With a total of 2,265 homes sales in just the first seven months of the year, the Southern Georgian Bay’s housing market has reached new heights, and is poised to break its annual sales record.
In a press release published on its website, the Canada Real Estate Association (CREA) announced that the July milestone represented a 24.7 increase over the same period the year before, and marks the fastest time that the region breached 2,000 sales within a calendar year.
The average price of all homes sold in Southern Georgian Bay rose by 5.5 per cent year-over-year in July, up to $339,091.
The Western segment—encompassing the Municipality of Meaford, The Blue Mountains, Clearview Township, Grey Highlands, Wasaga Beach, Collingwood, and Springwater—posted 389 sales in July alone, growing 3.6 per cent on a year-over-year basis. Prices rose by 11.2 per cent in the same timeframe, up to $369,532.
Meanwhile, the Eastern Region—which covers the Towns of Midland and Penetanguishene, and the Townships of Georgian Bay, Severn, Oro-Medonte, Tay and Tiny—saw 160 units sold last month, a 56.9 per cent from the same month a year before. The average price declined slightly by 0.7 per cent year-over-year, down to $295,521.
“These unprecedented levels of activity have been responsible for drawing supply down to almost to record lows. At this point what’s more surprising is that sales can keep up this type of pace with so few properties available for sale,” according to Kevin Woolham, President of the Southern Georgian Bay Association of REALTORS®.
Canadian building permits down by 5.5% in June
Municipal regulation of development to blame for housing shortage - report