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Magnetawan Real Estate Update | September 2023
Like the rest of Parry Sound District, the Magnetawan area has experienced a significant slow down in real estate this year. Sales are down about 50% from covid-era levels for both homes and cottages with waterfront on smaller lakes feeling the most pain. Median prices are down but not significantly compared to other regions. Keep in mind that both average and median prices can be somewhat skewed when sales numbers are low.
Buyers are becoming more cautious as interest rates continue to rise and inflation remains stubbornly high. The one bright spot is the foreign buyers ban which does not apply between Orrilla and North Bay. This is funneling potential purchasers towards the Muskoka and Parry Sound regions.
Magnetawan Home & Vacant Land Sales
As you can see by the chart below, cottage prices in the Magnetawan area were generally between $400,000 and $500,000 until late 2020. Between the second quarter of 2020 and the third quarter 0f 2022 the median price rose an astounding 130%. Residential properties had a similar trajectory but began their accent a few months earlier. Both homes and cottages dropped in 2023 but have begun to rebound somewhat.
Sales volumes have dropped sharply, particularly with waterfront. Cottages on Ahmic Lake, Lake Cecebe & Horn Lake remain the most sought after but listing numbers are also down significantly. Since 2015 the number of waterfront listings have slowed to a trickle putting the supply / demand firmly wanting on the supply side. Having said that, many potential buyers are waiting to see if the higher interest rates, now sitting at multi year high, continue before they pull the trigger on a purchase.
In the last few weeks we're getting many calls from cottage owners looking to sell in the spring so if that trend continues we'll see continued pressure to the down side on pricing.
Magnetawan Median Cottage Sale Price
Magnetawan Median Home Price
Cottage Listing Volume
