High interest rates continue to impact home sales in Simcoe County & Muskoka
Higher interest rates meant to cool down inflation have had a major impact on housing sales throughout much of Simcoe County and Muskoka, according to new data.
The Lakelands Association of Realtors says sales of non-waterfront homes was down nearly 39 per cent in December 2022 compared to the previous year. In total just 190 units were sold during this time period.
Meanwhile sales of waterfront properties was down by 51 per cent compared to the same period in 2021, with 25 units sold in December.
"Going into the end of 2022 there were signs of an emerging rebound in sales activity – not one that would put us back on a path to reach the heights of the past two years but one that could get us back to a more normal market, historically speaking," Matthew Lidbetter, the president of the Lakelands Association of Realtors said in a news release.
According to Lidbetter, sales of non-waterfront homes was at its lowest level annually since 2012, with waterfront activity not seeing levels this low since 2008.
In terms of prices for the average single-family homes, that was recorded at $697,000, which was down just over 5 per cent year over year compared to December 2021.
The Lakelands Association of Realtors represents more than 1,600 realtors from areas including Collingwood, Midland and as far north as Huntsville and the Lake of Bays.
The full report can be found here.
CTVNews.ca Top Stories
Cargo ship had engine maintenance in port before Baltimore bridge collapse, officials say
The cargo ship that lost power and crashed into a bridge in Baltimore underwent 'routine engine maintenance' in port beforehand, the U.S. Coast Guard said Wednesday.
A Nigerian woman reviewed some tomato puree online. Now she faces jail
A Nigerian woman who wrote an online review of a can of tomato puree is facing imprisonment after its manufacturer accused her of making a “malicious allegation” that damaged its business.
Far North police 'dispatch' polar bear stalking schoolyard
Police and local hunters in an Ontario Far North First Nation community have “dispatched” a polar that was showing abnormal behaviour and treating the area as a hunting ground.
Donald Trump assails judge and his daughter after gag order in N.Y. hush-money criminal case
Donald Trump lashed out Wednesday at the New York judge who put him under a gag order that bars him from commenting publicly about witnesses, prosecutors, court staff and jurors in his upcoming hush-money criminal trial.
Families shocked after Niagara Falls hotel cancels bookings made year in advance of solar eclipse
After having the foresight to book their Niagara Falls hotel rooms more than a year in advance, several families planning to take in the solar eclipse next month were shocked to find out their reservations had been cancelled.
B.C. rescuers face 'high likelihood' of failure to reunite orphaned orca with pod
The race to reunite an orphaned orca calf that’s stuck in a shallow lagoon with a neighbouring pod has entered its fifth day, and a marine scientist says the clock is ticking.
Video shows police interrupting auto theft in progress outside Toronto home
New video footage obtained by CP24 shows the attempted theft of a vehicle in a North York driveway earlier this month that was ultimately interrupted by police.
Majority of Canadians believe in life after death: Angus Reid survey
A new survey from the Angus Reid Institute has found that a majority of Canadians believe in some form of life after death, a proportion that has held steady for decades.
MyPillow, owned by U.S. election denier Mike Lindell, formally evicted from Minnesota warehouse
A court ordered the eviction Wednesday of MyPillow from a suburban Minneapolis warehouse that it formerly used.