Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region totaled 203 units in January 2023. This was down sharply by 31.4% from the same period in 2022.

Residential non-waterfront sales were 25.3% below the five-year average and 21.4% below the 10-year average for the month of January.

Sales of waterfront properties numbered 34 units in January 2023. This was down sharply by 33.3% from the same period in 2022.

Waterfront sales were 24.8% below the five-year average and 22% below the 10-year average for the month of January.

“Sales of both waterfront and non-waterfront properties were trending well below average in January, picking up right where 2022 left off. However, looking through the seasonality of the data we can see that there has been a marginal improvement on a monthly basis since activity bottomed out in July last year,” said Matthew Lidbetter, President of the Lakelands Association of REALTORS®. “Price levels for both types of properties are still in decline and we will likely see outsized year-over-year drops as we move past the one-year mark of the all-time highs experienced last spring. On the supply side, the stock of listings is being bolstered by a rebound in the non-waterfront segment, although supply levels are still well below historical averages. While nobody expects a return to the levels of demand we saw over the past two years, the general expectation for this year is one of more stability and gradual recovery.”

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 $665,600 in January 2023, a big reduction of 11.7% compared to January 2022.

The benchmark price for single-family homes was $685,900, a substantial decline of 12.7% on a year-over-year basis in January. By comparison, the benchmark price for townhouse/row units was $590,300, down only 0.4% compared to a year earlier, while the benchmark apartment price was $467,300, up modestly by 1.1% from year-ago levels.

The median price for residential non-waterfront property sales in January 2023 was $679,000, a large decline of 16.7% from January 2022.

The median price for waterfront property sales in January 2023 was $920,000, a large decline of 20% from January 2022.

The total dollar value of all residential non-waterfront sales in January 2023 was $169.2 million, a sharp decrease of 39.2% from the same month in 2022.

The total dollar value of all waterfront sales in January 2023 was $36 million, down sharply by 55% from the same month in 2022.

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 the 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 offers 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.
Provided by:

Matthew Lidbetter,
President The Lakelands Association of REALTORS®

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.