Royal LePage expects the aggregate price of a single-family home in Canada's recreational regions to see a “modest” decrease of 4.5 per cent this year to $592,005.
While buyers of luxury properties in Muskoka have been more immune to interest rate shifts, Clayton's business partner Heather Scott said people eyeing recreational homes priced between $800,000 and $1.6 million are “the most affected group of buyers by the rate changes.” Such dynamics have produced a slow start to the selling season and created a “quite dramatic” shift in the market, said Parks.
“There's an increase in the number of sales under $1.5 million, so this tells me people are steering downward from where they were a year ago and not as many people have been buying,” Parks said.
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