Market
Market
Home & Cottage Sales Update for October 2023
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.
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.
Dollar Value of Magnetawan Properties Sold in the Last 5 Years
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
