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October 2017 Market Recap for Collingwood, Blue Mountain and Area

Posted by Sherry Rioux on November 4, 2017
2 Comments

The Collingwood, Blue Mountain and area real estate market stayed the course last month with sales volumes comparable to one year ago.  The number of sales was actually down 12% overall however, the residential units were down by only 7 properties.

There were 203 sales in the region in October with 117 of those being residential homes sold in our six key areas of Collingwood, Clearview, Wasaga Beach, Blue Mountain, Grey Highlands and Meaford.

Sales appear to be the weakest in rural properties and strongest in both low-priced in-town properties and in waterfront properties.

LISTINGS
There is a strong correlation between available supply and the number of sales.  The number of new listings year-to-date (YTD) is down 11% and sales down 12% yet the dollar value of those sales is up by 8% as can be seen in the chart below.

There were 251 new listings in the region last month but just 155 of these were residential homes in our 6 key areas.Stats summary by area

SELLERS MARKET

With 155 new residential properties listed in October and 117 sold, the sales to listing ratio remains firmly in seller’s market territory.  We’ve seen a return to competing offers in some segments of the market and buyer activity has remained strong.

CONDOMINIUMS

In the condo market, there were 48 units sold in October with an average sale price of $361,370 compared to 52 units sold in October 2016 with an average sale price of $302,339.  Currently, there are 30 c0ndo units for sale in Collingwood with 22 priced under $500,000.  In the Town of Blue Mountains, while there are 56 units for sale, 40 are located in the Village at Blue Mountain leaving just 16 residential units available.  In Wasaga Beach there are 12.

BOTTOM LINE

We are not seeing anything unusual on the horizon and I would suspect sales will continue at the same pace as they have for the past year with some seasonal moderation as per normal.  The next market impact may be felt in January, 2018 when the new mortgage stress test policies come into effect.

2 thoughts on “October 2017 Market Recap for Collingwood, Blue Mountain and Area

  • chris
    on November 11, 2017

    A more meaningful market survey would be to analyze what the drivers are for the market then assess if they are changing to then make clear assumptions on what their impact might be. This kind of approach adds value for the reader as its based on more then assumption of seasonal changes expected.
    The Collingwood and surrounding market is strongly supported by the interests, capital and results of the north Toronto property market. As their city home goes up in value they felt comfortable with getting LOC to then buy Collingwood. These drivers have seen drastic reduction in values in the last 60 days where hundreds of thousand in home value have been wiped out. This could result in reduced affordability in Collingwood, reduced new home activity and reduced dollar volume over the next year. Implementing and early exit strategy might be on some peoples minds to take advantage of the current market before the changes start to take notice.

  • chris
    on November 11, 2017

    A more meaningful market survey would be to analyze what the drivers are for the market then assess if they are changing to then make clear assumptions on what their impact might be. This kind of approach adds value for the reader as its based on more then assumption of seasonal changes expected.
    The Collingwood and surrounding market is strongly supported by the interests, capital and results of the north Toronto property market. As their city home goes up in value they felt comfortable with getting LOC to then buy Collingwood. These drivers have seen drastic reduction in values in the last 60 days where hundreds of thousand in home value have been wiped out. This could result in reduced affordability in Collingwood, reduced new home activity and reduced dollar volume over the next year. Implementing and early exit strategy might be on some peoples minds to take advantage of the current market before the changes start to take notice.

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