Collingwood and Area Market Recap for June 2015

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We thought the market was as busy as it could get in May but June kicked it to the curb with 271 sales in our area (compared to 240 in May) having a value in excess of $87 million. The number of sales exceeds the same time last year by more than 22%! The number of new listings also fell substantially creating very tight market conditions in most areas. There were 52 condo sales last month – the highest number we have seen in any month this year.

Market Summary SGB

In Collingwood last month, there were 43 listings and 43 sales. I’m not sure I’ve ever seen that before in my 26 year career. The year-to-date sales to listing ratio sits at 60% which is firmly in sellers’ market territory. Having said that, properties that are priced over market value are languishing on the market as buyers today are sophisticated and not willing to buy at any price if it doesn’t make good financial sense.

Market Stats by area

Sales are up in all price bands across the part so this has been a great summer for sellers so far but challenging for buyers who have slim pickings and need to act quickly for the best choices. The risk is that buyers are so frustrated, they over-pay and it’s an important reminder to exercise caution and not get carried away.

Market sales by area chartFor sellers, many think they can play the market and ask any price but this is simply not true as mentioned earlier. Yes, it is a wonderful time to sell but you still need to price to the market and present your home in the best light and condition.

It’s tricky for both buyers and sellers to understand and navigate this type of market and it’s more important than ever to have sound, professional advice.  I’m always here to help.

How Collingwood House Prices Are Affected In A Real Estate Market Correction

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While we are currently experiencing booming real estate market conditions here in the Collingwood and Blue Mountain areas, there continue to be those who say, “it won’t last forever” and a market correction will come. They are correct. But what exactly does a market correction bring? Our last one was in 2008/2009 but the effects were minimal. Here is a chart that shows what has happened to median local prices in South Georgian Bay since 2001.

CREA Median PricesThe moral of the story? Don’t let false fears stand in your way of home ownership.

New Ontario Condo Legislation Will Make Sweeping Changes

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For the first time since 1968, proposed new legislation to update the current Condominium Act of Ontario 1998 was introduced on May 27 and if passed, will create sweeping changes to the way condominiums are managed in Ontario.

One of many issues with the original legislation has been the lack of enforcement of the Act and poor tools for doing so. Under the new legislation, two new bodies would be created including the Condo Manager Licensing Authority and the Condo Authority. These would be financed by having every condo owner in Ontario pay a fee of $1.00 a month, through their condo fees that will go into a fund to operate the new bodies.

The new Act will address five main areas of reform including:

  1. Dispute Resolution
  2. Consumer protection for owners and buyers
  3. Financial management
  4. How condos are run
  5. Condo manager licensing

Among other things, condo directors will be required to have training and new standards of licensing will be established for property managers. Consumer protection measures will be enhanced, especially for new condo buyers and, a dispute resolution mechanism will be put in place. Considering how many millions of dollars are likely spent annually on the latter, I think a buck a month is a heck of a bargain.

You can read more here.

Is Bayview Tower THE place to be? (Or Is Bayview Towers the new Black?)

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Rec Centre

Rupert’s Landing Rec Centre

Rupert’s Landing is situated on 18 acres of prime waterfront property, with 156 townhouse units and 51 Bayview Tower units.  Amenities include a 4-acre water lot marina, private beach/swimming area; 6000+ sq.ft recreation centre with indoor pool, squash court, games room for youths, social room and activities for adults, and a workout room; outdoor tennis courts, shuffleboard, playgrounds, jogging trails and a full time recreation director.

Bayview Tower is a 10 floor, highrise building with outstanding views of Blue Mountain and Georgian Bay, located within this gated bay-side condo community.  The 26 year old apartment-style condo building has recently had a facelift and renovation, and offers residents a controlled entrance, access to Rupert’s extensive amenities, underground parking and lockers.

Despite the many great features it has to offer, sales have been somewhat lacklustre through most of the building’s history.  Until 2014.  Sales pre-2014 have been typically 1 or 2 per year in this building, with an overall average of 2 – 3 sales per year if you take into account the last 15 years.  In 2014, there were 9 sales reported through our local MLS® system.

Chart Bayview Tower Sales
What fuelled this significant uptick in sales?  Well in addition to the outstanding amenities, the building has settled any ongoing legal disputes which took place in it’s past, and, it has completed it’s renovation of the hallways and lobby, the result of which is modern and welcoming.

So far 2015 has seen two sales already in the Tower, and there are currently two units listed for sale.   The scuttlebutt around the Real Estate community is that buyers are still clamoring to explore living in Bayview Towers.  Time will tell.

 

Collingwood and Area Real Estate Barometer June 12-18, 2015

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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 (59, 71, 51)
Average List Price: $536,220
Range of List Prices:  $89,900 – $2,999,000
Number of Sales:  38 (44, 37, 39)
Range of Sale Prices:  $160,000 – $1,050,000

Condominiums
New Listings:   15 (14, 11, 24)
Average List Price:   $352,387
Range of List Prices: $118,900 – $899,900
Number of Sales:  12 (12, 7, 12)
Range of Sale Prices:   $133,500 – $370,000

Vacant Land
New Listings:   13 (18, 10, 15 )
Number of Sales:  4 (3, 10, 13)
Range of Sale Prices: $45,000 – $300,000

Price Changes this Week:  51

Notables this week:

  • 3 Single Family Residences sold AT their list prices and 4 sold for MORE than their list prices
  • 1 Condo sold for MORE than it’s list price

Sales in the condo and single family residence categories continue to be brisk.  A number of listings sold for more than their asking price, which often means multiple offers.

 

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

Peppermint Oil to the Rescue

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Did you know that Peppermint Oil is not only great for your health, but it also repels mice, spiders and ants? (Oh my!)  Read about it here.  (www.draxe.com)

This Chart Shows Residential Sales in Collingwood and Area Since 1988

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I found this pretty interesting. The chart shows the number of residential sales, by quarter since 1988 for the western district of the South Georgian Bay area which includes places like Collingwood, Wasaga Beach, Blue Mountain, Meaford, Clearview and Grey Highlands.

CREA Unit Sales

This chart shows the changes in the number of sales by price range since 2002. The only segments that have gone down, are the under $225,000 which is because there are so few properties priced in that range anymore.

CREA prices

I think the trend for the last 27 years has been pretty obvious.

Collingwood and Area Real Estate Barometer June 5-11, 2015

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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:  59 (71, 51, 66)
Average List Price: $632,083
Range of List Prices:  $169,900 – $2,985,000
Number of Sales:  44 (37, 39, 38)
Range of Sale Prices:  $162,500 – $685,000

Condominiums
New Listings:   14 (11, 24, 10)
Average List Price:   $260,342
Range of List Prices: $122,000 – $629,000
Number of Sales:  12 (7, 12, 6)
Range of Sale Prices:   $164,000 – $970,000

Vacant Land
New Listings:   18 (10, 15, 8 )
Number of Sales:  3 (10, 13, 1)
Range of Sale Prices: $90,000 – $222,000

Price Changes this Week:  28

Notables this week:

  • 1 Single Family Residence sold AT it’s list price and 2 sold for MORE than their list prices
  • 1 Condo sold for MORE than it’s list price

Sales in the condo and single family residence categories continue to be brisk this week.

 

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

Collingwood and Area Real Estate Barometer May 29 – June 4, 2015

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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:  71 (51, 66, 69)
Average List Price: $564,893
Range of List Prices:  $89,900 – $2,200,000
Number of Sales:  37 (39, 38, 24)
Range of Sale Prices:  $110,000 – $2,100,000

Condominiums
New Listings:   11 (24, 10, 13)
Average List Price:   $322,882
Range of List Prices: $116,000 – $694,900
Number of Sales:  7 (12, 6, 13)
Range of Sale Prices:   $160,000 – $440,000

Vacant Land
New Listings:   10 (15, 8, 10)
Number of Sales:  10 (13, 1, 2)
Range of Sale Prices: $29,900 – $599,000

Price Changes this Week:  43 

Notables this week:

  • 2 Single Family Residences sold AT their list price and 1 sold for MORE than it’s list price
  • 1 Condo sold AT it’s list price and 2 sold for MORE than their list price.

This spring market is continuing to boom!

 

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

Real Estate Market Conditions in the Collingwood Area Booming

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The Collingwood and area real estate market continues to boom with seller’s market conditions in most areas of the region. This past month, the number of new listings was down substantially over a year ago and, the number of sales up over 25% from a year ago. Here is a summary of activity in the South Georgian Bay Region:
SGBAR west region summary
Here is a closer look at the residential market in the six key areas we serve including Collingwood, Clearview Township, Wasaga Beach, Town of the Blue Mountains, Meaford and Grey Highlands.

SGBAR summary by area

The average residential sale price in the six key areas is 8.6% higher than it was at the end of May last year and that upward trend is expected to continue as buyers continue to bump up their budgets in order to find a home.

There were 36 condo sales in May – roughly on par with the past few months and with an average sale price of $255,830.00.

With fewer listings and more sales, we have balanced market conditions in most areas with strong seller’s market conditions in many areas. As we all know, limited supply + high demand = increasing prices.

Based on last years’ trend, we can expect to see about 260 sales in June and quite possibly more depending on the number of new listings to hit the market. Be prepared for continued very strong market conditions in the months ahead.

Note: All of these statistics are compiled from data from the MLS® system of the Southern Georgian Bay Association of REALTORS®

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