Comparing Georgian Triangle Real Estate to Ontario Norms
There are days when I feel like we’re the most expensive area in the province and on other days, not so much. It depends on who I’m dealing with that day and what it is that I’m viewing, appraising, listing or seeking. Is there a way to really know how real estate in the Collingwood and Blue Mountain areas compare to other places?
Last week, Canada Mortgage and Housing Corporation (CMHC) released their Housing Now report which provides a snapshot of the residential housing market in Ontario. As a bit of statistics junky, I’ve always found this particular report to be of good value to me in my role as both a REALTOR® and a Market Value Appraiser (MVA).
When I look at our real estate board MLS® statistics for our Georgian Triangle Real Estate Board, I get useful information however, comparing them to provincial averages adds a whole new perspective to understanding what is happening in our local marketplace. One of the more interesting pages in this regard is the MLS® Residential Activity report for the Ontario region.
A tally of provincial MLS® activity for 2007 shows that the average residential sale price in Ontario was $299,544. This is just marginally higher than our Georgian Triangle Real Estate Board average of $289,388. As our territory is relatively large, we do have variances in areas where the contrast is greater. For example, in the Town of The Blue Mountains, we ended the year with an average residential sale price of over $460,000 (which incidentally is higher than Toronto’s average) while Collingwood came in at just under $246,000. Provincial averages will of course be the same. Prices in Toronto are vastly different than they are from Elliot Lake I’m sure. But averages do have value in that they give us a sense of our place in the pecking order.
Provincially, there were over 213,000 residential, MLS sales last year; an increase of 9.5% over the number of sales in 2006. In the Georgian Triangle, we captured about .7% of all provincial sales with 1475 units; an increase of 13.7% over the previous year. That is an important stat as it suggests we have positive migration continuing at a significant rate and, this does not even take into account the large number of new home sales that are not captured in our MLS® data.
So, it’s all good. Whew. Thanks CMHC.
When it’s time to buy or sell real estate in the Collingwood, Blue Mountain or Georgian Triangle area, contact Marg, an experienced and competent Broker who’s ready whenever you are!