Lakelands Association Of Realtors MLS Non-Waterfront Home Sales Continue To Lag Behind Waterfront Demand

Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region totaled 386 units in April 2024. This was a sharp decrease of 13.6% from the same period in 2023.

Residential non-waterfront sales were 19.9% below the five-year average and 28% below the 10-year average for the month of April.

On a year-to-date basis, residential non-waterfront sales totaled 1,230 units over the first four months of the year. This was down by 4.4% from the same period in 2023.

Sales of waterfront properties numbered 112 units in April 2024. This was an advance of 43.6% from the same period in 2023.

Waterfront sales were 6.8% below the five-year average and 15% below the 10-year average for the month of April.

On a year-to-date basis, waterfront sales totaled 257 units over the first four months of the year. This was up by 24.2% from the same period in 2023.

“The pace of demand and recovery in the non-waterfront segment of the market has been outpaced by waterfront sales for several months now, despite very similar trends on the supply side for both property types,” said Bonnie Looby, President of the Lakelands Association of REALTORS®. “It’s possible that would-be buyers looking for a new principal residence are being more cautious and awaiting further evidence of interest rate cuts. In other news, with the proposed new measures to the capital gains tax exemption limits from the federal government’s newly tabled budget there is some speculation that cottage owners may move to sell or move up their plans for selling in advance of the potential effective date of these announcement measures. Whether these come to pass and what effect they will have on our market if they do remains to be seen, but that is one of the top issues that we will be monitoring in the months ahead.”

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 $692,900 in April 2024, a minor decrease of 1.2% compared to April 2023.

The benchmark price for single-family homes was $721,700, a small reduction of 1% on a year-over-year basis in April. By comparison, the benchmark price for townhouse/row units was $558,900, falling by 2.3% compared to a year earlier, while the benchmark apartment price was $445,800, a modest decline of 2.5% from year- ago levels.

The median price for residential non-waterfront property sales in April 2024 was $700,000, unchanged from April 2023.

The more comprehensive year-to-date residential non-waterfront median price was $671,500, a small reduction of 1.2% from the first four months of 2023.

The median price for waterfront property sales in April 2024 was $955,000, a minor decrease of 1.9% from April 2023.

The more comprehensive year-to-date waterfront median price was $950,000, a small gain of 2.2% from the first four months of 2023.

The total dollar value of all residential non-waterfront sales in April 2024 was $304.1 million, a substantial decline of 12.3% from the same month in 2023.

The total dollar value of all waterfront sales in April 2024 was $137.1 million, a gain of 24.5% from the same month in 2023.

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