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Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region totaled 194 units in January 2024. This was a decrease of 6.3% (13 sales) from the same period in 2023.
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Residential non-waterfront sales were 26.1% below the five-year average and 24.9% below the 10-year average for the month of January.
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Sales of waterfront properties numbered 23 units in January 2024. This was a substantial decrease of 23.3% (seven sales) from the same period in 2023.
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Waterfront sales were 45.2% below the five-year average and 45.2% below the 10-year average for the month of January.
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"Sales activity is normally at seasonal lows during the winter so we weren’t expecting any kind of resurgence in demand to kick off the year," said Bonnie Looby, President of the Lakelands Association of REALTORS®. "There have been promising signs from other local markets in the province that buyers are finally stepping off the sidelines and getting back into it. For us it may take a while longer until the spring market arrives before we see how our own recovery plays out in the first half of the year, but when buyers decide to return they will find a market that is well-supplied with an ample number of listings to choose from."
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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 $631,400 in January 2024, down by 5.9% compared to January 2023.
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The benchmark price for single-family homes was $651,200, a decrease of 6.1% on a year-over-year basis in January. By comparison, the benchmark price for townhouse/row units was $554,100, a moderate decrease of 8.4% compared to a year earlier, while the benchmark apartment price was $455,600, increasing by 2.9% from year-ago levels.
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The median price for residential non-waterfront property sales in January 2024 was $630,000, decreasing by 6.7% from January 2023.
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The median price for waterfront property sales in January 2024 was $899,000, edging down 0.1% from January 2023.
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The total dollar value of all residential non-waterfront sales in January 2024 was $136.5 million, down sharply by 20.5% from the same month in 2023.
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The total dollar value of all waterfront sales in January 2024 was $25.9 million, a substantial decrease of 16.2% from the same month in 2023.
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Sales (all areas) |
January |
January |
Year-over-year |
|
Non-Waterfront Residential |
194 |
207 |
-6.3 |
|
Waterfront |
23 |
30 |
-23.3 |
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Median price (all areas) |
January |
January |
Year-over-year |
|
Non-Waterfront Residential |
$630,000 |
$675,000 |
-6.7 |
|
Waterfront |
$899,000 |
$899,950 |
-0.1 |
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Non-Waterfront Residential Sales |
January |
January |
Year-over-year |
|
Lakelands West |
84 |
75 |
12.0 |
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Lakelands Central |
71 |
97 |
-26.8 |
|
Lakelands North |
39 |
35 |
11.4 |
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Non-Waterfront Residential Median Price |
January |
January |
Year-over-year |
|
Lakelands West |
$644,000 |
$690,000 |
-6.7 |
|
Lakelands Central |
$632,000 |
$675,000 |
-6.4 |
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Lakelands North |
$615,000 |
$670,000 |
-8.2 |
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Waterfront Residential Sales |
January |
January |
Year-over-year |
|
Lakelands West |
5 |
4 |
25.0 |
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Lakelands Central |
6 |
8 |
-25.0 |
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Lakelands North |
12 |
18 |
-33.3 |
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Waterfront Residential Median Price |
January |
January |
Year-over-year |
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Lakelands West |
$2,000,000 |
$1,042,500 |
91.8 |
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Lakelands Central |
$867,500 |
$1,305,000 |
-33.5 |
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Lakelands North |
$592,500 |
$873,050 |
-32.1 |
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Lakelands West: The Blue Mountains, Clearview, Collingwood, Grey Highlands, Meaford, Wasaga Beach |
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Lakelands Central: Midland, Orillia, Oro-Medonte, Penetanguishene, Ramara, Springwater, Tay, Tiny |
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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 |