Area home sales stayed below average last month, but remained "flat" when compared to sales for the year so far.
According to data compiled by the Lakelands Association of Realtors, there were 354 homes sold in the region in September. That's the same total recorded for September, 2022.
However, comparing sales to five- and 10-year averages shows a dip in the regional market with non-waterfront home sales 33 per cent below both the five- and ten-year averages. Waterfront sales, there were 138 in the region last month, are up 22 per cent over September 2022, but still about 30 per cent below the five- and ten-year average.
Matthew Lidbetter, president of the Lakelands Association of Realtors, acknowledged that sales were "flat," year-over-year, for non-waterfront residential properties, attributing it to a decrease in demand.
"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," said Lidbetter in a news release.
Year-to-date, there were 3,456 non-waterfront homes sold in the Lakelands region in 2023, which is down 7.8 per cent compared to 2022.
The Lakelands Association of Realtors represents 1,550 realtors from Meaford, The Blue Mountains, Grey Highlands, Collingwood, Clearview, Wasaga Beach, Severn and Georgian Bay Townships, Midland, Penetanguishene, Tay, Tiny, Orillia and Parry Sound and Muskoka areas.
Prices are showing a slight reduction (less than one per cent) overall in the region. The composite benchmark price for Lakelands in September 2023 was $717,200, down 0.9 per cent compared to September 2022.
Split by property type, the benchmark price for a single-family home was $746,200 last month, down 0.4 per cent from September 2022. For townhouse units the benchmark this year was $582,000, down 0.9 per cent from last year, and for apartments it was $474,500, which is up by 3.3 per cent from last year.
"Prices are also expected to remain lower compared to last year's records, but at least appear to be stabilizing," said Lidbetter in the release.
Drilling down the geographical area a little more, Lakelands central, which is Orillia, Oro-Medonte, Pentanguishene, Ramara, Springwater, Tay, and Tiny saw a decrease of about 9.7 per cent in the number of homes sold this September compared to last, but the non-waterfront median price decreased by only about three per cent to $625,000.
The western portion of Lakelands, which includes The Blue Mountains, Clearview, Collingwood, Grey Highlands, Meaford, and Wasaga Beach posted a 10 per cent increase in the number of non-waterfront homes sold this year, and less than half a per cent decrease in the median price. The western part of the region still has the highest median price ($696,750) for Lakelands.
Waterfront sales were highest in the north part of the region (Muskoka and Parry Sound), with 101 sales in September compared to 16 in the west and 21 in the central part of the region.
Canadian home sales fell 1.9 per cent in September compared to August, the Canadian Real Estate Association reported earlier this month.
However, sales were up 1.9 per cent compared to September of 2022.
In Ontario, sales volumes fell in the Greater Toronto Area, but rose in Kitchener-Waterloo.
Home prices slipped in Ontario in September – the average price of a single-family house reached $999,500, having been just over $1 million in June, July and August. Condo prices were down 0.3 per cent from September of 2022.
"What happens next will depend on interest rates,” Shaun Cathcart, CREA’s senior economist, said in a release.
“Whether that means uncertainty about the possibility of further hikes, or just the cost of borrowing money right now, neither of these will be resolved for would-be buyers anytime soon. As such, expect a quieter than normal winter with all eyes on the Bank of Canada.”
- With files from Patrick Cain
