One month down, eleven to go and here is how the real estate year started in Southern Georgian Bay.
Sales last month were down to the lowest level we’ve seen in five years despite an uptick in the number of new and active listings. I find it a bit surprising as there are many buyers in the marketplace and I suspect the reason has largely to do with the unusually bitter and cold month we had. Interestingly, sales in Blue Mountain tied the ten year high while sales in Collingwood were at a six-year low. This suggests that weather was part of it and, the residential market is more affected by the newish mortgage rules and interest rate rises we saw last year. Average sale prices climbed in all major markets except Meaford, compared to January 2018.
It’s too early to see any trends forming and we’ll need to wait until more moderate temperatures hit and we have at least one quarter behind us. Anecdotally, I am hearing from many buyers looking right now. A high number of them are interested in the recreational and or high-end, luxury market right now. The middle class is less likely to make a move at this time of year but I’m also hearing of quite a few people intending to sell this spring.
To download a full copy of the full statistical report broken down into the six key areas we serve, see Western District (January 2019)