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Lakelands Association of REALTORS® MLS® non-waterfront sales strengthen to above average levels, waterfront sales trend at average in November

Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region totalled 492 units in November 2021, this was down by 10.2% from the record achieved in 2020. For perspective, residential non-waterfront sales were 9% above the five-year average and 18.8% above the 10-year average for the month of November.

On a year-to-date basis, residential non-waterfront sales totaled a record 6,754 units over the first 11 months of the year. This was a minor increase of 3.7% from the same period in 2020.

Sales of waterfront properties for the Lakelands region numbered 101 units in November 2021, down sharply by 33.1% from the same period in 2020 but more in line with historical averages for the month. Waterfront sales were 5.4% below the five-year average and 1% above the 10-year average for the month of November.

On a year-to-date basis, waterfront sales totalled 2,124 units over the first 11 months of the year. This was a slight decrease of 4.1% from the record breaking period in 2020.
“We are beginning to see diverging trends in our market between non-waterfront residential activity and waterfront properties. Non-waterfront activity is still going strong and posted the second best November on record, while waterfront sales are back down to more normal seasonal levels,” said Chuck Murney, President of the Lakelands Association of REALTORS®. “Trends in prices are also on divergent paths, as median price levels continue to rise to new records for non-waterfront home sales while median prices have turned a corner and are edging off their highs for waterfront homes. Supply levels for both types of properties are still trending at their lowest on record.”

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 $632,300 in November 2021, an advance of 31.4% compared to November 2020.

The benchmark price for single-family homes jumped to $646,000, up sharply by 31.6% on a year-over-year basis in November. By comparison, the benchmark price for townhouse/row units hit $584,300, a substantial increase of 40.6% compared to a year earlier, while the benchmark apartment price was $481,600, a sizeable gain of 26.8% from year-ago levels.

The median price for residential non-waterfront property sales in November 2021 was a record $701,000, a jump of 31% from November 2020. The more comprehensive year-to-date residential non-waterfront median price was $651,000, a substantial gain of 32.3% from the first 11 months of 2020. The median price for waterfront property sales in November 2021 was $835,000, a moderate gain of 5.7% from November 2020. The more comprehensive year-to-date waterfront median price was $907,650, increasing by 29.7% from the first 11 months of 2020.

The total dollar value of all residential non-waterfront sales in November 2021 was $391.7 million, a gain of 12.4% from the same month in 2020. This was also a new record for the month of November.

The total dollar value of all waterfront sales in November 2021 was $103.5 million, down sharply by 32.9% from the same month in 2020.

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.