Cottage country real estate cools down as investors circle

Alexis Victor, real estate agent with Royal LePage Signature Realty, says investors are aggressively pitching lowball offers for cottage properties in areas around Orillia, Ont., Ramara Township and the Kawartha Lakes northeast of Toronto.“It’s such a jaw-dropper,” Ms. Victor says of the rapid decline. “You have to go back almost a full year to price a property now.”

On the small lakes, Mr. Crammond is seeing fewer bidding wars and buyers taking their time before making decisions. Mr. Maranger, who has a background in banking, says lenders are more conservative in providing mortgages for vacation homes – especially in uncertain times. Ms. Victor says many investors are offering $100,000 to $150,000 below the asking price of a property.Meanwhile, Ms. Victor has some clients who pull their listings if they do not receive the sale price they were hoping to achieve.

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