2014 YEAR-END MARKET SUMMARY
Across the board, real estate values experienced a significant increase year-over-year. We follow the Home Price Index (HPI) of detached home prices rather than the composite data since our clientele tend not to be homeowners of townhomes and condominiums.
Developed using data from the Multiple Listing Service®, the MLS® Home Price Index allows you to see trends in home prices for a specific type of house in a given neighbourhood.
Here is a snapshot of our local market, which shows the change year-over-year since 2013.
|AREA||2014 Detached Avg. Price||2013 Detached Avg. Price||Yr./Yr.% Chg.|
Waterfront Market Update for 2014
In 2014, the number of waterfront sales was up in Georgina and Innisfil by 21% and 62% respectively. It is interesting to note that the east side of Lake Simcoe saw a decrease in waterfront sales by as much as 29%.
The only notable price increase was in Innisfil with prices up by as much as 35%.
In Georgina, there were only three sales over $1M. The average price of direct waterfront was $691,200 and indirect waterfront was slightly less at $625, 586.
The average value of waterfront real estate on a value per linear foot ranged from $7,680 to $10,090.
The average size of the shoreline on a linear feet basis of the indirect waterfront properties that sold was 62 ft. and direct waterfront was approximately 90 ft.
|Year||Number of Sales||Average Price||% Change|
|2013||33||$672,115||Up by 10% from 2012|
|2014||40||$668,235||Down by -1% from 2013|
|2013||17||$671,406||Up by 17% from 2012|
|2014||12||$583,275||Down by -13% from 2013|
|2014||34||$894,118||Up by 35% from 2013|
(Data represents only Lake Simcoe waterfront sales over $300,000. No riverfront or canal properties are included.)
In Beaverton there was only one sale over $1M. All 12 sales were direct waterfront properties with an average of 81 linear feet of shoreline. Purchasing power is still greater on the east side of the lake…at least for now.
In Innisfil there were eight sales over $1M ranging in price from $1,175,000 to $2,900,000. These properties offered an average of 154 linear feet of shoreline, which translates to an average value per linear ft. of $11,900.
The remaining 24 sales represented an average selling price of $611,333, with an average of 52 linear ft. of shoreline. The average value per linear feet of all sales under $1M translates to $11,756, which is considerably higher than Georgina and Beaverton waterfront values.
COUNTRY PROPERTY MARKET UPDATE FOR 2014
There were a total of 49 country properties sales over 10-acres in size. The larger properties over 100-acres sold for an average price of $909,167 which seems inconsistent when compared to the average selling price of $1,148,786 for the seven properties sold between 50 to 99 acres. There were 36 sales in the 10 to 49-acre category with an average selling price of $829,792.
65% of the 49 properties sold were properties greater than 5-acres and less than 25-acres with an average selling price of $842,797, which is a 17.3% increase from 2013.
There were 9 vacant land sales in 2014. The average value per acre was $11,119 as compared to 2013 with a total of 7 sales and a value per acre of $20,174. The difference in value is largely due to the fact that 71% of the total sales were for smaller acreage under 25-acres. Typically, the first 10-20 acres is valued the highest on a value per acre and any additional acreage is affected by a diminishing rate of return. Commercial farming property is the exception.
Uxbridge real estate is a great buy when compared to Whitchurch/Stouffville, its closest neighbour to the south, with the average price of $1,212,674 in 2014. The little 10-minute bump to the east certainly makes a huge difference to your pocketbook!
In King, there were a total of 25 country homes sold in 2014 as compared to 15 sales in 2013. These properties ranged in size from 5-acres up to 25-acres with an average selling price of $1,219,340 down slightly from 2013 at $1,297,733.
The price of estate homes situated on more than 25-acres was up quite dramatically by 26.2% year-over-year with 10 sales averaging $2,423,865 as compared to the 9 sales in 2013 with an average price of $1,921,278.
Note:All data used to compile this report is as reported by The Toronto Real Estate Board.