOU are interested in! How was the market in general, in the Highlands?
Firstly, PLEASE be careful about what media says about the real estate market. Fear-mongering is big business, people actually benefit from providing scary reports. It is important to speak to someone in the vicinity of where you are selling or planning to purchase. Every region, community, lake, price range, has it's own market. What is happening in Toronto or Vancouver has no bearing on what is happening in a small town, or Central or Northern Ontario.
Even each Cottage Country has a different market (such as The Kawarthas, The Highlands, or Muskoka). Your price range also has a huge impact on market trends. Where is the bulk of buyers for a cottage - $250,000 to $300,000? $400,000 to $500,000?
So down to business - The Highlands! 2011 and 2012 were not the best. Media was reporting tough times, and Buyers came looking for deals. Sellers were not willing to drop their prices, therefore many deals were written, but not that many came together. Last year our market settled down. Prices were not gaining, they were staying steady. This is good news for both the Buyer and the Seller - a balanced market. This year it looks like there will be some small gains in values, but nothing to make Buyers nervous. This again results in lots of sales.
In May 2014 our board saw 1,423 listings on the market, the highest number in the past 3 years, with the most sales happening in August - 511. This is a slight increase from 2013 with 505 sales in August, and a bigger increase from August 2012 of 426. Since May of 2014, each month's statistics show increased sales and listings from the previous year. It is a healthy market!
If a property is priced correctly - it will sell. That's the bottom line!
The Highlands offers a variety of recreational options, from the first-time cottager looking for something on a back road, or close to lake, under $100,000, to direct waterfront at every price range. Our luxury market continues to grow each year, with cottages on the market at $800,000 to $2-3 million.
Thinking of moving to the Highlands? The Residential market, too, is on the rise. Minden and Haliburton are both seeing growth. Minden just received a Dairy Queen, last year received a Canadian Tire, and there are rumours of more. Haliburton just got a Tim Horton's (yes - I said it -- and you thought everyone already had one!). The social groups, activities and culture of the area is very strong. Buyers are looking for that combination of wanting to simplify their life, reduce their expenses, and still have convenience. Of course, growth in residential properties means growth in business....everyone wins!
Can't wait to see what 2015 brings!