As the end of 2020 quickly approaches, its safe to say it will be a year to remember in the real estate industry. Masks, sanitizer, virtual tours, virtual listing presentations, virtual open houses were all the rage as RE/MAX Realtors across the province worked tirelessly to help their clients buy, sell and lease property safely throughout the Covid-19 pandemic. It was also a year of records, mostly positive and from the numbers, excluding the blip and sputter in march, april & may, the gta saw consistent sales and price growth throughout the detached housing market segment for the majority of the year. Other than the continuing challenges in the condo market due to the Covid related on and off again lockdowns we can be confident to forecast a fairly strong finish in real estate market going into an uncertain 2021.
2020 was also a big year for RE/MAX Professionals in Etobcioke. With multiple locations already servicing Etobicoke, In January of 2020 RE/MAX Professionals expanded to take on more territory in Muskoka as RE/MAX Professionals North. In fact, it was not just a toe in to the north country, it was a huge splash with the opening of 5 locations based in Gravenhurst, Bracebridge, Huntsville, Haliburton and Minden and over 70 agents throughout the territory. As many in the real estate industry prepared for the worst because of Covid-19, much like the market in the GTA, the opposite took place. The cottage country market caught fire and pushed price growth up between 15%-40% depending on location. As many people were forced to work from home and travel became more challenging if not impossible, Ontario's recreational market in Muskoka/The Lakelands which includes Muskoka, Haliburton, Orillia & Parry Sound, saw the overall average detached home price increase 24.7% to $530,200. It appears that if people were going to have to work from home, many decided to retreat to nature and make home up north all together. It wasn't just lakefront property people were trading, residential home sales grew right along with recreational. Some notable stats and records that were broken;
- Residential non-waterfront sales activity recorded through the MLS System for the region numbered 391 in October 2020 which was an increase of 18.5% for October 2019. It was also a new sales record for the month of October.
- On a year to date basis, residential non-waterfront sales totalled a record 2923 units over the first 10 months of the year. This was an increase of 15% from 2019.
- Sales of waterfront properties numbered 239 units in October 2020. A 34.4% increase from October 2019. Also a new sales record for the month of October.
- On a year-to-date bases, waterfront sales totalled a record 2,163 units over the first 10 months of the year. This was an increase of 44.4% from the same period 2019.
- The median price for waterfront property sales in October was $722,500 which was an increase of 26.5% from October 2019.
- The total dollar value of all waterfront sales in October 2020 was $248.8 million which was an increase of 71.9% from the same time in 2019.
2019-2020 Home Price Index Graph Below
This exciting RE/MAX Professionals expansion into Muskoka and Haliburton offers a huge referral network of local expertise & market insight for our client base within the GTA & cottage country. If you have any real estate related needs whether it be buying, selling or leasing Muskoka/Lakelands property or to find out more about the regional market in the north and how we can help you in cottage country please don't hesitate to reach out!
Looking forward to 2021!
Posted by Paul Ambler on