Collingwood and Area Real Estate Barometer July 14-20, 2017

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This market summary includes data for Collingwood, Blue Mountains, Wasaga Beach, Clearview, Grey Highlands and Meaford. The information was obtained from the MLS® statistics provided by the Southern Georgian Bay Association of REALTORS®.  Previous week(s) in brackets.

Single Family ResidentialMarket Report Icon

New Listings: 55
Average List Price: $611,556
Range of List Prices: $225,000 – $2,250,000
Number of Sales: 35
Range of Sale Prices:  $154,000 – $1,560,000

Condominiums
New Listings:  12
Average List Price:  $462,707
Range of List Prices:  $234,900 – $769,000
Number of Sales:  10
Range of Sale Prices:  $122,000 – $630,000

Vacant Land
New Listings:  8
Number of Sales: 4
Range of Sale Prices:  $88,000 – $750,000

Price Changes this week:  30

Notables this week:  

  • 11 Single Family residences sold for more than the asking price and 8 sold at the asking price
  • 1 Vacant Land listings sold for more than the asking price

Note: All statistics obtained from the Southern Georgian Bay Association of REALTORS® Real Estate Board.

Housing Grants in the Town of Blue Mountains

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attainable-housing-logo-text

Have you heard of The Blue Mountains Attainable Housing Corporation?

It is a not-for-profit corporation, established in 2014 and wholly owned by the municipality. According to their website, the purpose of the Corporation is, “to augment the supply of healthy and sustainable ownership housing units in The Blue Mountains which are affordable to a larger portion of the population that would like to live here, but just can’t afford to do so.”

They have two initiatives:

– Providing financial assistance for the purchase of a home through a downpayment assistance program to first-time buyers who have net assets and incomes of less than $100,000. The program is designed to provide these first time home purchasers with a loan of up to 5% of the purchase price of a home that does not exceed the purchase price of $400,000. Program funds are available January 1st annually until funds are exhausted.

– Providing grants for the creation of secondary suites which are available to a homeowner, one time only, and can provide financial assistance in the form of a grant of 10% of the cost to create a secondary suite to a maximum of $5000. They just delivered their first cheque.

Bard on the Bay performance in the Shipyards Amphitheatre

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msd

 

If the day is warm, it’s quite magical to sit at the amphitheatre overlooking the water.  It’s even better if you can watch a live performance at the same time!

Theatre Georgian Bay is very excited to holding its 2nd annual Bard on the Bay performance this year with Shakespeare’s comedy, “A Midsummer Night’s Dream”. The ever so talented collective behind this theatre group brings stunning talent to the stage with bios that will knock your socks off.  They so impressed me that I’m excited to be one of the sponsors this year.

Outdoor performances this year run Sundays and Mondays from July 16th to August 7th and tickets are pay-what-you can.  Full details can be found on the theatre website.  Bring a chair and maybe I’ll see you there.

 

The Most Important Market Data Chart You Need To See for the Collingwood and Area Real Estate Market June 2017

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Sorry, that was a bit of a cheesy headline.  But c’mon, it made you look, right? The Most Important Chart you need to see is at the end of this post but it may be best to start with some basic data facts first.

The Collingwood, Blue Mountain and area real estate market softened somewhat in June with 18% fewer sales for the month compared to June 2016.  New listings for the month were also down 13% over a year ago contributing to the lower number of sales.  There continues to be a shortage of options available for buyers.  Despite the lower number of sales, the dollar volume of the sales last month is up 3.25% over last June and is attributable to increasingly higher pricing in the local market.

Year-to-date, sales in our region are on par with this time last year but the dollar value of those sales is up YTD by a significant 26.9%.  While sales under $350,000 have declined in numbers due to a lack of such properties being available, sales in all other categories are up by 35% or more.  The largest increase has been seen in the price bands over the $1m mark with 72 sales YTD compared to just 26 at this time last year.

The chart below shows the changes in activity over the last year in the 6 key areas we serve and includes single family residential properties only.

Single Family Activity By Area

Activity in the condo market shows what may potentially be an interesting trend.  Sales in all markets were near identical to what they were in the same period last year.  Only the two communities of Collingwood and Wasaga Beach saw any significant change in average sale prices and they were not small changes.  My sense is that these sales in these areas are reflective of the trend of an increasing number of buyers purchasing condo units as full-time homes and therefore attracted to the more urban centres such as Collingwood and Wasaga Beach.  Having said that, there is large demand for 3 bedroom condos near the Village (just outside) but with virtually no listings in those areas all year, the demand cannot be reflected.

condo activity

Now even if you have ignored everything else in this post, here is the most important chart for you to see.  It shows the number of months of supply remaining at the end of each month and that is the key to understanding market conditions.  One year ago at the end of June 2016, there were 6 ½ months of inventory available in the residential market.  That means that if the pace of sales remained the same as it had in that month and, if there were no new listings, it would take over 6 months to sell everything available.  Other than a blip in the traditionally low sales month of January, the supply has shrunk month over month.  As you can see, we are currently at the lowest point we’ve seen in the last year with just over 2 months of inventory available.Inventory chartThe demand for residential properties continues to be very strong and the supply continues to dwindle.  The impending prospect of a change in interest rates is also spurring activity and of course, the ongoing desire for so many people to want to live in Southern Georgian Bay continues. The only thing that will change the current course would be a dramatic increase in the supply of properties for sale or, a steep decrease in the number of buyers.  We are not seeing either of those factors at play at the current time so present tight market conditions can be expected to continue.

Canadian Mortgage Rates Are Rising – Should Variable-Rate Borrowers Lock In? Tuesday Morning Interest Rate Update (July 4, 2017)

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If you’ve been wondering about locking in a mortgage, here is an excellent post by David Larock who is an independent full-time mortgage broker and industry insider. www.integratedmortgageplanners.com

MMIRU1-200x300Last week Bank of Canada (BoC) Governor Poloz eliminated any doubt about the BoC’s near-term plans. During an interview on CNBC he said that the two 0.25% overnight-rate cuts that the Bank made in 2015 in response to the oil-price shock have “done their job” and he expressed confidence that our economy’s “surprisingly” strong first-quarter growth rebound would continue.

The market’s reaction was swift.

The futures market raised the odds of a BoC rate rise at its July meeting to better than 50% and the Loonie soared against the Greenback, reaching a nine-month high. Government of Canada (GoC) bond yields surged higher and mortgage lenders wasted no time, quickly raising their fixed rates, which are priced on GoC bond yields, in response.

This marks a rare moment for many of our variable-rate borrowers because the BoC hasn’t raised its overnight rate in more than seven years, which means there are many among this group who have never experienced a rate rise (this is the part where the older generations shake their heads).

Suddenly these borrowers have just been told by the BoC that their rates are going to go up and at the same time, they are nervously eyeing fixed mortgage rates, otherwise known as their conversion parachutes, moving higher.

Read more…

Collingwood and Area Real Estate Barometer June 23-29, 2017

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This market summary includes data for Collingwood, Blue Mountains, Wasaga Beach, Clearview, Grey Highlands and Meaford. The information was obtained from the MLS® statistics provided by the Southern Georgian Bay Association of REALTORS®.  Previous week(s) in brackets.

Single Family ResidentialMarket Report Icon

New Listings: 52 (65, 59, 56)
Average List Price: $626,218
Range of List Prices: $250,000 – $1,900,000
Number of Sales: 52 (27, 37, 29, 34)
Range of Sale Prices:  $50,000 – $2,000,000

Condominiums
New Listings:  9 (9, 7, 16)
Average List Price:  $300,397
Range of List Prices:  $179,000 – $449,000
Number of Sales:  15 (7, 7, 11)
Range of Sale Prices:  $139,000 – $1,445,000

Vacant Land
New Listings:  14 (10, 8, 21)
Number of Sales: 3 (9, 7, 3)
Range of Sale Prices: $59,700 – $195,000

Price Changes this week:  31

Notables this week:  

  • 8 Single Family residences sold for more than the asking price and 4 sold at the asking price
  • 2 Condos sold for  more than the asking price and 2 sold at the asking price
  • 2 Vacant Land listings sold at the asking price

Note: All statistics obtained from the Southern Georgian Bay Association of REALTORS® Real Estate Board.

The Most Canadian Music Video Ever?

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Happy Canada Day!

2017 RE/MAX Recreational Property Report

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remax recreational report

The times are a-changing.  Our family has a little log cabin, deep in the forests of Muskoka that my grandmother purchased 60 years ago in 1957 when the first wave of new immigrants embraced the Canadian dream of owning a cottage “up north” where a big piece of land could be bought for very few dollars. Nobody rented them out back then and I dare say, there was no dishwasher, microwave or TV back then but heck, we had a lovely out house and well with a working hand pump.

All these years later, the recreational property market is still alive and well according to the newly released, 2017 RE/MAX Recreational Property report.  A few interesting things jump out:

  • Almost half (43%) of Canadians would consider buying a recreational property in the next 10 years.
  • 28% of Canadians with children under the age of 19 would consider selling their primary residence in order to help finance the dream of recreational property ownership.
  • Almost two-thirds (65 per cent) of millennials (18-34 years old) expressed interest in purchasing a cottage, cabin or ski chalet in the next 10 years.

People also said they are willing to consider other options that include fractional ownership in a shared property, purchasing a recreational property with a friend or family member, and renting out the recreational property they purchase on a vacation rental website such as AirBnB (not easily possible in our area). By the way, I didn’t see anyone mention looking for something with an outhouse or hand pump well.

So it seems pretty well all demographics have an interest in recreational property and it’s a trend we see in areas like South Georgian Bay.  We also are seeing people combine their secondary homes with their primary residences as telecommuting has become easier and more prevalent.

The times are changing with the what, why and how of recreational property always evolving but one thing never changes – people want a lifestyle that’s different from the urban experience.

You can read the full report here.

Log Home For Sale in Blue Mountain

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After being in the same family for over 30 years, it’s time for the present owners to pass the baton to a new family looking for an authentic Blue Mountain experience. This charming, hand hewn log home is believed to date back to the 1850’s and was moved from Quebec to its present site in the mid-1970’s.

One of things I love most about this home is the incredible setting.  Tucked in the woods at the top of the ridge, you can listen to the water rush by in the ravine behind the backyard. There is great privacy and solitude in this 4 bedroom home which has a very efficient design making great use of the space with a full basement too.

Georgian Woodlands is a true original neighbourhood beautifully tucked in the woods on the side of the Niagara Escarpment between Blue Mountain and Georgian Bay. This wonderful location offers easy access to area ski clubs, the Georgian Trail, Northwinds Beach and even public and private transit within a block away. Chamonix Cres is a quiet, tree-lined road with both full and part-time residences that enjoy the convenience of full municipal services.

Check out the video below for a walk through or visit the property website.

Collingwood and Area Real Estate Barometer June 16-22, 2017

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This market summary includes data for Collingwood, Blue Mountains, Wasaga Beach, Clearview, Grey Highlands and Meaford. The information was obtained from the MLS® statistics provided by the Southern Georgian Bay Association of REALTORS®.  Previous week(s) in brackets.

Single Family ResidentialMarket Report Icon

New Listings: 65 (59, 56, 61)
Average List Price: $524,359
Range of List Prices: $99,900 – $1,495,000
Number of Sales: 27 (37, 29, 34)
Range of Sale Prices:  $162,000 – $1,165,000

Condominiums
New Listings:  9 (7, 16, 20)
Average List Price:  $474,411
Range of List Prices:  $259,000 – $899,000
Number of Sales:  7 (7, 11, 10)
Range of Sale Prices:  $115,000 – $534,900

Vacant Land
New Listings:  10 ( 8, 21, 6)
Number of Sales: 9 (7, 3, 8 )
Range of Sale Prices: $57,000 – $320,000

Price Changes this week:  27

Notables this week:  

  • 9 Single Family residences sold for more than the asking price and 6 sold at the asking price
  • 3 Condos sold for  more than the asking price and 1 sold at the asking price
  • 2 Vacant Land listings sold at the asking price and 1 sold for more than the asking price

Note: All statistics obtained from the Southern Georgian Bay Association of REALTORS® Real Estate Board.

RE/MAX four seasons realty limited, brokerage  ♦  67 First Street Collingwood, ON L9Y 1A2  ♦  705-445-8500