Muskoka Real Estate August 2023 Update
August 2023 showcased robust activity in the residential non-waterfront real estate market within the Lakelands region, with a notable uptick of 16.5% compared to the corresponding period in 2022. However, it's worth noting that residential non-waterfront sales were still 26.7% below the five-year average and 26.1% below the 10-year average for the month of August.
For the year-to-date figures, residential non-waterfront sales amounted to 3,100 units over the initial eight months of 2023, reflecting an 8.6% dip from the same period in 2022.
In contrast, sales of waterfront properties experienced a more modest increase of 2.2% (three sales) in August 2023 when compared to the same month in 2022. Nevertheless, waterfront sales trailed behind historical averages, being 35.9% below the five-year average and 39.1% below the 10-year average for August. Year-to-date, waterfront property sales reached 798 units, marking a 9.2% decrease from the first eight months of 2022.
Matthew Lidbetter, President of the Lakelands Association of REALTORS®, commented on the market dynamics, stating, “Sales of non-waterfront residential properties picked up in August, while sales of waterfront homes remained relatively stable. However, demand for both property types continued to lag behind historical norms for this season. Interestingly, new listings for both non-waterfront and waterfront homes set a new August record, which raises questions about why demand did not respond in kind. We anticipate monitoring these trends for the next couple of months, as it's possible that buyers are delaying their decisions until the back-to-school and work season is in full swing, and there's further clarity from the Bank of Canada's rate announcements."
We have interactive charts showing waterfront and home sales in the Muskoka Region at the bottom of the page.
Median Home Prices
In terms of pricing trends, the MLS® Home Price Index (HPI) provides a more accurate measure than average or median price data. The overall MLS® HPI composite benchmark price in August 2023 was $714,800, showing a minor decline of 3.2% compared to August 2022.
For single-family homes, the benchmark price was $743,700, reflecting a slight decrease of 2.5% year-over-year in August. In contrast, townhouse/row units saw a more significant drop, with the benchmark price at $577,100, down by 12.6% from the previous year. The benchmark apartment price was $474,700, marking a modest decrease of 3.5% from the prior year.
The median price for residential non-waterfront property sales in August 2023 was $687,000, indicating a moderate gain of 5.9% from August 2022. The year-to-date median price for residential non-waterfront properties stood at $685,000, reflecting an 8.2% decrease compared to the first eight months of 2022.
On the waterfront side, the median price for property sales in August 2023 was $955,000, showing a moderate increase of 6.1% from August 2022. The year-to-date median price for waterfront properties was $950,000, signifying a 7.3% decrease compared to the first eight months of 2022.
Finally, the total dollar value of all residential non-waterfront sales in August 2023 amounted to $311.4 million, marking a significant gain of 22.6% from the same month in 2022. Similarly, the total dollar value of all waterfront sales in August 2023 reached $177.3 million, showing a modest increase of 2.7% from the corresponding month in 2022.
Questions on the Muskoka Real Estate Market? We offer lake specific statistics for most waterways in the Muskoka and Parry sound regions. Just contact us and we would be glad to help!
Muskoka Cottage Sales
Muskoka Home Sales
The Lakelands association of Realtors® covers a vast area of Ontario's cottage country. They include 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.
Some of the major lakes within its boundaries include Georgian Bay, Lake Joseph, Lake Rosseau and Lake Muskoka as well as mid-sized lakes like Lake Vernon near Huntsville and Lake Cecebe in Magnetawan