Lakelands Association Of Realtors MLS Waterfront And Non-Waterfront Sales Edge Down In May

Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region totalled 455 units in May 2024. This was a sharp decrease of 10.1% from the same period in 2023.

Residential non-waterfront sales were 13.8% below the five-year average and 22.6% below the 10-year average for the month of May.

On a year-to-date basis, residential non-waterfront sales totaled 1,687 units over the first five months of the year. This was down by 5.9% from the same period in 2023.

Sales of waterfront properties numbered 137 units in May 2024. This was a decline of 4.9% (seven sales) from the same period in 2023.

Waterfront sales were 21.7% below the five-year average and 30.7% below the 10-year average for the month of May.

On a year-to-date basis, waterfront sales totaled 395 units over the first five months of the year. This was up by 12.5% from the same period in 2023.

“The waterfront and non-waterfront segments of the market showed similar trends in May, with demand moving slightly lower compared to year-ago levels, although the waterfront segment is ahead on a year-to-date basis while the non-waterfront sector continues to lag behind,” said Bonnie Looby, President of the Lakelands Association of REALTORS®. “Much noise has been made regarding the proposed change to the capital gains tax inclusion rate, but looking at the data it doesn’t seem like it’s had an effect on sales in our region as of yet, given that cottage properties were one of the most common recurring examples given of asset sales that would be impacted by the change. With less than a month to go until the proposed changes take effect we’ll be looking more closely at the June data released next month to see if this trend changes.”

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 $715,600 in May 2024, down modestly by 1.9% compared to May 2023.

The benchmark price for single-family homes was $744,400, a minor decrease of 1.7% on a year-over-year basis in May. By comparison, the benchmark price for townhouse/row units was $559,900, a small reduction of 3.4% compared to a year earlier, while the benchmark apartment price was $483,400, falling by 1.7% from year-ago levels.

The median price for residential non-waterfront property sales in May 2024 was $675,000, a minor decrease of 3.2% from May 2023.

The more comprehensive year-to-date residential non-waterfront median price was $674,900, a small reduction of 1.5% from the first five months of 2023.

The median price for waterfront property sales in May 2024 was $960,000, a substantial decrease of 13.2% from May 2023.

The more comprehensive year-to-date waterfront median price was $950,000, a small reduction of 1.6% from the first five months of 2023.

The total dollar value of all residential non-waterfront sales in May 2024 was $351.7 million, falling by 9.2% from the same month in 2023.

The total dollar value of all waterfront sales in May 2024 was $195.4 million, a decline of 9.8% 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