By Bonnie Looby, President, Lakelands Association of REALTORS®
Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region totaled 401 units in June 2024. This was a substantial decrease of 17.7% from the same period in 2023.
Residential non-waterfront sales were 28.8% below the five-year average and 33.9% below the 10-year average for the month of June.
On a year-to-date basis, residential non-waterfront sales totaled 2,087 units over the first six months of the year. This was a moderate decrease of 8.3% from the same period in 2023.
Sales of waterfront properties numbered 130 units in June 2024. This was a substantial decrease of 23.5% from the same period in 2023.
Waterfront sales were 37.1% below the five-year average and 39.2% below the 10-year average for the month of June.
On a year-to-date basis, waterfront sales totaled 523 units over the first six months of the year. This was a slight gain of 0.6% (three sales) from the same period in 2023.
“There was some uncertainty surrounding the expectation that sales in cottage country would see a sharp upswing in advance of the changes to the capital gains inclusion rate, but in the end we didn’t see any material changes to demand,” said Bonnie Looby, President of the Lakelands Association of REALTORS®. “Sales of both waterfront and non-waterfront properties are trending below year-ago levels as the summer begins. Sellers are still out in large numbers, but without a resurgence in buyer activity we’re seeing a continued increase in inventories on the market. Sellers should consult their local REALTOR® to help with setting expectations on price and time on market, while buyers would do well to seek a REALTOR® to navigate an environment in which there are undoubtedly good offers to be had.”
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 $723,300 in June 2024, edging down 0.8% compared to June 2023.
The benchmark price for single-family homes was $753,700, down only 0.5% on a year-over-year basis in June. By comparison, the benchmark price for townhouse/row units was $555,200, down by 4.9% compared to a year earlier, while the benchmark apartment price was $481,400, a minor decrease of 2.6% from year-ago levels.
The median price for residential non-waterfront property sales in June 2024 was $645,000, decreasing by 6.3% from June 2023.
The more comprehensive year-to-date residential non-waterfront median price was $667,180, a modest decline of 2.6% from the first six months of 2023.
The median price for waterfront property sales in June 2024 was $1,165,000, increasing by 28.1% from June 2023.
The more comprehensive year-to-date waterfront median price was $970,000, a modest gain of 2.1% from the first six months of 2023.
The total dollar value of all residential non-waterfront sales in June 2024 was $297 million, down sharply by 23.4% from the same month in 2023.
The total dollar value of all waterfront sales in June 2024 was $184 million, a substantial decrease of 29.8% from the same month in 2023.
| Sales (all areas) | June 2024 | June 2023 | Year-over-year % change |
| Non-Waterfront Residential | 401 | 487 | -17.7 |
| Waterfront | 130 | 170 | -23.5 |
| Median price (all areas) | June 2024 | June 2023 | Year-over-year % change |
| Non-Waterfront Residential | $645,000 | $688,000 | -6.3 |
| Waterfront | $1,165,000 | $909,250 | 28.1 |
| Non-Waterfront Residential Sales | June 2024 | June 2023 | Year-over-year % change |
| Lakelands West | 133 | 196 | -32.1 |
| Lakelands Central | 170 | 199 | -14.6 |
| Lakelands North | 98 | 92 | 6.5 |
| Non-Waterfront Residential Median Price | June 2024 | June 2023 | Year-over-year % change |
| Lakelands West | $680,000 | $748,500 | -9.2 |
| Lakelands Central | $662,500 | $672,600 | -1.5 |
| Lakelands North | $599,500 | $638,000 | -6.0 |
| Waterfront Residential Sales | June 2024 | June 2023 | Year-over-year % change |
| Lakelands West | 13 | 16 | -18.8 |
| Lakelands Central | 20 | 31 | -35.5 |
| Lakelands North | 97 | 123 | -21.1 |
| Waterfront Residential Median Price | June 2024 | June 2023 | Year-over-year % change |
| Lakelands West | $1,275,000 | $967,500 | 31.8 |
| Lakelands Central | $1,195,000 | $1,000,000 | 19.5 |
| Lakelands North | $1,099,000 | $900,000 | 22.1 |
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 1,550 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.
Don’t miss out on Doppler!
Sign up here to receive our email digest with links to our most recent stories.
Local news in your inbox so you don’t miss anything!
Click here to support local news
0 Comments