Muskoka Real Estate | June 2023 Update
The Lakelands region's real estate market showed positive signs in June 2023, with an increase in residential non-waterfront sales activity compared to the same period in 2022. A total of 490 units were sold, representing a significant 23.7% growth.
However, despite this increase, residential non-waterfront sales remained 17.2% below the five-year average and 20.8% below the 10-year average for the month of June, indicating a slightly slower market compared to historical trends.
Year-to-date figures revealed a decline in residential non-waterfront sales, totaling 2,284 units over the first six months of the year, marking a significant 16% decrease from the same period in 2022.
On the other hand, sales of waterfront properties experienced a substantial boost, with 175 units sold in June 2023, representing a notable increase of 31.6% compared to the previous year.
However, similar to non-waterfront sales, waterfront sales remained below average, being 21.8% below the five-year average and 21.9% below the 10-year average for the month of June. On a year-to-date basis, waterfront sales amounted to 542 units, showing a decline of 10.6% from the same period in 2022.
Home & Cottage Sales in Muskoka
According to Matthew Lidbetter, President of the Lakelands Association of REALTORS®, the market is moving in the right direction, with more supply returning and sellers gaining confidence. However, the market is still far from the robust activity witnessed in the past two years, and it may take some time to reach those levels again. Prices are following a normal seasonal pattern, gradually increasing throughout the year, but not expected to reach the record levels of 2022.
The MLS® Home Price Index (HPI), which provides a more accurate measure of price trends, showed a moderate decrease in the overall composite benchmark price, which stood at $714,600 in June 2023, down 9.7% compared to June 2022.
Home & Cottage Median Sale Prices in Muskoka
The benchmark price for single-family homes was $743,100, representing a 9.3% year-over-year decrease in June. Townhouse/row units experienced a more substantial decline, with a benchmark price of $578,000, down 14.1% from the previous year. Apartments also saw a decrease, with a benchmark price of $470,100, down 9.2% from the previous year.
The median price for residential non-waterfront property sales in June 2023 was $690,000, indicating a modest increase of 1.8% compared to June 2022. However, the year-to-date median price for non-waterfront properties was $685,000, showing a sharp decline of 10.6% from the first six months of 2022. This includes Lake Joseph, Lake Rosseau, Lake of Bays and all other waterways covered within the Lakelands Real Estate Board area.
In terms of waterfront properties, the median price for June 2023 was $901,600, representing a 9.8% decrease from June 2022. Similarly, the year-to-date waterfront median price was $940,000, indicating a significant 14.6% decrease from the first six months of 2022.
The total dollar value of all residential non-waterfront sales in June 2023 amounted to $390.1 million, marking a substantial increase of 30.3% compared to the same month in 2022. Similarly, the total dollar value of all waterfront sales in June 2023 reached $264.2 million, representing a significant 35.7% increase from the previous year.
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