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
DEVELOPING Man sets self on fire outside New York court where Trump trial underway
A man set himself on fire on Friday outside the New York courthouse where Donald Trump's historic hush-money trial was taking place as jury selection wrapped up, but officials said he did not appear to have been targeting Trump.
BREAKING Sask. father found guilty of withholding daughter to prevent her from getting COVID-19 vaccine
Michael Gordon Jackson, a Saskatchewan man accused of abducting his daughter to prevent her from getting a COVID-19 vaccine, has been found guilty for contravention of a custody order.
She set out to find a husband in a year. Then she matched with a guy on a dating app on the other side of the world
Scottish comedian Samantha Hannah was working on a comedy show about finding a husband when Toby Hunter came into her life. What happened next surprised them both.
Mandisa, Grammy award-winning 'American Idol' alum, dead at 47
Soulful gospel artist Mandisa, a Grammy-winning singer who got her start as a contestant on 'American Idol' in 2006, has died, according to a statement on her verified social media. She was 47.
'It could be catastrophic': Woman says natural supplement contained hidden painkiller drug
A Manitoba woman thought she found a miracle natural supplement, but said a hidden ingredient wreaked havoc on her health.
Young people 'tortured' if stolen vehicle operations fail, Montreal police tell MPs
One day after a Montreal police officer fired gunshots at a suspect in a stolen vehicle, senior officers were telling parliamentarians that organized crime groups are recruiting people as young as 15 in the city to steal cars so that they can be shipped overseas.
The Body Shop Canada explores sale as demand outpaces inventory: court filing
The Body Shop Canada is exploring a sale as it struggles to get its hands on enough inventory to keep up with "robust" sales after announcing it would file for creditor protection and close 33 stores.
Vicious attack on a dog ends with charges for northern Ont. suspect
Police in Sault Ste. Marie charged a 22-year-old man with animal cruelty following an attack on a dog Thursday morning.
On federal budget, Macklem says 'fiscal track has not changed significantly'
Bank of Canada governor Tiff Macklem says Canada's fiscal position has 'not changed significantly' following the release of the federal government's budget.