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Cottage Buying Time

Yep. That’s right. As summer gently wains, the cottage buying opportunities grow. As realtors, we see it every year – cottagers who were looking to experience one more summer at the Lake are ready to sell and move on before the cold weather sets in and the cottage selling season closes out. Sure, there a few that may change hands during winter as life circumstances prevail, but traditionally, new listings come to a screaming halt by November. However, the next 60-90 days can be an exceptional time to purchase a waterfront property or cottage in the Kawartha’s.

How’s this year shaping up? Interesting question. Anyone who has been looking to buy will tell you of the frustration and competition in trying to purchase. Inventory of Kawartha cottages for sale was very low – I believe many people chose to summer at the Lake and escape some of the bigger cities, perhaps with COVID-19 being a contributing factor. Certainly the inability to travel put cottaging on the radar as a great way to get away and enjoy the outdoors. It created more demand for waterfront properties and less inventory. Add in the completion of Highway 407 to the Peterborough area, and suddenly, The Kawartha’s has become the ‘go to’ cottage location for the GTA. There are many beautiful lakes within a 2 hour drive of Toronto!

There seems to be a lot of interest in cottages as rental investments – not sure if we have Scott McGillivray and HGTV”s “Income Property” show to partially Thank, but we saw lots of interest in turnkey properties within the 2 hour GTA drive mark that could rent. In some cases, this pushed prices over the $650K mark for ‘entry level’, four season properties. While renting presents opportunities, it’s not quite the easy path Scott promotes. Managing weekly rentals creates need for cleaning, laundry, maintenance and customer contact on a weekly basis, not to mention potential tension with neighbours when renters get a little noisy. Guaranteed – if your septic system was weak prior to renting, you’ll get the ‘sewage backing up’ call during their stay…

The good news? Just as the calendar turned toward September, we’ve seen several new quality listings and a little less demand as some of those eager searchers have given up or are perhaps exhausted…This creates a great chance for buyers who know what they want and can assess opportunity quickly. Less competition and more inventory might well cool off the bidding wars we experienced in June and July. Time will tell.

Other cottage buying opportunities exist such as water access properties including islands as well as lakes that are located ‘off the beaten path’. I know of several wonderful lakes that are ‘hidden gems’ and offer great water quality while slightly more affordable value.

If you’re keen to purchase a cottage or waterfront property in the Peterborough or Kawartha area, please feel free to contact me directly. I’ve got years of cottaging experience including building luxury waterfront homes and seasonal cottages. I’d love to work with you and participate in your cottage purchase success! My personal and confidential cell is 705.933.9191

And here comes the usual – Not intended to solicit those already under contract.