The Lakelands Association of Realtors is reporting that the median price for residential non-waterfront property sales in September 2023 was $627,739, a minor decrease of 2.1% from September 2022. The more comprehensive year-to-date residential non-waterfront median price was $680,000, a moderate decrease of 6.8% from the first nine months of 2022.
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 $717,200 in September 2023, a slight reduction of 0.9% compared to September 2022.
The benchmark price for single-family homes was $746,200, edging down 0.4% on a year-over-year basis in September. By comparison, the benchmark price for townhouse/row units was $582,000, a decline of 9.6% compared to a year earlier, while the benchmark apartment price was $474,500, up modestly by 3.3% from year-ago levels.
The median price for waterfront property sales in September 2023 was $938,000, a substantial decrease of 10.7% from September 2022. The more comprehensive year-to-date waterfront median price was $950,000, a moderate decrease of 7.8% from the first nine months of 2022.
The total dollar value of all residential non-waterfront sales in September 2023 was $250.7 million, falling by 2.3% from the same month in 2022. The total dollar value of all waterfront sales in September 2023 was $177.8 million, a gain of 15.6% from the same month in 2022
Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region totaled 354 units in September 2023. This was unchanged from the same period in 2022.
Residential non-waterfront sales were 32.7% below the five-year average and 33% below the 10-year average for the month of September.
On a year-to-date basis, residential non-waterfront sales totaled 3,456 units over the first nine months of the year. This was down by 7.8% from the same period in 2022.
Sales of waterfront properties numbered 138 units in September 2023. This was a gain of 22.1% from the same period in 2022.
Waterfront sales were 29.4% below the five-year average and 32.7% below the 10-year average for the month of September.
On a year-to-date basis, waterfront sales totaled 940 units over the first nine months of the year. This was down by 5.1% from the same period in 2022.
The total dollar value of all waterfront sales in September 2023 was $177.8 million, a gain of 15.6% from the same month in 2022.
“Sales activity for non-waterfront residential properties was flat on a year-over-year basis while sales for waterfront homes posted a modest increase,” said Matthew Lidbetter, President of the Lakelands Association of REALTORS®. “However, demand for both types of properties continues to run below typical levels for this time of year and is expected to do so for the near future as potential buyers reassess their finances as [they]face headwinds from higher interest rates and economic uncertainty. Prices are also expected to remain lower compared to last year’s records but at least appear to be stabilizing.”
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.