Cottage Country Real Estate Trends
Summer getaways are becoming much more in the wake of COVID-19.
While some real estate business has taken a hit during the COVID-19 pandemic so far, one market is turning red-hot: cottage country real estate.
Areas like Muskoka, Lake Huron, Haliburton, and more are seeing a surge in city-dwellers looking to escape the pandemic. The cottage paints an attractive picture — open air, more space, fewer neighbours…
As Max Hahne of Engel & Volkers Collingwood Muskoka said, “Space is the new luxury.”
Several factors are coming into play with cottage sales and rentals:
- People living in the city are looking for a socially distanced refuge during COVID-19.
- People who have cancelled summer plans (such as summer camp) are looking for private facilities.
- People who regularly travel out of the country for vacations are anticipating staying in-country more and seeking a permanent getaway.
This surge, however, is leading to slim pickings.
Toronto Storeys recently reported on this real estate trend.
“Looking at this year compared to last year, the inventory is low, and there are more buyers,” says Ruthann Brown of Muskoka’s Engel & Volkers brokerage told Toronto Storeys.
There could also be fewer people selling their cottages this year because they want to get out of the city, too, Brown speculated.
How to Tap Into the Cottage Country Real Estate Market
While pickings may be slim, your property tools can help you make the most of it.
Here are some ways you can achieve this:
- Use aerial imagery to find hidden possibilities. The Property Search tool in GeoWarehouse can help you explore by area and zero in on properties of interest. This can help you take a bird’s eye view and scan from above.
- Act on opportunities quickly. With this market moving fast, you need to be responsive, too. Tools like the Property Details Report and Parcel Registers* can help you know more sooner. You can verify property ownership, sales history, estimate property value, and much more.
- Find more prospective cottage sellers. There appears to be no shortage of cottage buyers, but there is a shortage of sellers. However, you can potentially find more by sharing tools like Home Value Range, which allows homeowners to estimate the value of their property. This could entice a cottage owner to sell if the value is strong enough.
- Seek out investment opportunities. A Demographics Report can tell you more about the people who live in a community, including cottage country. You can review the age distribution, marital status, owned/rented properties, average household income, and more to find potential investments.
- Show properties while social distancing. Virtual open house tools can help your clients view properties without visiting them in person.
As COVID-19 continues, the cottage may become a home-away-from-home or even a permanent home. Help your clients find the right getaway today.
Access in-depth property tools from GeoWarehouse. Learn more by calling 1-866-237-5937 or visiting www.geowarehouse.ca.
What do you think? Is cottage country real estate going to continue surging, or will demand drop-off? Let us know on social media. GeoWarehouse is on Twitter, Facebook, and LinkedIn.
* An official product of the Ontario government pursuant to provincial land registration statutes.