Wasaga Beach Could Be Struggling This Summer
As a popular tourist destination the area of Wasaga Beach relies on having a busy summer to make the majority of their money for the year. Stores and restaurants typically see their business improve from Victoria Day Weekend which is the unofficial start of summer. And it is not just regular businesses that rely on summer. Many people who have bought Wasaga Beach real estate in the form of condos or cottages also rely on summer and the popularity of the area to rent out their properties either as a business or just to make some extra money. The Summer Of 2010 could be difficult for everyone.
The problem started with a major fire that that caused major damage to businesses and restaurant along the main tourist strip. Many people then had the impression that Wasaga Beach was closed for business and that was simply not the case. The problems now are compounded by the fact that a company that owns 20 properties along the main waterfront is in financial distress and owes back taxes and millions of dollars to the city. As the company fades so does it plan to develop a multi-million dollar tourist area that would have seen projects such as new condos, restaurants and entertainment venues not to mention the grand plan of adding a monorail.
The area is now worried that if word starts to spread that these businesses are in debt and on the brink of closing people will continue to stay away form the area which would hurt businesses and real estate even further. There is still a lot to do and see in Wasaga Beach and the city wants to get the message across that they still a great vacation destination and a wonder place to invest in real estate.