Home Sales Edge Up in August

Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region totaled 417 units in August 2023. This was up by 16.5% from the same period in 2022.

Residential non-waterfront sales were 26.7% below the five-year average and 26.1% below the 10-year average for the month of August.

On a year-to-date basis, residential non-waterfront sales totaled 3,100 units over the first eight months of the year. This was a decrease of 8.6% from the same period in 2022.

Sales of waterfront properties numbered 142 units in August 2023. This was up modestly by 2.2% (three sales) from the same period in 2022.

Waterfront sales were 35.9% below the five-year average and 39.1% below the 10-year average for the month of August.

On a year-to-date basis, waterfront sales totaled 798 units over the first eight months of the year. This was a decrease of 9.2% from the same period in 2022.

"Sales of non-waterfront residential properties moved up in August while sales of waterfront homes were little changed, although demand for both types remained well below historical norms for this time of year," said Matthew Lidbetter, President of the Lakelands Association of REALTORS®. "New listings for both non-waterfront and waterfront homes set a new August record, so it’s a bit puzzling as to why demand did not respond in kind as it normally does. We’ll wait another month or two and monitor the trends for both segments, as it’s possible buyers have temporarily put their purchasing decisions on hold until back-to-school and work season is upon us and one more Bank of Canada rate announcement is released."

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 $714,800 in August 2023, a minor decrease of 3.2% compared to August 2022.

The benchmark price for single-family homes was $743,700, a small reduction of 2.5% on a year-over-year basis in August. By comparison, the benchmark price for townhouse/row units was $577,100, a substantial decline of 12.6% compared to a year earlier, while the benchmark apartment price was $474,700, a modest decline of 3.5% from year-ago levels.

The median price for residential non-waterfront property sales in August 2023 was $687,000, a moderate gain of 5.9% from August 2022.

The more comprehensive year-to-date residential non-waterfront median price was $685,000, decreasing by 8.2% from the first eight months of 2022.

The median price for waterfront property sales in August 2023 was $955,000, a moderate gain of 6.1% from August 2022.

The more comprehensive year-to-date waterfront median price was $950,000, decreasing by 7.3% from the first eight months of 2022.

The total dollar value of all residential non-waterfront sales in August 2023 was $311.4 million, a gain of 22.6% from the same month in 2022.

The total dollar value of all waterfront sales in August 2023 was $177.3 million, up modestly by 2.7% from the same month in 2022.

Non-Waterfront Residential

417

358

16.5

Waterfront

142

139

2.2

Non-Waterfront Residential

$687,000

$648,500

5.9

Waterfront

$955,000

$899,796

6.1

Lakelands West

137

117

17.1

Lakelands Central

191

159

20.1

Lakelands North

89

82

8.5

Lakelands West

$693,000

$712,500

-2.7

Lakelands Central

$675,000

$635,000

6.3

Lakelands North

$688,000

$570,000

20.7

Lakelands West

12

10

20.0

Lakelands Central

20

26

-23.1

Lakelands North

110

103

6.8

Lakelands West

$1,592,500

$1,235,000

28.9

Lakelands Central

$892,500

$884,444

0.9

Lakelands North

$922,500

$890,000

3.7