April 5, 2010
Cottage Sales Show Signs of Recovery
Did you know that cottage sales are showing signs of rebounding as the economy heats up? The recent good weather and improving consumer confidence have many Ontario realtors reporting a much stronger start to the spring vacation property market this year. “Things are looking a lot better this year than last, and it seems to be across the board with all kinds of properties,” said Wendy Webb, president of the Muskoka and Haliburton Association of Realtors. In the first quarter of this year there were 324 sales, up 40 per cent from last year, according to the association. Dollar volume was also up by 46 per cent, representing more than $78 million worth of transactions. But last year also represented the depths of the market, when buyers sealed their wallets. The typical cottage market starts in April, but some agents started receiving calls in February for viewings. Cottages are the ultimate splurge, a part of discretionary income that is the first to go during a downturn. But they are also a bellwether indicator of the economy, with sales the first to rebound when consumer confidence returns.
