The local Realtors' association is reporting 'sluggish' sales activity along the shore towns of Georgian Bay, but the tide is looking higher for properties on the water.
According to the Lakelands Association of Realtors, recent data from MLS shows waterfront home sales picking up in March 2024, with an 8.5 per cent increase over March 2023 and 77 waterfront properties sold last month.
All types of sales are still floating below the five- and ten-year averages, however, with non-waterfront home sales 35 per cent below long-term averages and waterfront sales about 20 per cent below.
"The waterfront segment of the market seems to be leading the recovery this spring, with activity rising from year-ago levels compared to a decline in the non-waterfront segment," said Bonnie Looby, president of the Lakelands Association of Realtors, in a news release. "Both types of properties have seen a rebound in new listings, so it’s not for a lack of supply that non-waterfront homes are not selling at the same pace as their waterfront counterparts. Despite both segments taking longer to sell compared to last year, waterfront properties are spending less time on the market before they sell than non-waterfront properties."
Residential, non-waterfront sales activity recorded through MLS decreased by 13.1 per cent in March 2024 compared to March 2023 with 325 homes sold across the Lakelands Region, which wraps around Georgian Bay from Meaford to Collingwood and Wasaga Beach, and up to Midland, Orillia and Parry Sound.
Year-to-date, 2024 and 2023 are almost dead even, with one sale more in 2024 bringing the total to 840 non-waterfront homes sold in the first three months. Waterfront sales are up by 12.4 per cent so far with 145 sold in 2024.
In the west portion of the Lakelands region – including The Blue Mountains, Clearview, Collingwood, Grey Highlands, Meaford, and Wasaga Beach – there were 13 waterfront homes and 115 non-waterfront homes sold in March 2024, an increase of 85 per cent and decrease of 7.3 per cent respectively.
The median price is highest in the west at $765,000 (non-waterfront) and $1-million (waterfront) last month, up 14 per cent and 11 per cent when compared to March 2023.
In the central portion of the region – including Midland, Orillia, Oro-Medonte, Penetanguishene, Ramara, Springwater, Tay, Tiny – there were 15 waterfront and 137 non-waterfront homes sold, which is a decrease of 31 per cent and 27 per cent respectively.
The median price for a non-waterfront home in the central portion of the region last month was $700,000 and for a waterfront home it was $1.135 million.
Prices are a little lower in the northern area – Algonquin Highlands, The Archipelago, Bracebridge, Dysart et al, Georgian Bay Township, Gravenhurst, Highlands East, Huntsville, Lake of Bays, Minden, Muskoka Lakes, Parry Sound, Severn – though there were more waterfront sales.
There were 49 waterfront homes sold in the north and 77 non-waterfront homes sold. The median prices were $650,000 for non-waterfront and $950,000 for waterfront.
The MLS home price index for the Lakelands region indicated a composite benchmark price of $679,400. That's $707,900 for single-family homes, $549,900 for townhouse/row units, and $433,900 for an apartment.
The total dollar value of all residential non-waterfront sales in March 2024 was $257.5 million, falling by 9% from the same month in 2023.
The total dollar value of all waterfront sales in March 2024 was $90 million, a gain of 4.1% from the same month in 2023.
Explore this graph to learn more about prices in your region.
