Real Estate Market
Real Estate Market
Muskoka Real Estate | October 2023 Update
Residential non-waterfront sales activity recorded through the MLS® System for the Lakelands region totaled 307 units in October 2023. This was a large decline of 16.3% from the same period in 2022.
Residential non-waterfront sales were 40.6% below the five-year average and 40.6% below the 10-year average for the month of October.
On a year-to-date basis, residential non-waterfront sales totaled 3,738 units over the first 10 months of the year. This decreased by 8.2% from the same period in 2022.
Sales of waterfront properties numbered 105 units in October 2023. This was a sizable gain of 15.4% (14 sales) from the same period in 2022.
Waterfront sales were 29.1% below the five-year average and 30.6% below the 10-year average for the month of October.
Property Sales - Entire Lakelands Board
Property Sales for Lakelands Board Year over Year
Muskoka Waterfront Property Sales - Over $3,000,000
Home and Cottage Sales
On a year-to-date basis, waterfront sales totaled 1,019 units over the first 10 months of the year. This decreased by 4.6% from the same period in 2022. 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 $707,300 in October 2023, falling by 1.2% compared to October 2022.
The benchmark price for single-family homes was $737,200, down only 0.4% on a year-over-year basis in October. By comparison, the benchmark price for townhouse/row units was $574,400, down sharply by 11.5% compared to a year earlier, while the benchmark apartment price was $453,500, a minor decrease of 2.5% from year-ago levels.
The median price for residential non-waterfront property sales in October 2023 was $675,000, a modest gain of 2.3% from October 2022.
The more comprehensive year-to-date residential non-waterfront median price was $680,000, down by 6.2% from the first 10 months of 2022.
As you can see by the charts below, sales of cottages in Muskoka over $ 3,000,000 continue to far out perform the overall market while properties in the lower price points trail. I expect this trend to begin to accelerate into 2024 as the demand / supply weighs ever heavier to supply.
The median price for waterfront property sales in October 2023 was $933,000, a gain of 9.9% from October 2022.
The more comprehensive year-to-date waterfront median price was $950,000, down by 5.7% from the first 10 months of 2022.
The total dollar value of all residential non-waterfront sales in October 2023 was $226.4 million, a substantial decrease of 16.3% from the same month in 2022.
The total dollar value of all waterfront sales in October 2023 was $139.8 million, a jump of 31.4% from the same month in 2022.
Muskoka Waterfront Property Sales - Under $3,000,000
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