BY VARUN ROBBY SHARMA, ASSOCIATE LAWYER
After a long and difficult winter and with warmer days ahead, spending time in a picturesque and well-maintained property right on the water's edge sounds ideal to many Canadians.
After a long and difficult winter and with warmer days ahead, spending time in a picturesque and well-maintained property right on the water's edge sounds ideal to many Canadians.
For those wishing to realize their dreams, the District of Muskoka appears to have it all.
A recent Toronto Star article highlighted the growing demand for luxury waterfront real estate in Muskoka. Surrounded by the big three of Lake Joseph, Lake Rosseau, and Lake Muskoka, Sothby's Realtor Ross Halloran states that there's a renewed interest in Muskoka, an area which is now also known internationally.
In citing Christie's Interational Real Estate global luxury white paper, Halloran provides that there has been a 66 per cent increase in high-end Muskoka waterfront purchases in 2014 over 2013. Much of this is attributed to the weak Canadian dollar along with growing international interest.
The article provides that sales of properties over $ 2 million have hit a record high in 2014. The pace seems to have been even faster this year with 27 waterfront properties being sold along the big three Muskoka-area lakes, when compared to only 17 waterfront sales year over year. Storey Badger, a realtor in the Muskoka area believes that with the type of volume taking place, this year can set new records.
With renewed interest within both the GTA as well as internationally, it is no wonder some are calling the region "Hamptons of the North" for luxury cottages.
If you are buying or selling a cottage, our Toronto real estate lawyers can provide you with closing services and ensure a smooth closing process. Visit our website for more information.
- Varun Robby Sharma, Associate Lawyer
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