Muskoka has always been a popular destination for Canadians wanting a little piece of paradise but now people from around the world are showing interest.
According to a new ReMax survey, 68% of Canadians would choose a long weekend at the cottage rather than a big city getaway and the low Canadian dollar is having a big impact on making those dreams a reality.
Lea Kane has been selling real estate in Muskoka for 14 years and says this is one of the busiest springs she’s had.
“It makes sense, people would want to take lesser time for travel rather than jumping on a plane,” Kane says. “You might as well invest something you have return on, whether it be when you sell one day or your daily enjoyment or have it rented out, cover some of your costs.”
And it’s not just Canadians looking for a vacation home. Chuck MacDougall is with the Muskoka Bay Club and says the lower loonie is bringing in foreign buyers.
“I think that the Asian market that we are seeing right now is being driven through the brokerages through Toronto. Obviously they love recreational time and they love golf and the lakes up here are fantastic so it’s a great mix for them,” adds MacDougall.
According to Christie’s International Real Estate, Muskoka is the second fastest growing recreation real estate market in the world. Real estate agents say more buyers are looking to rent out their properties full or part-time as a means of making a lucrative return on their investment.
“It’s not attainable for many people to own their own property so there’s definitely a lot of people that want to just escape for a week here or there whether it’s through friends through the office or family members,” adds Kane.
The study also looked at what Canadians would sacrifice in order to have their dream cottage. Twenty-one percent would downsize their main residence to buy a recreational property and 41% would choose saving for a cottage over travelling abroad.
