Wasaga Beach Real Estate Market
Limited availability of true waterfront property has prompted recreational purchasers in Wasaga Beach to consider back- lot bungalows within walking distance of the beach this year. The more affordable alternative shaves an estimated $75,000 off a similar property located on the banks of the Nottawasaga River and is half of the starting price of a winterized, recreational property, situated on 50 ft. of prime beachfront, in Wasaga. While sales of recreational product overall are down somewhat from one year ago, values continue to hold steady. Waterfront is especially coveted, but expensive, with a three-bedroom cottage starting at $525,000 and riverfront priced from $325,000. Aging baby boomers represent the lion’s share of purchasers in the area, but younger buyers are starting to venture into the market. Spurred by record low interest rates and increased availability of backlot properties, first-time buyers are cautiously approaching recreational properties as an investment in the future. Backlot bungalows, starting at $235,000, are particularly popular with younger buyers, many of whom come from communities like Brampton and Mississauga. Demand is strong for prime waterfront that is well-located and priced properly—yet supply is virtually non-existent. The most expensive MLS sale to date in Wasaga Beach was a beachfront home priced at $849,000 in March and sold in April for $837,000.