Lakelands Association of REALTORS® MLS® home sales remain subdued; with listing inventory below
average.

Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region totaled 370 units in March 2023. This was down sharply by 36.4% from the same period in 2022.

Residential non-waterfront sales were 29.5% below the five-year average and 25.9% below the 10-year average for the month of March.

On a year-to-date basis, residential non-waterfront sales totaled 827 units over the first three months of the year. This was a substantial decline of 36% from the same period in 2022.

Sales of waterfront properties numbered 73 units in March 2023. This was down sharply by 19.8% from the same period in 2022.

Waterfront sales were 27.3% below the five-year average and 22.8% below the 10-year average for the month of March.

On a year-to-date basis, waterfront sales totaled 134 units over the first three months of the year. This was a substantial decline of 39.1% from the same period in 2022.

“March posted another month of below-average sales activity for waterfront and non-waterfront properties, although you can’t buy what isn’t there and we’re still not seeing any meaningful return of new listings to the market,” said Matthew Lidbetter, President of the Lakelands Association of REALTORS®. “Sellers may still be withholding their listings in response to market uncertainty or they may simply be waiting until after the Easter break to kick off the spring season. Prices have stabilized in general, and in the waterfront segment we are actually starting to see a definitive upward trend emerge.”

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 $673,400 in March 2023, a substantial decrease of 18.9% compared to March 2022.

The benchmark price for single-family homes was $695,000, a big reduction of 19.7% on a year-over-year basis in March. By comparison, the benchmark price for townhouse/row units was $573,500, a substantial decline of 10.7% compared to a year earlier, while the benchmark apartment price was $476,100, a decline of 7.6% from year-ago levels.

The median price for residential non-waterfront property sales in March 2023 was $648,500, a large decline of 18.9% from March 2022.

The more comprehensive year-to-date residential non-waterfront median price was $665,000, a substantial decline of 19.4% from the first three months of 2022.

The median price for waterfront property sales in March 2023 was $900,000, a large decline of 23.4% from March 2022.

The more comprehensive year-to-date waterfront median price was $894,450, a substantial decline of 23.9% from the first three months of 2022.

The total dollar value of all residential non-waterfront sales in March 2023 was $280 million, a sharp decrease of 47.4% from the same month in 2022.

The total dollar value of all waterfront sales in March 2023 was $88 million, down sharply by 25.9% from the same month in 2022.

Lakelands West: The Blue Mountains, Clearview, Collingwood, Grey Highlands, Meaford, Wasaga Beach Lakelands Central: Midland, Orillia, Oro-Medonte, Penetanguishene, Ramara, Severn, 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

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

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.