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Lakelands Association of REALTORS® MLS® home sales down from last year but still post one of best March levels in history

Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region totaled 593 units in March 2022. This was a large decrease of 26.9% from the same period in 2021.

Residential non-waterfront sales were 9.6% above the five-year average and 18.6% above the 10-year average for the month of March.

On a year-to-date basis, residential non-waterfront sales totaled 1,287 units over the first three months of the year declining 20.9% from the same period in 2021.

Sales of waterfront properties numbered 93 units in March 2022. This was a substantial decline of 55.3% from the same period in 2021.

Waterfront sales were 11.4% below the five-year average and 1% above the 10-year average for the month of March.
On a year-to-date basis, waterfront sales totaled 220 units over the first three months of the year. This was notably down 44% from the same period in 2021.

“Sales of both non-waterfront and waterfront properties were down compared to last year’s astronomical records but still posted strong showings in March. Activity for non-waterfront homes fared slightly better, holding up overall sales at the third best March in history,” said Chuck Murney, President of the Lakelands Association of REALTORS®. “For housing markets of both types of homes the missing ingredient is still new supply, which is experiencing a more severe shortage for waterfront properties between the two. We’ll have to wait and see how many new listings come to market in the spring, but it’s going to take a substantial influx to start tilting the market back towards balanced territory and cool off the strong double-digit price growth we’re seeing now.”

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $738,600 in March 2022, an increase of 26.1% compared to March 2021.

The benchmark price for single-family homes was $757,200, a sizable gain of 26.1% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $661,700, a significant gain of 36.3% compared to a year earlier, while the benchmark apartment price was $551,600, an advance of 31.1% from year-ago levels.

The median price for residential non-waterfront property sales in March 2022 was $800,000, increasing by 22.3% from March 2021.

The more comprehensive year-to-date residential non-waterfront median price was $820,000, a gain of 26.2% from the first three months of 2021.

The median price for waterfront property sales in March 2022 was $1,157,000, a significant gain of 32.6% from March 2021.

The more comprehensive year-to-date waterfront median price was $1,153,500, an advance of 31.8% from the first three months of 2021.

The total dollar value of all residential non-waterfront sales in March 2022 was $541.9 million, down by 10.2% from the same month in 2021.

The total dollar value of all waterfront sales in March 2022 was $119.9 million, a substantial decline of 47% from the same month in 2021.

The Lakelands Association of REALTORS® represents more than 1,550 REALTORS®. There are several major geographical areas within the Association’s boundaries, including parts of Severn and Georgian Bay Townships; Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, and portions of the Municipality of Meaford, Grey Highlands. As well as Towns of Midland and Penetanguishene, the Townships of Tay, and Tiny. In the heart of Canada’s Cottage Country; Parry Sound, Muskoka, Haliburton, Orillia, Gravenhurst, Bracebridge, Muskoka Lakes, Huntsville, and Lake of Bays. Most within our geographical area are located less than a two-hour drive north of Toronto. Each offering a unique blend of properties ranging from residential homes to smaller towns and the rural areas in-between, as well as a mix of waterfront homes/cottages on the many rivers and lakes that range from the smaller entry-level properties to the prestigious.

REALTOR® is a trademark that identifies real estate professionals who are members of The Canadian Real Estate Association (CREA) and, as such, subscribe to a high standard of professional service and to a strict Code of Ethics.