Location
Location
Lake Joseph Cottage Market | Summer 2022
Lake Joseph Real Estate Market
Lake Joe has always been an interesting lake to watch from a real estate perspective. For generations it's been one of Ontario's go-to recreational lakes is still one of the most actively searched for people looking for a cottage. Prices, like with all Muskoka waterways, have risen sharply over the past few years and I consider Joe to be a "canary in the coal mine" so where Joseph goes the waterfront real estate market follows.
So far I've seen no large drop in sale prices but my suspicions are that's about to change.
Here's my reasoning;
Interest rates are on a tear upwards at the same time the stock market is heading the other way. The first half of 2022 saw the markets drop the most in 50 years and if that's not enough to ice in the veins of potential buyers, crypto appears to be dust in the wind of dreamers.
In times past the safe haven to counter market volatility was to turn to consumer staples and real estate but to quote an overused phrase "this time it's different"
Historical Sales
Here are some historical sales numbers for Lake Joseph over the last few years on the Lakelands Real Estate Board. These include only freehold properties, no leases or fractional ownerships.
2019 Cottage Sales
- 31 cottages sold
- Prices ranged between $970,000.00 & $13,900,000.00
- Median price around $2,300,000.00
2020 Cottage Sales
- 33 cottages sold
- Prices ranged between $895,000.00 & $11,950,000.00
- Median price around $3,600,000.00
2021 Cottage sales
- 12 cottages sold
- Prices ranged between $1,300,000.00 & $8,048,819.00
- Median price was around $3,400,000.00
So far in 2022 there have only been 2 sales recorded as pending transactions on Joe which is very low. They were $2,602,000.00 and $8,550,000.00. It will be interesting to see how the rest of the season plays out with so many moving parts. A recent report by the real estate board points to both falling sales and falling prices for Muskoka waterfront which, if you're a seller, does not bode well.
If you follow the Muskoka real estate market we have a page dedicated to Lake Joseph cottages for sale here. You can also contact John Fincham directly @ 705 783 7718.
