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Real Estate Market Update | Muskoka, January-June 2021
The pandemic and the consumer’s reaction to it has changed everything. The pandemic has shattered the long-established patterns of buying and selling properties in the recreational marketplace. Having said that, as we close out the month of June, there are some indications that the Muskoka and Region marketplace is, in some respects, returning to pre-pandemic performance.
The chart below very dramatically illustrates how the recreational waterfront marketplace has unfolded-in the first six months of 2020 and 2021.
The first four months of 2020 were reflective of past market cycles. By May everyone was looking for recreational property and the safety, security, and space that recreational properties offer. By June the waterfront market had exploded. This year effectively began where 2020 left off. Most noticeably March and April, historically slow, were performing like the strongest selling months in previous years.
It is not surprising that we see market moderation in June. That’s due to a number of factors, both economic and pandemic related. On the economic side prices have been driven to unprecedented levels, while at the same time supply has declined. Beyond the economic factors, the frenzied need to acquire a recreational property has somewhat abated. The expansion of the vaccination program has made buyers less concerned about safety and space, and the softening of restrictions, especially travel restrictions, have driven the consumer’s attention, at least temporarily, away from the buying and selling of recreational real estate
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Algonquin Outfitters | The Heart of Muskoka’s Outdoor Adventure Culture
Founded by Bill and Wendy Swift, Algonquin Outfitters started as a single outpost serving the athletic and nature-bound expeditioners of Muskoka in 1961. “Bill had come to a camp in Algonquin Park as a youth and fallen in love with it,” says Marketing Manager Randy Mitson. “He was working for Eastman Kodak in Rochester, NY, at the time and decided he was interested in relocating to Canada and founding a great outdoor adventure company.” Now owned by second generation Rich Swift – Bill Sr.’s son – and Sue Swift, along with the third generation working hands-on in the company, at its roots it’s a very family-oriented business. That dedication to how the company is run spreads itself to the surrounding community through support of several charitable foundations, contests an live events that keep the community engaged year-round. “We’re a very unique, diversified company,” explains Mitson. With 12 stores, all within Algonquin Park, Muskoka, and Haliburton, each location is different with its own selection and flavour to offer. “Since all our stores are in our own backyard, we kind of compete with ourselves,” he says.