With just two months left to go this year, we can say with certainty that 2016 will be an all-time record year for sales in the regions covered by our Southern Georgian Bay Association of REALTORS®. Sales have been very strong although the declining supply of properties available for sale are placing a limit on how many transactions are possible every month.
Year-to-date sales in our region were up 14.6 per cent from 2015. The overall supply remains at the lowest levels in more than a decade with just 397 active residential listings on the Association’s MLS® System at the end of October 2016, down 48.4% from the year-ago level.
“There were just 397 active residential MLS® listings available at the end of October through-out the Southern Georgian Bay Western Region.”
The continued strong demand for properties versus the low supply has resulted in several situations of multiple offers and in many cases, resultant sales in excess of the asking prices for single family homes, condos and vacant land.
In the condominium market, the demand for units near Blue Mountain where short term rentals may be permitted, are at an almost frenzied peak outside of the village with very low supply, multiple competing offers and records prices being posted.
So far, we have not seen any real fall-out from the new mortgage rules introduced last month and, there is significant pent-up demand suggesting strong market conditions are likely to continue for some time. Despite headlines that talk about bubbles and crashes, economists and industry experts disagree suggesting that at worst, we will see a decline in the speed of the run-up in pricing as demand may moderate in 2017.
Marg Scheben-Edey is a Broker with RE/MAX four seasons realty limited, Brokerage in beautiful Collingwood, ON. With three decades of experience, Marg is a leader in the local real estate marketplace and is ready to help guide both Buyers and Sellers in achieving their real estate goals. Email Marg