Market Update

 This report begins with a disclaimer. These reports are prepared using, amongst other sources, data provided by the Lakelands Association of Realtors. In late 2017 the Association moved to a new multiple listing provider, and unfortunately ever since the Association has experienced difficulties producing reliable market data.

  What data we do have appears to indicate that the market patterns that have developed in the last two years are continuing into 2018. The Association reports that in the first quarter of 2018 it has processed 1,689 waterfront listings. This a 42 percent decline compared to the 2,892 listings that were processed during the same period in 2017. There were 1,227 recreational property listings processed during this same period, a 38 percent decline compared to 1,994 listings processed last year.

Given this lack of recreational inventory it’s not surprising that sales have proportionately declined. To date 556 waterfront property sales have been reported. Last year 1,272 sales took place, a decline of more than 56 percent. Recreational property sales are equally in decline. Last year there were 951 reported sales for the entire region administered by the Lakelands Association. This year only 415 sales were reported in the first quarter, a decline of over 56 percent.

The data emerging from the Association’s various sub-regions in the Muskoka and area markets is consistent with the overall market. In the Haliburton region 128 recreational properties were listed for sale in the first three months of 2018, a 23 percent decline compared to the 167 listed in 2017. Over the same period sales have declined even more dramatically. Last year 91 recreational properties were reported sold, this year only 44, a decline of more than 50 percent.

In Lake of Bays 84 recreational property listings were processed in the first quarter of last year, this year only 39, a decline of 53 percent. Last year 33 properties sold, this year only a shocking 7, a decline of almost 80 percent.

On Muskoka’s big lakes, Lake Rosseau, Lake Joseph and Lake Muskoka, 97 new recreational property listings were processed in the first quarter of 2017. This year that number has dropped to 56, a decline of over 42 percent. The decline in sales resembles the decline in sales on Lake of Bays. Last year there were 40 reported sales, this year only 14, a decline of 65 percent.

Prepared by:

Chris Kapches, LLB, President and CEO, Broker CHESTNUT PARK REAL ESTATE LIMITED, BROKERAGE


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