Local buyers bunkering down, says region’s real estate assoc. president

Home sales in this part of Ontario continue to decline, prompting an area real estate agent to suggest homebuyers might be in hibernation. 

“Overall home sales continue to decline as we head into the end of the year, as buyers have moved to the sidelines and appear to be bunkering down for the winter,” said Matthew Lidbetter, president of the Lakelands Association of Realtors, in a news release issued by the group. 

Based on MLS data for the Lakelands region, which covers as far west as Meaford, north to Muskoka and Parry Sound, and through the other Georgian Bay Communities like Collingwood, Orillia, Midland, and Wasaga Beach, there were 256 homes sold in November 2023. That’s a 17.2 per cent decrease from November 2022. 

The value of all the homes sold in Lakelands last month was $67.2 million, which is up 13 per cent compared to the 2022 dollar amount. 

Last month’s non-waterfront home sales were 35 per cent behind the five-year average and 36.9 per cent below the 10-year average for November. 

There were 64 waterfront homes sold in the Lakelands region in November 2023, which is five sales more than in November 2022. 

“Looking more closely at the data, we are beginning to see a small recovery in waterfront home sales, although as sales volumes are typically very low during the winter, it will take another several months to determine how strong this trend is,” said Lidbetter in the news release. “Our market is very well supplied at the moment, with inventories trending about on par with their long-term averages, so there are some attractive deals out there waiting for buyers who decide to step back in.” 

The MLS home price index shows a composite benchmark price of about $690,800 in November for a home in the Lakelands