2017 Year-end Real Estate Market Snapshot
NEW to your local Realtors® is our “Matrix” MLS®. Matrix is far superior to our old system but we are all in a deep learning curve as we master its intricacies. And find its bugs. There are some, and while we believe Matrix has provided accurate data for this article, we have heard from some colleagues that occasional inaccuracies are coming to light. Please keep that in mind as you read our report.
Our focus for this article will be on the 3 key trading areas and types of homes with which we have the most expertise – re-sales of residential condominiums and detached homes in Blue Mountains, Collingwood and the areas of Clearview nearest to Collingwood. Record low inventory pushing prices high continues to give us yet another strong year of a Sellers’ market. There were 1700 listings of which 1468 sold – an 86% sold to list ratio (compared to 80% in 2016), and Buyers will want to note that the greatest amount of listing choices was during the months of May through October. The average resale price rose over 19% (vs 13% 2016 over 2015) from $361,055 in 2016 to the current $429,658. The average number of days on market was 43 (vs 54 in 2016) and the sale price to list price ratio averaged 97.77% (vs 96.88% in 2016). We currently have less than 5 months of inventory (vs 6 months end of 2016). The majority of sales took place in the $250,000 to $500,000 price range, but the number of homes selling for over $1,000,000 more than doubled from 82 in 2016 to 187 in 2017. Matrix provides an historic sales trend which shows that since Feb 2008 we’ve had some interesting median sale value highs and lows: $219,900 Feb. 2008; $165,000 Dec. 2012; $420,200 June 2017; and a year end of $382,500.
Royal LePage is solidly Canadian and is the go-to authority for Canadian real estate data by most major, and minor, news outlets. Here are some 2017 take-aways:
- Condominiums appreciate at the fastest rate of all housing types studied in the RLP National House Price Composite
- Peak Millennials, immigration and inter-provincial migration fueling housing demand in Ontario and British Columbia
- Effects of Office of the Superintendent of Financial Institutions’ measures expected to be contained to the first half of 2018 for most markets, but potentially damaging to those in a state of fragile recovery
- Greater Toronto Area and Greater Vancouver residential market trends seep into B.C. and Ontario recreational property markets
The Globe & Mail filed a Freedom of Information request and published the following: foreign buyers are paying almost 50% more for properties in Toronto after tax, data show non-citizens spent average of more than $300K over Canadian citizens and perm residents since Gov’t brought in the 15% levy. 70.6% were from China, 4.6% were Americans, and 3.6% were from India.
Highs, Lows & Specifics
- The high sale was a waterfront home in Mariners Haven for $3.6M. There were 12 sales between $1M – $2M, waterfront properties and luxury chalets.
- The low sale was an east side tear-down cottage on a large lot near the water at $117,500.
- Condos: 2017 (vs 2016): 480 listed, 416 sold (447 listed, 430 sold); avg DOM 28 (40); avg sale to list price – 99.25% (98.58%); avg sale price $273,969 ($192,018) – up approx. 42%.
- Single Family Homes: 2017 (vs 2016): – 551 listed, 407 sold, (562 listed, 460 sold); avg DOM 33 (37); avg sale to list price – 98.63% (97.61%); avg sale price $434,572 ($382,434) – up approx. 13%.
THE BLUE MOUNTAINS
- The high sale was a 7,000 SF Bay-view exec chalet near Alpine ski club for $3,350,000. There was one other sale over $3M, and 4 sales between $2M – $3M, none of them waterfront properties. The high waterfront sale was $1,925,000 in west Thornbury.
- The low sales were all income units at Blue Mountain, 14 sold at or under $150,000.
- Condos: 2017 (vs 2016): 252 listed, 191 sold (282 listed, 214 sold); avg DOM 64 (86); avg sale to list price – 99.11% (97.19%); avg sale price $287,877 ($264,607) – up approx. 9%.
- Single Family Homes: 2017 (vs 2016): – 431 listed, 268 sold, (426 listed, 265 sold); avg DOM 65 (70); avg sale to list price – 96.05% (96.66%); avg sale price $708,621 ($578,524) – up approx. 22%.
CLEARVIEW (Nottawa and Nottawasaga districts)
- The high sale was a 100 acre estate south of Creemore for $2,651,000. There were 2 other sales over $2M, and 5 sales between $1M – $2M, luxury homes with at least 2 acres and privacy.
- The low sale was a small brick home in Singhampton for $123,000.
- Single Family Homes: 2017 (vs 2016): – 91 listed, 53 sold, (146 listed, 83 sold); avg DOM 65 (97); avg sale to list price – 96.24% (92.53%); avg sale price $766,972 ($718,953) – up approx. 6%.
- Figs & Feta Greek Eatery – new take out restaurant on Hurontario across from the Gayety Theatre near Third Street
- Biion Shoes opened their flagship Canadian Store on First Street
- Tangs Kitchen Chinese Food open now on Balsam Street
- St. Louis Bar & Grill under construction on Highway 26 across from Canadian Tire
- New Steak House to open on Hurontario Street – previously Santini’s – Society Eatery
- The Georgian Bay Club is open once again for Weekend Winter Dining Friday and Saturday evenings to Saturday March 17th and is open to members, guests and the public