Spring Real Estate Activity

  • We are experiencing bold Buyer activity in the up to $400,000 recreational market.
  • Two road access properties located north of Kenora and east of Kenora recently listed for $229,000 and $305,000 have sold in multiple offers for $33,042 and $17,000 over list.  I believe "Value in Use" may have contributed to these assertive offers.
  • If you are considering a recreational property, now is the time to come and look.  Inventory levels are on the rise.
  • The two most common types of buyers are young families with children tapping into their home equity to buy cottages and near or recent retirees who are looking to make a cottage-country property their primary residence.
  • The cottage office
    Some Buyers are looking for recreational properties that have the amenities for working from the deck or dock.  Just a few years ago, cottage Internet access was often sketchy and cell phone reception could be intermittent. Today, the extension of broadband service into our area has improved access, so that working from the cottage is more feasible than ever.  That access means cottagers can dodge the weekend traffic with a day or two of telecommuting - and it also means that good cell and Internet access can be a selling feature.
  • Year round use
    A good percentage of Buyers want their place to be usable year round. Partly because buyers want a property that they can enjoy year round, but also because financing options are more flexible for those purchasing a year-round recreational property than for those buying a three-season cottage. The banks seem to be more competitive with offering funding for second homes.
  • Are the Americans coming (back)?
    For the past six or seven years, a higher Canadian dollar and a tougher U.S. economy meant that American Buyers weren’t much of a factor in cottage real estate.  With our dollar dipping, it appears that American Buyers are starting to look at our area again - and Canadian Buyers who may have looked south may stick closer to home, where their dollar will go further.  I've received several inquiries from potential America Buyers and so far in 2015 have sold one island cottage to an American couple and showed a water access cottage in Minaki to an American Buyer yesterday.  With the drop in the Canadian dollar, Americans can save approximately 15 per cent.
    (Some excerpts from Cottage Life)

  • PEP 2505 Pipestone Peninsula, Lake of the Woods - $225,000  (Water access, south-east of Kenora)
  • Granite Lake - $415,000  (Road access, west of Kenora)
  • Pistol Lake, Minaki - $474,600  (Road access, north of Kenora)
  • Whitefish Bay, Lake of the Woods, Sioux Narrows - $525,000  (Road access, south-east of Kenora)
Greg Kirby

Greg Kirby

CENTURY 21 Reynard Real Estate Ltd., Brokerage*
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