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Lakelands MLS® Statistical Report – April 2023

Lakelands Association of REALTORS® MLS® home sales showing signs of life but still restrained by lack of new supply
Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region totaled 442 units in April 2023. This was down sharply by 17.5% from the same period in 2022.
Residential non-waterfront sales were 11.2% below the five-year average and 18% below the 10-year average for the month of April.
On a year-to-date basis, residential non-waterfront sales totaled 1,270 units over the first four months of the year. This was a substantial decline of 30.5% from the same period in 2022.
Sales of waterfront properties numbered 84 units in April 2023. This was down sharply by 20% from the same period in 2022.
Waterfront sales were 30% below the five-year average and 36.5% below the 10-year average for the month of April.
On a year-to-date basis, waterfront sales totaled 218 units over the first four months of the year. This was a substantial decline of 32.9% from the same period in 2022.
“Sales activity has stabilized at higher levels compared to the bottom reached in the middle of 2022 but we are still waiting on the next phase of growth and recovery,” said Matthew Lidbetter, President of the Lakelands Association of REALTORS®. “New supply is not only remaining at subdued levels but is actually declining on a month-over-month basis looking through the seasonality. As a result, sales are being crimped by a lack of new listings coming onto the market and this has caused overall inventories to stall and begin to decline again. The market is continuing to tighten and prices for both waterfront and non-waterfront properties are rising steadily; in the absence of a considerable influx of new supply we expect these trends to persist and strengthen.”
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 $685,000 in April 2023, down sharply by 16.5% compared to April 2022.
The benchmark price for single-family homes was $708,800, a substantial decrease of 17% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $567,600, a big reduction of 12% compared to a year earlier, while the benchmark apartment price was $475,100, falling by 8.5% from year-ago levels.
The median price for residential non-waterfront property sales in April 2023 was $700,000, a moderate decrease of 6.7% from April 2022.
The more comprehensive year-to-date residential non-waterfront median price was $679,000, a substantial decline of 15.1% from the first four months of 2022.
The median price for waterfront property sales in April 2023 was $973,500, a large decline of 19.2% from April 2022.
The more comprehensive year-to-date waterfront median price was $932,500, a substantial decline of 21.6% from the first four months of 2022.
The total dollar value of all residential non-waterfront sales in April 2023 was $342 million, a sharp decrease of 26.1% from the same month in 2022.
The total dollar value of all waterfront sales in April 2023 was $117.2 million, down sharply by 34.5% from the same month in 2022.

 

Sales (all areas) April
2023
April
2022
Year-over-year
% change
Non-Waterfront Residential 442 536 -17.5
Waterfront 84 105 -20.0

 

Median price (all areas) April
2023
April
2022
Year-over-year
% change
Non-Waterfront Residential $700,000 $750,000 -6.7
Waterfront $973,500 $1,205,000 -19.2

 

Non-Waterfront Residential Sales April
2023
April
2022
Year-over-year
% change
Lakelands West 157 195 -19.5
Lakelands Central 187 195 -4.1
Lakelands North 98 146 -32.9

 

Non-Waterfront Residential Median Price April
2023
April
2022
Year-over-year
% change
Lakelands West $735,000 $855,000 -14.0
Lakelands Central $715,000 $705,000 1.4
Lakelands North $602,500 $713,750 -15.6

 

Waterfront Residential Sales April
2023
April
2022
Year-over-year
% change
Lakelands West 8 17 -52.9
Lakelands Central 20 22 -9.1
Lakelands North 56 66 -15.2

 

Waterfront Residential Median Price April
2023
April
2022
Year-over-year
% change
Lakelands West $779,500 $1,250,000 -37.6
Lakelands Central $1,100,000 $1,225,000 -10.2
Lakelands North $960,000 $1,150,000 -16.5
Lakelands West: The Blue Mountains, Clearview, Collingwood, Grey Highlands, Meaford, Wasaga Beach
Lakelands Central: Midland, Orillia, Oro-Medonte, Penetanguishene, Ramara, Springwater, Tay, Tiny
Lakelands North: Algonquin Highlands, The Archipelago, Bracebridge, Dysart et al, Georgian Bay Township, Gravenhurst, Highlands East, Huntsville, Lake of Bays, Minden, Muskoka Lakes, Parry Sound, Severn

 

The Lakelands Association of REALTORS® represents more than 1,600 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®
mlidbetter@sothebysrealty.ca

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