Home & Cottage Sales Update for October 2023

Ahmic Lake, Magnetawan

In October 2023, residential non-waterfront sales in the Lakelands region, as reported through the MLS® System, totaled 307 units. This marked a decline of 16.3% compared to the same period in 2022 and was notably 40.6% below both the five-year and 10-year averages for October. Year-to-date figures for residential non-waterfront sales amounted to 3,738 units for the first 10 months of 2023, reflecting an 8.2% decrease from the same period in 2022.

For waterfront properties, including cottages and vacant lots, 105 units were sold in October 2023, indicating a gain of 15.4% from October 2022. However, waterfront sales were 29.1% below the five-year average and 30.6% below the 10-year average for the month. Year-to-date figures for waterfront sales totaled 1,019 units, showing a 4.6% decrease from the same period in 2022.

Cottage on Ahmic Lake, Magnetawan

Home & Cottage Property Sales Diverge

The MLS® Home Price Index (HPI) reported an overall composite benchmark price of $707,300 in October 2023, representing a 1.2% decline from October 2022. Breaking down property types, the benchmark price for single-family homes was $737,200, with a 0.4% year-over-year decrease. Townhouse/row units saw an 11.5% drop with a benchmark price of $574,400, and apartments experienced a 2.5% decrease, settling at a benchmark price of $453,500.

The median price for residential non-waterfront property sales in October 2023 was $675,000, showing a gain of 2.3% from October 2022. However, the year-to-date median price for non-waterfront properties was $680,000, indicating a 6.2% decline from the first 10 months of 2022.

Horn Lake near Burks falls

Dollar Value of Magnetawan Properties Sold in the Last 5 Years

For waterfront properties, the median price in October 2023 was $933,000, marking a gain of 9.9% from October 2022. The year-to-date waterfront median price was $950,000, reflecting a 5.7% decrease from the first 10 months of 2022.

In terms of total dollar value, residential non-waterfront sales in October 2023 amounted to $226.4 million, a decrease of 16.3% from the same month in 2022. On the waterfront side, total sales reached $139.8 million, marking a significant 31.4% jump from October 2022.

In Magnetawan 15 transactions closed in October including homes, cottages and vacant land. The highest selling price was $1,625,000 for a cottage on Ahmic Lake. Year to Date a total of 29 properties in Magnetawan have changed hands the majority being waterfront.

Listing numbers are expected to continue to rise in the spring of 2024, particularly cottages purchased in the last 4 years that have mortgage renewals pending.

Days on Market for Magnetawan Real Estate

Areas covered by the Lakelands Association of Realtors®

¹ Lakelands West: The Blue Mountains, Clearview, Collingwood, Grey Highlands, Meaford, Wasaga Beach ² Lakelands Central: Midland, Orillia, Oro-Medonte, Penetanguishene, Ramara, Severn, Springwater, Tay, Tiny ³ 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


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