Tag: sales

Sales in May 2018

The Lakelands Association of REALTORS®

Lakelands property sales remain well below last year’s record levels in May 2018

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Sales of waterfront properties recorded through the MLS® System for the Lakelands region numbered 191 units in May 2018. This decreased by 42.1% from May 2017, which was a record.

On a year-to-date basis, waterfront sales totalled 492 units over the first five months of the year. This was a decrease of 39% from the same period in 2017.

“Activity remained quiet in May,” said Mike Stahls, President of The Lakelands Association of REALTORS®. “Having said that, with supply at historic lows it’s possible we may be looking as much at a supply story as a demand story. That idea is supported by the fact that listings are still selling quickly, and median prices continue to rise.”

The median price for waterfront property sales in May 2018 was $535,500, up 9.4% from May 2017.

The total dollar value of all waterfront sales in May 2018 was $140.7 million, falling 34.2% from the May record in 2017.

Summary – Sales by Housing Type
Category May 2018 May 2017 Year-over-year
percentage change
Non-Waterfront Residential 237 399 -40.6
Waterfront 191 330 -42.1
Includes transactions in all areas recorded by The Lakelands Association of REALTORS®
Summary – Median Price by Housing Type
Category May 2018 May 2017 Year-over-year
percentage change
Non-Waterfront Residential $340,000 $319,900 6.3
Waterfront $535,500 $489,500 9.4
Includes transactions in all areas recorded by The Lakelands Association of REALTORS®


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Detailed – Non-Waterfront Residential Sales and Median Price by Area
Non-Waterfront Residential
By Area Unit Sales Median Sale Price
May 2018 May 2017 Year-over-year
percentage
change		 May 2018 May 2017 Year-over-year
percentage
change
Muskoka 81 153 -47.1 $365,000 $330,000 10.6
Haliburton 24 25 -4.0 $231,750 $209,000 10.9
Orillia 76 120 -36.7 $387,500 $390,000 -0.6
Parry Sound 41 86 -52.3 $275,900 $207,750 32.8
All Other Areas 15 15 0.0 $469,900 $302,500 55.3
Note: A percentage change of — indicates there were no sales in the same month one year ago.
Detailed – Waterfront Sales and Median Price by Area
Waterfront
By Area Unit Sales Median Sale Price
May 2018 May 2017 Year-over-year
percentage
change		 May 2018 May 2017 Year-over-year
percentage
change
Muskoka 74 111 -33.3 $720,000 $600,000 20.0
Haliburton 40 57 -29.8 $470,500 $510,000 -7.7
Orillia 18 27 -33.3 $560,950 $610,000 -8.0
Parry Sound 44 111 -60.4 $412,500 $390,000 5.8
All Other Areas 15 24 -37.5 $525,000 $465,000 12.9
Note: A percentage change of — indicates there were no sales in the same month one year ago.

BOARD & ASSOCIATION INFORMATION

The area served by 800 REALTORS® who belong to The Lakelands Association of REALTORS® serving Parry Sound, Muskoka, Haliburton and Orillia, is located less than a two-hour drive north of Toronto, in the heart of Canada’s Cottage Country. There are several major geographical areas within the Association’s boundaries, including the City of Orillia, the Parry Sound area, Gravenhurst, Bracebridge, Muskoka Lakes, Huntsville, Lake of Bays and Haliburton. Each of these areas has a unique blend of properties ranging from residential homes in the City of Orillia and smaller towns to the rural areas in-between, as well as a mix of waterfront homes/cottages on the many rivers and lakes throughout our regions that range from the smaller entry-level properties to the prestigious.

Muskoka Cottage Market Watch – April 2018

 

Number of Listings and Sales of Muskoka Cottages

Unit Sales Volume – Summary of Waterfront Single Family MLS® Listings and Sales for the last 4 years by area as reported by The Lakelands Association of REALTORS®

*Mary Lake, Fairy Lake, Peninsula Lake, Vernon Lake

Sales by Price Range

Summary of Waterfront Cottage MLS® Listings and Sales for the last 4 years by area and price range as reported by The Lakelands Association of REALTORS®

The Cottage Sales by Year and Price Range

*Lake of Bays, Mary Lake, Fairy Lake, Peninsula Lake, Vernon Lake

Lakelands property sales running at average levels in February 2018

– down from a very strong February in 2017

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Sales of waterfront properties recorded through the MLS® System for the Lakelands region numbered 36 units, down 34.5% from February 2017. This was almost exactly in line with the 10-year average for the month of February.

On a year-to-date basis, waterfront sales (72) were down 30.1% from the same period in 2017.

“Sales activity was running at average levels in February, less extreme activity than we saw in early 2017,” said Mike Stahls, President of The Lakelands Association of REALTORS®. “That said, even average levels of demand against the backdrop of a historic lack of inventory is keeping the pressure on prices in the region.”

The median price for waterfront sales was $459,000 in February 2018, rising 8% from February 2017.
The total value of waterfront sales was $20.4 million, falling 24% from the record February in 2017. This drop in dollar value was due to the slowdown in sales.

Summary – Sales
February 2018 February 2017 Year-over-year
percentage change
36 55 -34.5
Includes transactions in all areas recorded by The Lakelands Association of REALTORS®
Summary – Median Price
February 2018 February 2017 Year-over-year
percentage change
$459,000 $425,000 8.0
Includes transactions in all areas recorded by The Lakelands Association of REALTORS®


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Detailed – Waterfront Sales and Median Price by Area
Waterfront
By Area Unit Sales Median Sale Price
February 2018 February 2017 Year-over-year
percentage
change		 February 2018 February 2017 Year-over-year
percentage
change
Muskoka 10 16 -37.5 $397,500 $525,000 -24.3
Haliburton 10 10 0.0 $444,500 $284,500 56.2
Orillia 7 9 -22.2 $500,000 $740,000 -32.4
Parry Sound 9 14 -35.7 $535,000 $317,500 68.5
All Other Areas 0 6 -100.0 $0 $466,500 -100.0
Note: A percentage change of — indicates there were no sales in the same month one year ago.

BOARD & ASSOCIATION INFORMATION

The area served by 800 REALTORS® who belong to The Lakelands Association of REALTORS® serving Parry Sound, Muskoka, Haliburton and Orillia, is located less than a two-hour drive north of Toronto, in the heart of Canada’s Cottage Country. There are several major geographical areas within the Association’s boundaries, including the City of Orillia, the Parry Sound area, Gravenhurst, Bracebridge, Muskoka Lakes, Huntsville, Lake of Bays and Haliburton. Each of these areas has a unique blend of properties ranging from residential homes in the City of Orillia and smaller towns to the rural areas in-between, as well as a mix of waterfront homes/cottages on the many rivers and lakes throughout our regions that range from the smaller entry-level properties to the prestigious.

Muskoka Haliburton Orillia – The Lakelands Association of REALTORS® May Report

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Sales of waterfront properties recorded through the MLS® system of Muskoka Haliburton Orillia – The Lakelands Association of REALTORS® came in just two sales below last May’s record.

On a year-to-date basis, waterfront sales were up 2.9% from the first five months of 2016. This was the highest level on record for this period.

“At this point the local housing market appears to be on its way to another record year in 2017,” said Mike Stahls, President of Muskoka Haliburton Orillia – The Lakelands Association of REALTORS®. “That said, housing markets not too far south of Cottage Country cooled in May in the wake of recently announced changed to Ontario housing policy. That did not seem affect our area in May, but it will be worth keeping an eye out in the months ahead for any signs of those Greater Golden Horseshoe demand and supply trends creeping into the Muskoka, Haliburton and Orillia areas.”

The median price for waterfront sales was $522,500 in May 2017, rising 24.4% from May 2016.

The total value of waterfront sales was $164.2 million, up 1.2% from May 2016.

Summary – Sales by Housing Type
Category May 2017 May 2016 Year-over-year
percentage change
Waterfront 242 244 -0.8
Includes transactions in all areas recorded by Muskoka Haliburton Orillia – The Lakelands Association of REALTORS®
Summary – Median Price by Housing Type
Category May 2017 May 2016 Year-over-year
percentage change
Waterfront $522,500 $420,000 24.4
Includes transactions in all areas recorded by Muskoka Haliburton Orillia – The Lakelands Association of REALTORS®

 

Detailed – Waterfront Sales and Median Price by Area
Waterfront
By Area Unit Sales Median Sale Price
May 2017 May 2016 Year-over-year
percentage
change		 May 2017 May 2016 Year-over-year
percentage
change
Muskoka 165 156 5.8 $515,000 $429,500 19.9
Haliburton 57 55 3.6 $510,000 $399,000 27.8
Orillia 19 33 -42.4 $650,000 $410,000 58.5
All Other Areas 1 0 — $445,000 $0 —
Note: A percentage change of — indicates there were no sales in the same month one year ago.

BOARD & ASSOCIATION INFORMATION

The area served by the more than 700 REALTORS® who belong to Muskoka Haliburton Orillia – The Lakelands Association of REALTORS® serving Muskoka, Haliburton and Orillia, is located less than a two-hour drive north of Toronto, in the heart of Canada’s Cottage Country. There are several major geographical areas within the Association’s boundaries, including the City of Orillia, Gravenhurst, Bracebridge, Muskoka Lakes, Huntsville, Almaguin Highlands, Lake of Bays and Haliburton. Each of these areas has a unique blend of properties ranging from residential homes in the City of Orillia and smaller towns to the rural areas in-between, as well as a mix of waterfront homes/cottages on the many rivers and lakes throughout our regions that range from the smaller entry level properties to the prestigious.

Real Estate Market Report | Muskoka, January – March, 2017

Chestnut Park News

APRIL 18, 2017
Muskoka Real Estate Update

 

As 2016 came to an end, the concern in the Muskoka and area recreational market place could be summed up in one word: supply. The lack of supply has become dramatically obvious in the first three months of 2017. Generally supply is limited during the early months of any year. Weather conditions, inability to access properties, and the disinterest of buyers usually means that recreational properties are not brought to market until April or even later. This report acknowledges that market phenomenon, and is simply comparing what was happening in 2016 against the first three months of 2017.

 

The Muskoka-Haliburton Realtor Association reports that during the first three months of 2017 it processed 1815 listings of all types. This is a decline of 15 percent compared to 2131 listings that were submitted by local realtors during the same period in 2016. The decline in recreational inventory is even more startling. At the end of March the Association reported 439 active recreational property listings, a decline of more than 40 percent compared to the 751 recreational property listings on the market last year.

 

The situation is even more dramatic in 2 of the three market places in which Chestnut Park’s agents are active. On Muskoka’s big lakes (Rosseau, Joe, and Muskoka) there were only 103 active listings at the end of March, a decline of almost 50 percent compared to the 200 active listings available to buyers last year. The situation in the Haliburton Highlands is no different. Last year there were 193 active listings, this year only 103, a decline of 47 percent. Although listings are down in Lake of Bays the decline is not as extreme as in Muskoka’s big lakes and the Haliburton Highlands. This year there were 59 active listings, last year 83, comparatively a moderate decline of 30 percent.

 

At this stage of the year we have limited recreational property sales data. What we do have does not indicate that there is a corresponding decline in demand. The Association reports that 101 recreational properties have been reported sold year-to-date, an increase of 15 percent compared to the 88 reported sold last year. On the big lakes there has been a marginal increase in sales: 21 this year compared to 19 last year. Sales activity in the Haliburton Highlands is marginally down: 27 last year, 25 this year. Only Lake of Bays has shown an appreciable increase in sales, although the actual numbers are small: 12 reported sales this year compared to 9 last year, an increase of 30 percent.

 

During the first three months of 2017 Chestnut Park’s agents were responsible for 25 recreational property sales, representing $27,875,500 in dollar volume. This result is our highest number of reported sales during this period in the year, and by far the highest dollar volume ever achieved. These numbers also demonstrate that demand remains strong. The next best year for sales was in 2012 and for dollar volume it was last year.

What to expect:

Unless something dramatic happens we can anticipate a very tight recreational market as 2017 continues to unfold. As forecast in the year-end report, we will begin to see competition for well priced, desirable properties.

 

That competition will not amount to the frenzied activity that has become the norm in urban environments like Toronto, but multiple offers will not be uncommon. This is brought out by the fact that agents have already experienced the multiple offer phenomenon on new listings and when acting for buyers.

 

The unknown factor that may have an impact on the Muskoka real estate market place will be the provincial government’s reaction to the runaway prices for properties in Toronto and area. The prevailing belief is that foreign investors and speculation are fuelling price increases. Legislation by the provincial government in either or both of these areas could have a cooling effect on recreational markets, even if the effect is due to a wait-and-see stance by buyers. Unfortunately by the time the impact of the tax is absorbed by consumers, the major part of the recreational selling season will be at an end. It is anticipated that the province will move to deal with exorbitantly rising prices in Toronto and area by late April or May.

 

Prepared by:Chris Kapches, LLB, President and CEO, Broker

 

 

Muskoka Real Estate Update / Jan-Dec 2016

Cottage-winter-sunrise-Huntsville-Susan-Brown
JANUARY 19, 2017

2016 was a remarkable year for recreational property sales in Muskoka and nearby seasonal markets. It is difficult to pinpoint the reason for this increase in sales activity. 2016 was the second year in a row that saw sales grow fairly dramatically. Some of the factors at play are the following.

Firstly, the Muskoka and area market place is in close proximity to the greater Toronto area. Sales of residential resale properties in the greater Toronto area have, in the last two years, exploded. Sales have been strong in all price points, including the high-end properties (properties having a value exceeding $2 Million). Prices have correspondingly also increased, creating an urgency to get into the market. Real estate has come to be viewed as an asset that will ensure that buyers are not outdistanced by the ever-increasing value of resale properties. In the greater Toronto area residential property values increased by 20 percent in 2016 alone. In addition, there is a strong belief, supported anecdotally and statistically, that the market will remain strong, especially real estate values.

This prevailing attitude is no doubt behind the rising sales of recreational properties, not only in the Muskoka and related market places, but even further afield. Ironically, the increase in sales volume is having a dramatic impact on supply, consistent with the urban market experience. For example, at the end of December, the Toronto and area market place had 50 percent fewer listings than at December 2015. That is unprecedented. The recreational market place is beginning to mirror Toronto.

Supply will, although not to the same extent, become a concern in recreational markets. In 2016 the Association that manages listings for the Muskoka, Haliburton and Orillia market places published the following statistics. In 2015 the association processed 10,149 properties of all types on its multiple listing service. In 2016 that number decreased to only 8,976, a sharp decline of over 11 percent. At the end of December, there were 1466 active listings. At the end of December 2015 there were 2,290, a decline of almost 36 percent. The recreational property supply has also diminished in a startling way. At the end of December there were only 423 recreational properties available for sale. One might assume that since the recreational market is not active in the winter months that there is nothing exceptional about this number. However, when compared to 2015, it does give rise to some concern. Last year there were 656 properties available for sale. A decline of more than 35 percent is remarkable, even in the slowest season of the year for recreational property sales.

Except for Lake of Bays sales of recreational properties were strong in 2016. The Association reported that there were 1301 recreational properties sold in 2016. This compares with only 1098 in 2015, an increase of almost 20 percent. In 2014 there were only 890 reported sales.
The strongest recreational market place in 2016 was the Muskoka big lakes, Lake Rosseau, Joe and Muskoka. There were 350 reported sales on the big lakes, a 20 percent increase compared to the 291 sales in 2015, and a remarkable 32 percent increase compared to the 266 sales in 2014. What makes these sales eye- catching is the fact that the most expensive recreational properties in the region are located on the big lakes.

There was a considerable increase in activity in 2016 on Muskoka’s big lakes for properties having a value of $2 Million or more. In 2016 there were 21 sales in this category on the Lake Joe. The average sale price for these properties was $3,960,142. These 21 recreational properties sold in 95 days following their list date, and they sold for 95 percent of their original asking price. In 2015 there were only 14 sales in this category on Lake Joe. Although there were substantially fewer sales, the average sale price for the reported sales of these recreational properties was $4,512,564. They sold in just 58 days, but at 93 percent of their asking price.

On Lake Muskoka there were 20 reported sales in this category. The average sale price was $2,971,000. These recreational properties sold in 81 days following their list date, and they sold for 97 percent of their original asking price. In 2015 there were 18 sales on Lake Muskoka. The average sale price was $3,585,805.

They sold in 74 days at 94 percent of their original asking price.

In 2016 there were 24 sales of recreational properties that sold for $2 Million or more on Lake Rosseau. The average sale price of these properties was $3,533,250. They sold in 63 days and at 95 percent of their asking price. In 2015 there were only 10 sales in this category. Their average sale price was $3,093,863.

They sold in 140 days and at 94 percent of their asking price.

Clearly sales improved dramatically on the big lakes year over year in the $2 Million plus category. In 2016 there were a total of 65 sales. In 2015 there were only 42, an increase of 55 percent. The highest sale price was achieved on Lake Rosseau at $11,400,000. Unfortunately, it is difficult to determine an average increase in price year-over-year. Sales prices vary depending on location, elevation, exposure, water levels and more. Based on all the available data it is safe to say that prices increased between 5 to 10 percent in 2016 as compared to 2015.

Sales increased in the Haliburton region. There were 366 properties reported sold in all of 2016. This compares very favorably to the 319 sales in 2015, a 13 percent increase. The increase in sales is even more dramatic when compared to 2014. In 2014 there were only 246 sales of recreational properties in the region, an increase of almost 50 percent.

Lake of Bays appears to be out of sync with the overall market place. While the Muskoka Lakes and the Haliburton Highlands had double digit increases in sales year-over-year, the increase in sales in Lake of Bays was marginal. In 2016, 119 recreational properties were reported sold, a less impressive 5 percent increase. The reason why Lake of Bays did not produce as strong a positive variance that other regions did is due more to supply than demand.

Chestnut Park continues to be the market leader in Muskoka. Chestnut Park’s Port Carling office exceeded the dollar volume of sales of its closest competitor brokerage office by 78 percent. 2016 was Chestnut Park’s most successful year in serving its buyer and seller clients.

As 2017 begins we anticipate that the supply of recreational properties will become the market’s major concern. Urban markets, particularly the greater Toronto area, began experiencing shortages during the later half of 2015 and throughout 2016. As we enter the new year the lack of inventory has become critical. Although this is not yet the case in Muskoka and area, it appears to be heading in that direction. Unless a plethora of new listings come to market in the spring, we can anticipate substantial price increases, and multiple o ers on properties as a regular occurrence.

prepared by: Chris Kapches, LLB, President and CEO, Broker

(photo is provided by Susan Brown)

Waterfront sales post strong gains in July

Sales of waterfront properties recorded through the MLS® system of Muskoka Haliburton Orillia rose 11.2 per cent year-over-year to 269 units in July 2016.
On a year-to-date basis waterfront sales were up 25.2 percent from the first seven months of 2015. This was the best start to any year on record.
“With residential non-waterfront and waterfront sales coming in very strong in July, the combination of both property types rising in tandem really boosted the overall year-over-year sales increase in the region,” said Mike Taylor, President of Muskoka Haliburton Orillia – The Lakelands Association of REALTORS®. “That said, it was the waterfront segment that actually had the better month in July. While non-waterfront activity did mark the best July in more than a decade, waterfront sales actually set a new all-time record for July.”

The median price for waterfront sales saw an increase of 17.8 per cent from July 2015.

The total value of waterfront sales was $155.2 million, rising 18.4 per cent from July of last year. This was the highest level of any July on record.

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Includes transactions in all areas recorded by Muskoka Haliburton Orillia – The Lakelands Association of REALTORS®

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Includes transactions in all areas recorded by Muskoka Haliburton Orillia – The Lakelands Association of REALTORS®

Important information
The area served by the more than 680 REALTORS® who belong to Muskoka Haliburton Orillia – The Lakelands Association of REALTORS® serving Muskoka, Haliburton and Orillia, is located less than a two-hour drive north of Toronto, in the heart of Canada’s Cottage Country. There are several major geographical areas within the Association’s boundaries, including the City of Orillia, Gravenhurst, Bracebridge, Muskoka Lakes, Huntsville, Almaguin Highlands, Lake of Bays and Haliburton. Each of these areas has a unique blend of properties ranging from residential homes in the City of Orillia and smaller towns to the rural areas in-between, as well as a mix of waterfront homes/cottages on the many rivers and lakes throughout our regions that range from the smaller entry level properties to the prestigious.