Two of the Highlands’ most seasoned realtors say the residential real estate market is looking good into spring, while the cottage market remains somewhat of an unknown. And, it appears to be heading towards a buyers’ market.
Andrew Hodgson, of Century 21 Granite Realty Group, said Haliburton County was set up for a “really good” real estate year, with a favourable fall market, interest rates dropping, lots of buyers, and sellers understanding where the market was and pricing accordingly.
“Right now, our residential housing market is going well. It is becoming a buyers’ market. No question, buyers are getting a little bit better deals. Sellers are softening on their prices.”
Linda Baumgartner, of Baumgartner Realty Group, says “if a property is priced right, they’re selling. Our residential market is a good market. There is a demand there.”
She said if the people who told her last fall that they would list in the spring do, “then we will swing into a buyers’ market. But we don’t have any proof of that right now. We are starting to see some multiple offers on good and attractive properties that are priced right. They’re selling. Are we a balanced market? I wouldn’t say.”
Hodgson said, “the cottage market, or the waterfront market, is not really going yet. I don’t know if it’s because there is still lots of snow and ice. People are hesitant to pay $1 million-plus for a place if they can’t see the shoreline.”
Baumgartner said she had a number of waterfront properties coming up, and is just waiting for the weather conditions to improve. She said buyers need to be able to access properties to get a lay of the land. She said Baumgartner Realty Group is going to see more inventory. And, again, if there is an influx of listings, anticipates swinging into a buyers’ market.
Volatile market
Hodgson is worried that economic uncertainty will have an impact. With the U.S. and Canadian governments in a trade war, he indicated people might be reluctant to make big investments.
“Uncertainty is never good for real estate. We’ve got uncertain times right now.”
Baumgartner follows Benjamin Tal, the deputy chief economist of CIBC World Markets Inc. She said he’s identified, “we’re in a volatile market. He’s telling us to handhold our clients for the next few months.”
However, she expects more interest rate cuts, down 50 base points, and back to a 2.25 per cent interest rate by the end of the year. “Is that helping us predict or gauge what’s going to happen in the spring market? I don’t know.”
Hodgson said he’s hopeful the sluggish waterfront start is weather-related, also noting interest rates are dropping.
“There are lots of buyers, and demographics, such as retirees, are still great for Haliburton County.” People still want to move, and work from, cottage country, he said, noting internet is better than it has ever been to allow that.
“We’re still in great shape although I am a little leery about where the cottage market is. We’ll wait to see when the snow and ice leave.”
Hodgson said some people are listing their properties as a result of the new short-term rental bylaws across the County. He said some are reluctant to have to buy their shore road allowances or spend a lot of money on things such as new septic systems.
Baumgartner said we might see more cottages on the market as a result of STR bylaws, as people don’t want to go through the licensing process, or make costly repairs needed to qualify.
Overall, Hodgson said “Haliburton County will never die down too much. Even after 2009, and COVID, where we went to great heights, we only dropped 15 per cent. The demographics are so good in Haliburton County. We’ve got so much good going on. I think we’re going to have a decent year.”
Baumgartner added, “you have to adapt whatever market we’re entering into or experiencing. You just have to know how to work it. Communicate with your clients and keep plugging away and try to be positive.”
