CREW<\/a>. \u201cIf there\u2019s a point of concern in our market, it would be cottages. Demand has been so high because people have the expectation that there\u2019s no need to return to Toronto when the pandemic is over.\u201d<\/p>\nPart of the problem is prospective buyers, both cottage country locals and Torontonians, are bidding blindly on cottages and driving prices skyward. But unlike more common housing segments, like condominiums and detached houses, there isn\u2019t a wide swath of buyers for them to begin with, save for the recent surge that\u2019s divorced from market fundamentals. In fact, demand could become depleted in the very near future.<\/p>\n
\u201cA lot of demand that would have been in cottage country throughout the next five years has been pushed forward into 2020 and 2021, and the spring market frontloaded,\u201d said Watson. \u201cThe demand that exists for cottages is not going to hold long-term, so you can expect a bit of a lull. The demand they\u2019ve experienced in the last three to four months will not continue.<\/p>\n
\u201cThere was such a high level of demand for such a short period of time. In the next year or two, in my mind, you will not see the same level of out-migration from Toronto to Muskoka. For those people who were involved in multiple offers and paid way too much, the demand will evaporate with no race upwards, so you may see people get caught because they purchased at a level that the market says is too high.\u201d<\/p>\n
Watson is sure that a chunk of the cohort who left Toronto will return because the city offers things that few other places in Canada can. And as several of his clients have told him, assuming maintenance of one\u2019s own property is especially rankling and time consuming after years spent living in condos.<\/p>\n
\u201cThese decisions aren\u2019t yet being made because of reversals of work-from-home policies. The people who left early really miss living downtown, they miss living in a lively city, and on the other side, some people are tired of maintaining larger properties themselves.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
If there is a housing bubble in Canada, it\u2019s probably not where you think. In the wake of the COVID-19 pandemic, Torontonians fled the dense urban core for arcadia and in droves with the intention of living in them year-round. However, according to Bradley Watson, a broker with Sutton Group \u2013 Summit Realty Inc. in […]<\/p>\n","protected":false},"author":6,"featured_media":23538,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/9123"}],"collection":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/comments?post=9123"}],"version-history":[{"count":1,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/9123\/revisions"}],"predecessor-version":[{"id":23537,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/9123\/revisions\/23537"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media\/23538"}],"wp:attachment":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media?parent=9123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/categories?post=9123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/tags?post=9123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}