Muskoka Real Estate | March Market Update
The Muskoka real estate market continues to be in a state of flux with sales numbers very low across the board. The following stats are from the The Lakelands Association of Realtors® and for the area considered "Lakelands North" which includes the areas of Algonquin Highlands, The Archipelago, Bracebridge, Dysart et al, Georgian Bay Township, Gravenhurst, Highlands East, Huntsville, Lake of Bays, Minden, Muskoka Lakes and Parry Sound.
We will also look at regional statistics and sales figures for the entire Lakelands Board coverage area to get a better overall look at the trajectory of the market.
There have been 66 home and cottage sales Y.T.D. in Muskoka compared to 283 in 2022. Of those properties sold this year 22 were waterfront and 44 were residential compared to 101 and 182 respectively. This represents a staggering drop in waterfront and in non waterfront residential sales year over year. With such low numbers to work with median and average sale prices are far too easily moved by outliers and therefore accurate price comparisons are challenging. At the same time, the number of active listings on the MLS® system continues to rise as seen in the chart below. These trends appear to be Ontario wide as real estate boards update and publish their current information.
Muskoka Real Estate Listings by Month
Median Waterfront Prices
From the CREA / Lakelands statistics for April 2023
In March 2023, the Lakelands region's MLS® System recorded 370 units in residential non-waterfront sales, showing a significant drop of 36.4% compared to the same period in 2022. Additionally, these sales were 29.5% below the five-year average and 25.9% below the ten-year average for the month of March.
Year-to-date, residential non-waterfront sales saw a substantial decline of 36% from the first three months of 2022, with 827 units sold.
Waterfront property sales were also affected, with only 73 units sold in March 2023, representing a sharp drop of 19.8% from the same period in 2022. In addition, these sales were 27.3% below the five-year average and 22.8% below the ten-year average for the month of March.
Year-to-date, waterfront sales decreased by 39.1% from the first three months of 2022, with 134 units sold.
The MLS® Home Price Index (HPI), a more accurate tool for tracking price trends, showed that the overall MLS® HPI composite benchmark price was $673,400 in March 2023, reflecting a substantial decrease of 18.9% compared to March 2022.
Single-family homes were priced at a benchmark of $695,000, representing a significant reduction of 19.7% year-over-year. In comparison, the benchmark price for townhouse/row units was $573,500, reflecting a substantial decline of 10.7% compared to the previous year, while the benchmark apartment price was $476,100, showing a decline of 7.6% from the previous year.
The median price for residential non-waterfront property sales in March 2023 was $648,500, representing a large decline of 18.9% from March 2022. The year-to-date median price for residential non-waterfront property sales was $665,000, reflecting a substantial decline of 19.4% from the first three months of 2022.
The median price for waterfront property sales in March 2023 was $900,000, representing a large decline of 23.4% from March 2022. The year-to-date median price for waterfront property sales was $894,450, representing a substantial decline of 23.9% from the first three months of 2022.
In March 2023, the total dollar value of all residential non-waterfront sales was $280 million, reflecting a sharp decrease of 47.4% from the same month in 2022. Similarly, the total dollar value of all waterfront sales was $88 million, showing a sharp decrease of 25.9% from the same month in 2022.
Muskoka Real Estate Sales Activity | March 2023
¹ Lakelands West: The Blue Mountains, Clearview, Collingwood, Grey Highlands, Meaford, Wasaga Beach ² Lakelands Central: Midland, Orillia, Oro-Medonte, Penetanguishene, Ramara, Severn, Springwater, Tay, Tiny ³ 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
REAL ESTATE BOARD & ASSOCIATION INFORMATION
The Lakelands Association of REALTORS® represents more than 1,550 REALTORS®. There are several major geographical areas within the Association's boundaries, including parts of Severn and Georgian Bay Townships; Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, and portions of the Municipality of Meaford, Grey Highlands. As well as Towns of Midland and Penetanguishene, the Townships of Tay, and Tiny. In the heart of Canada's Cottage Country; Parry Sound, Muskoka, Haliburton, Orillia, Gravenhurst, Bracebridge, Muskoka Lakes, Huntsville, and Lake of Bays. Most within our geographical area are located less than a two-hour drive north of Toronto. Each offering a unique blend of properties ranging from residential homes to smaller towns and the rural areas in-between, as well as a mix of waterfront homes/cottages on the many rivers and lakes that range from the smaller entry-level properties to the prestigious.