Collingwood/Southern Georgian Bay Real Estate Market Update – June 2015

SOUTHERN GEORGIAN BAY HOME SALES SET NEW ALL TIME RECORD!

Residential sales recorded through the MLS® System of the Southern Georgian Bay Association of REALTORS® came in well above year-ago levels in June 2015.

The Southern Georgian Bay Association of REALTORS® comprises two distinctive markets. We are reporting on activity for the Western Region which includes Wasaga Beach, Collingwood, Clearview Township, The Blue Mountains, Municipality of Meaford and Grey Highlands.

The total number of sales for June 2015 is 275, up a strong 22% 2014 (225 sales). The total number of sales YTD is 1145 units, showing a 20% increase from 2014 (952 sales). The total sales dollar volume for June 2015 was $89,117,146 up 23% from 2014 ($72,196,799). The total sales dollar volume YTD was $384,477,410 up 27% from 2014 ($303,610,407). Dollar volumes reached new all-time records in June!

The average price of a residential home sold in the Western District was $323,467 in June. This was an increase of 1.2 per cent from a year earlier.

The number of new residential listings in June 2015 was 442 units, falling 9% per cent from a year earlier (485 for 2014). The total number of listings YTD is 2516, down by 14% from 2014 (2917).

As an overview …. Here are some interesting highlights from the recent CMHC Housing Market Outlook for Ontario for 2015/16, with regard to resale homes;

• Demand for resale homes will hold up better versus new construction demand over the forecast horizon.

• Modest wage growth and eroding affordability will support demand for less expensive resale homes.

• Demand for single detached homes will ease as mortgage carrying costs continue to rise.

• Ontario existing home sales could be closer to the higher end of range if employment grows faster than expected.

• Alternatively, sales could be closer to the lower end of the range should affordability erode faster than expected.

CMHC has this to say on Economic Forecasts for Ontario 2015/16;

• After a period of modest growth during the post-recession period, Ontario’s economy will gain momentum and outpace growth in the rest of Canada for 2015 and 2016.

In closing, as we enjoy a stable, low risk real estate environment, the Southern Georgian Bay communities are poised for a great summer! There is an abundance of special events, theatre, outdoor activities, festivals, farmer’s markets, hiking trails, beach visits and so much more to enjoy!