Sales Activity:

In the Month of January 2023, there was a total of 79 residential unit sales reported in Lakelands West (The Blue Mountains, Clearview, Collingwood, Grey Highlands, Meaford, and Wasaga Beach). The number of sold units is down -42.8% from last year (132 unit sales in January 2022), however, this is only a decrease of -7.06% from the previous month (89 Unit Sales in December 2022).

Historically December, January, and February report the lowest number of unit sales in the calendar year. And following a decrease in market activity during the second half of 2022, the “slow time” is naturally a little extra slow this winter. Nonetheless, although there has been a reduced number of unit sales, the odd reported sale was well above the average sale price and even in a slow month, 79 sellers did successfully connect with the right buyer in January. 

Inventory:

The number of new listings in January 2023 (254 new listings) was +61.67% higher than in January 2022 (157 listings) in all of Lakelands West. This is also more than double the number of new listings reported the previous month in December 2022 (117 new listings). 

The significant increase in new listings in January is primarily due to the number of renewed listings (expired or cancelled) combined with listings that are new to the market. This compounding effect is often increased more at the end of a calendar year than it is at the end of each month throughout the year. 

Notably, the increase in reported new listings and the decrease in reported unit sales did not help increase the absorption rate to help find a much-needed balance in the marketplace right now. Wasaga Beach, Collingwood, The Blue Mountains, and Clearview all concluded a decline in the monthly absorption rate in January 2023 (number of unit sales VS number of ACTIVE listings). The average of the aforementioned municipalities is currently at a rate of 15.75% (only 16% of all sellers are successfully completing a sale per month at the moment). 

Value:

The average sale price in all of Lakelands West in January 2023 was $986,311 for a residential residence (all residential). This value is down -12.2% from January 2022, although an increase of +2.65% over the year-to-date average sale price of $960,823 as reported last month in December 2023. 

However, the CREA reports provided by LAR are from time to time affected by reporting errors that can potentially cause discrepancies in the average sale price. For example, the majority of municipalities concluded a decrease in the average sale price in January 2023. This is with exception of Clearview which according to the CREA report had an increase of +5.5% in one month based on the “month” average sale price and +6.6% on the “year-to-date” average during the previous month in December 2022. And an increase of +4.68% in the “12-month” average sales price for a detached freehold home in Clearview. 

When you manually take a closer look at the Clearview statistics for January 2023 the sale of 272 Warrington Road in Stayner for $9,000,000 certainly draws attention at the price point. The home was situated on 99.63 acres within the town boundaries of Stayner and was sold to a developer for future development. This particular sale was unfortunately reported as a residential sale (just like any other in-town home) and has significantly increased the average for Clearview and Lakelands West in January 2023. 

With the sale of 272 Warrington Road in Stayner, the 12-month average sale price for a detached single-family home in Clearview was $1,135,158 in January 2023. This is an increase of +4.68% over an average of $1,084,392 in December 2022. If you manually calculate this average excluding the $9M sale of 272 Warrington Road in Stayner, the new 12-month average is $1,090,216 and represents a +0.54% increase which we believe is a more fair and accurate reflecting of the market (this figure was used in our brokerage report for the 12-month average in the attached reports).