2019 Market Snapshot – Third Quarter
REAL ESTATE MARKET SNAPSHOT – Q3 2019 IN REVIEW
We continue to focus where we specialize – residential single-family homes and condos in the WESTERN DISTRICT of Southern Georgian Bay, in particular Collingwood, The Blue Mountains, and the areas of Clearview near Collingwood/Blue. Specifics for those are below. The entire Western District is comprised of the aforementioned + Meaford and Wasaga Beach, and its stats at the end of September show that in this quarter over last the number of new residential listings is down .6%, and the sales to list ratio is up from 53.8% to 61.1%, a tilt toward a “Sellers’ market”. Currently there are only 3.6 months of inventory compared to Q2’s 4.3 months, but the average sale price is down slightly by .7% to $538,938.
Royal LePage Canada reports that the “Canadian Real Estate Market Shows Signs of a Sustainable Recovery with Modest Price Gain of 1.1%” … Nationally, home prices are expected to rise modestly by 0.4% by the end of 2019 compared to 2018, driven by gains in Toronto and Montreal; Condominium prices in Vancouver have declined for the first time in 5 years; and New federal government programs are expected to have minimal impact on home prices.
According to the Royal LePage House Price Survey, low interest rates and healthy employment have offset the market drag caused by widespread economic uncertainty that has kept monthly unit sales volumes below the ten-year average leading to very modest home price appreciation at the national level.
Locally, as stated by our Board’s President, our rebound in activity in the Western District is in line with the trend across much of Ontario, where sales have finally begun improving following a tough couple of years in the wake of the Ontario Fair Housing Plan and B-20 stress test.
HIGHS, LOWS & SPECIFICS
- The 2 high sales were both in Mariners Haven on Georgian Bay for $1,500,000.
- The low sale was a small condo on Eighth St. for $179,000
- Condos: Q3 2019 (vs Q2 2019) 104 listings avg/mth, 73 sales avg/mth (102 listings, 24 sales avg/month) avg Days on Market (DOM) 45 (34); avg sale to list price – 98.5% (98.4%); avg sale price $481,161 ($465,783) up approx. 3.5%
- Single Family Homes: Q3 2019 (vs Q2 2019) 177 listings avg/mth, 121 sales avg/month (188 listings avg/mth, 41 sales avg/month) avg DOM 49 (39): avg sale to list price – 97.8% (98.8%); avg sale price $585,318 ($582,379) – up approx. .5%
THE BLUE MOUNTAINS
- The high sale was a unique waterfront home in Craigleith for $5,200,000.
- The low sales were all under $195,000, 5 condo-hotel units in the Village at Blue.
- Condos: Q3 2019 (vs Q2 2019): 64 listings avg/mth, 46 sales avg/mth (62 listings, 14 sold); avg DOM 57 (76); avg sale to list price – 97.7% (98.3%); avg sale price $432,866 ($437,180) – down about 1%.
- Single Family Homes: Q3 2019 (vs Q2 2019): 182 listings avg/mth, 56 sales avg/mth (158 listings, 17 sold); avg DOM 52 (63); avg sale to list price – 96.4% (96.6%); avg sale price $952,429 ($884,556) – up about 8%.
CLEARVIEW (Nottawa and Nottawasaga districts)
- The high sale was a 4 year new modern chalet off Sixth St. for $1,900,000.
- The low sale was a small Glen Huron home for $260,000.
- Single Family Homes: Q3 2019 (vs Q2 2019): 101 listings avg/mth, 50 sales avg/mth (92 listings, 15 sold); avg DOM 57 (71); avg sale to list price – 96.8% (97.7%); avg sale price $620,591 ($567,542) – up approx. 9%.
- Collingwood has been named by Expedia.ca as one of the “35 Most Beautiful Destinations in Canada”!
- The Low Down Bar and Restaurant in our Arts and Culture centre at 65 Simcoe that features Asian inspired snack food
- Coriander has opened a new Style store at 78 Hurontario across the street from the original gift shop at 83 Hurontario
- Don’t miss the Collingwood Santa Clause Parade on November 16th
- Hidden Hare is a tequila and tapas cocktail bar located at 158 Hurontario Street – it is set to open Fall 2019
- Cabin Boutique and Lounge is a new extension of Cabin Bistro located at 203 Hurontario Street.
- Clearview Community Theatre presents Joseph and the Amazing Technicolour Dreamcoat 18 – 26.
- Choral Works classical choir presents A Christmas Festival including John Rutter’s Magnificat Nov. 29 – 30.