Real Estate Price Changes since 2010 in Southern Georgian Bay
Whenever we experience a shift in the real estate market, I like to take a closer at various statistics so thought I’d share.
If you’ve owned a home in Collingwood, Blue Mountain, Wasaga Beach and area, chances are that the value of your property has had an average annual return of somewhere between 7% to 12% over the last 7 years based solely on price appreciation. During the same seven year period of 2010 to 2017, national economic growth ranged from 0.9% to 3.1% annually. Interest rates remained low for that entire period.
Real estate always moves in cycles so looking at one year compared to the previous one is not a fair assessment however, looking at a longer term cycle, gives a better indication as the chart below shows.
You may also find it interesting for comparative purposes to know that the average Ontario residential sale price is currently $547,402 which is driven by the largest market being Toronto where the average residential sale price was $793,915 last month.
With softening real estate market conditions in Ontario, it will be interesting to see how these returns are impacted in the next seven years. So far in our area, declining sales have not impacted sale prices which continue to climb. More on that later.
Note: Local market data obtained from the MLS® statistics of the Southern Georgian Bay Association of REALTORS®