According to the Toronto Real Estate Board, there have been 35 Lake Simcoe waterfront property sales reported in the first-half of 2019. This is a 17% decrease compared to the same period in 2018. Orillia and Innisfil were the only areas included in our analysis that reported an increase to their sales count.
Georgina sales indicate a 40% increase to the average sold price and a 35% increase to the median sold price year-over year. Georgina has considerably more waterfront properties dotting the shoreline compared to the other smaller communities we report on which include: Innisfil, Oro-Medonte, Orillia, Ramara, and Beaverton.
Beaverton has only reported one sale in the first half of 2019, no change from the same period in 2018. Since January 2019, there were 5 waterfront listings that were either terminated, suspended or expired on MLS and 6 in the first half of 2018. Beaverton currently has 9 waterfront properties listed with an average list price of $1,020,533 – two of which are sold on a conditional basis.
Oro-Medonte shows a year-over-year increase of 17% to the average sold price and a 32% increase to the median sold price of $1,634,000. Oro-Medonte consistently reports the highest average sold price as compared to the other waterfront communities. The properties are generally larger in size and square footage. Last year was the exception however, as Innisfil reported 4 large sales during the first half of 2018.
Since 2018, Innisfil’s waterfront sales volume has continually increased, which is due to the resale activity of condominium units located in the Friday Harbour Development. We believe this trend will continue, particularly since the development continues to work towards completion of this mammoth project.
Innisfil reported 4 large sales of lakefront estate homes all located on Ladywood Way. We excluded the largest sale at $6.2m to ensure the sales data was not skewed. This explains why there is a 76% decrease to the average sold price reported in the first half of 2019. The median sold price decreased by 15%, which is far more representative of the waterfront resale market year-over-year.
I forecast a busy market on Lake Simcoe during the 3rd quarter of 2019. Across the board, sales were down as it was a very slow start to our usually bustling spring market. Rain, rain, and more rain kept buyers at bay waiting for the warm sunny days to start. It’s extremely difficult to attract buyers to preview waterfront homes when you are under an umbrella.
The warm weather is upon us and the market is certainly showing signs of an upturn as more appointments are being booked by buyers and summer holidays are upon us.
There are currently 157 available properties listed for sale on the Toronto Real Estate Board priced over $750,000. This includes all direct, indirect waterfront on Lake Simcoe and all the tributaries and rivers and canals of Lake Simcoe. In addition, there are 53 additional waterfront properties priced from $300,000 to $749,000, most of which are riverfront and canal properties.
The top 4 highest priced homes for sale are all located in Oro-Medonte on Shanty Bay. These estate properties range in price from $8.9m to $17.9m.
If you would like to obtain our full waterfront report, please call or send us an email.
Waterfront Homes For Sale
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Tags: Market Report