2018 Year in Review – Third Quarter

3rd QUARTER IN REVIEW

Following are excerpts from the Canadian Real Estate Association (CREA) on the Resale Housing Market Forecast

Sales will not return to the peak reached in 2017 but economic and demographic factors will enable gradual improvement in provincial activity;
ON economy will grow approx. 2% in 2018/19; population growth continues from people moving into the province with new arrivals primarily in the 24 – 34 age bracket
Numbers of home sales will rebound by 6.2% in 2019 with home prices increasing by 5% as the sales mix begins to normalize and market balance becomes firmer
The severe listing shortage has abated although supply is still limited, so the market is still marginally tilted in favour of Sellers.

Worth considering is the economic impact of MLS Home Sales in Canada… excerpts of a report by Altus Group Oct. 2017 states:

Home sales employ lawyers, appraisers, insurers, REALTORS®, lenders, and surveyors & provide taxes/fees to gov’ts
Home sales also activate the purchase of appliances, furnishings, renovations (avg. $67K per ON housing transaction) & subsequent job retention/creation (est. $98K ON jobs/yr).

HIGHS, LOWS & SPECIFICS

We continue to focus where we specialize – residential single-family homes and condos in the WESTERN DISTRICT of Southern Georgian Bay, in particular The Blue Mountains, Collingwood and the areas of Clearview near Collingwood and Blue. In general, we have more inventory than in Q2 and less of it selling, and average sale values are down.

COLLINGWOOD

The high sale was a 3,570 SF home with 75’ waterfront for $2,230,000.
The low sale was an east-side condo townhome for $195,000.
Condos: Q3 2018 (vs Q2 2018): 85 new listings 69 sold (66 listings, 67 sold); avg. Days On Market (DOM) 45 (27); avg sale to list price 96% (99%); avg. sale price $416,186 ($424,515) – down approx. 2%.
Single Family Homes: Q3 2018 (vs Q2 2018): 157 new listings, 84 sold (61 listings, 86 sold); avg DOM 91 (27); avg sale to list price 97.3% (98.3%); avg sale price $551,287 ($580,012) – down approx. 5%.

THE BLUE MOUNTAINS

The high sale was a 25 acre exec home with Bay views for $3.25M.
The low sale was a 1 bdrm. condo in the Grand Georgian for $190,000.
Condos: Q3 2018 (vs Q2 2018): 50 new listings, 30 sold (39 listings, 36 sold); avg DOM 56 (54); avg sale to list price 96.1% (97.8%); avg. sale price $374,838 ($357,072) – up approx. 5%.
Single Family Homes: Q3 2018 (vs Q2 2018): 83 new listings, 39 sold (66 listings, 45 sold); avg DOM 166 (43); avg sale to list price 97% (98%); avg sale price $839,133 ($888,245) – down approx. 6%.

CLEARVIEW

The high sale was a 91 acre exec home on 10th Concession for $2,745,000.
The low sale was a tiny bungalow on Highway 124 for $185,000.
Single Family Homes: Q3 2018 (vs Q2 2018): 60 new listings, 26 sold (45 listings, 36 sold); avg DOM 50 (65); avg sale to list price 97.1% (98.1%); avg. sale price $508,612 ($555,042) – down approx. 9%.

WHAT’S NEW?

Amy’s Espresso Bar and Bakery – on Highway 26 in the ESSO plaza in Craigleith
CHORAL WORKS classical choir will present the entire MESSIAH in downtown Collingwood, complete with orchestra and professional soloists, Nov. 30 @ 7:30pm & Dec. 1 @ 2pm, tix $30
Fabricca opening in Thornbury – used to be Sisi on Main
1858 Caesar Bar in Collingwood beside the Gayety Theatre
“NEST”, a new Décor & Design Store will be opening soon beside Blink Eyewear on Hurontario at Hume Street
Homme Femme has opened in Collingwood between First and Second on Hurontario
“Fallicious” in the Blue Mountain Village has begun

(Thanks to Julie Card & MyCollingwood.ca!)