Photo: Gary J. Wood/Flickr
The housing market in Ontario’s cottage country remains “very tight” despite slackening sales this summer, the local real estate association suggests.
According to the Muskoka Haliburton Orillia — The Lakelands Association of Realtors, residential waterfront property sales in July in the area were off 9.9 per cent from year-ago levels.
But that has not curbed price growth in this segment — and it’s a matter of supply, the association suggests.
“Waterfront prices have continued to rise due to low listings inventory, and are up 25 per cent from the same period last year,” Mike Stahl, the association’s president, tells BuzzBuzzNews.
The median price of a waterfront property was $500,000 in July.
Meantime, total waterfront transactions equalled $155.4 million, a new all-time high for the month and up 0.2 per cent over last year, this despite the overall number of properties changing hands sunk to 191 from 269 in July 2016.
The board provides separate monthly data for non-waterfront properties, and these inland lots and vacation homes saw more muted price increases and a steeper decline in sales.
Non-waterfront properties attained a median price of $282,250, resulting in an annual increase of 5.1 per cent. But transactions were down 14.9 per cent. This July, 206 of these properties changed hands, achieving a total value of $62.5 million, versus the 242 properties sold last year during the same month.
“Sales have slowed noticeably this summer, going from record levels in the spring back to historically more average levels in the space of just two months,” writes Stahls in a statement.
“That said, inventories in Cottage Country remain near record lows so the market is still very tight even with a number of buyers having moved to the sidelines this summer,” he states.