In this blog we take a closer look at the 2021 Lake of Bays Real Estate Stats. 2021 represented the second year of COVID-19, and a continued trend of people moving from larger cities to smaller towns. Prices for both waterfront and non-waterfront in the Township of Lake of Bays and directly on the Lake of Lake of Bays reflect this trend. 2021 prices on the Lake of Lake of Bays saw an increase of 24.44% in 2021 over 2020. 2021 saw fewer new listing on the Lake of Bays Lake (a reduction of 10.96% in 2021 over 2020), while the total number of new listings in the Township of Lake of Bays, for both waterfront and non-waterfront properties, rose in 2021 over 2020. Anecdotally, we would further report that the Township of Lake of Bays saw more cottagers remain year-round or make the move to the Township of Lake of Bays permanently. 2021 was categorized as a Seller’s market. RBC defines a Seller’s market as follows:
“A seller’s market happens when there’s a shortage in housing or more potential buyers than homes.”
A seller’s market at-a-glance
- More buyers than homes for sale
- Prices tend to be higher because of increased demand
- Homes sell quickly
- More likely to be multiple offers on a home, which gives sellers negotiating power (and conditional offers may be rejected)
Next week our Blog will look into strategies of purchasing your Lake of Bays Muskoka property in a seller’s market.
The Above charts are created using the data provided entirely from the Lakelands Association of Realtors. They reflect the number of residential non-waterfront properties, and average sale price for residential non-waterfront properties sold in the Township of Lake of Bays, Muskoka.
The Above charts are created using the data provided entirely from the Lakelands Association of Realtors. They reflect the number of residential waterfront properties, and average sale price for residential waterfront properties sold in the Township of Lake of Bays, Muskoka. It is important to remember that the Township of Lake of Bays is comprised of many smaller lakes, as well as the Lake named Lake of Bays. These charts reflect the total waterfront sales for the entire township.
The Above charts are created using the data provided entirely from the Lakelands Association of Realtors. They reflect the number of freehold, residential waterfront properties, and average sale price for freehold, residential waterfront properties sold on Lake of Bays Lake.
