Before the pandemic, you could take it to the bank that downtown Toronto real estate was worth much more than real estate outside the city. Everyone knew that if you sold your house in the Annex and bought in Barrie, you'd end up with more house, and pocket an extra couple of hundred thousand dollars. The formula I used in discussing values with clients was, "the further you go from downtown, the cheaper the house".
That is no longer the case. The price differential is narrowing daily. Rural properties within a few hours of Toronto are being bought up in a frenzy of sales never seen before. The home and cottage owners in 519, 705 and beyond, are absolutely giddy these days. Previously unsaleable shacks with septic issues and a roof that needs replacing, are receiving multiple offers and selling in a few days. The local Realtors are being run ragged. Come to think of it, they too are in a pretty good mood these days.
All of this is occurring without the American tourists clogging up the highways and waterways. They're nowhere to be seen. The grocery stores and marinas in cottage country are busy as hell, even though a good percentage of their customers can't get here to enjoy the sunny summer.
What a strange bloody world this is. We're all visiting the same amusement park but some of us are actually on the roller coaster while others are waiting in line. I'm not sure who has the advantage. Maybe no one.