July 2023 Market Update

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Home sales continued to be above last year’s levels in July, which suggests that many households have adjusted to higher borrowing costs. With that being said, it does appear that the sales momentum that we experienced earlier in the spring has stalled somewhat since the Bank of Canada restarted its rate tightening cycle in June. Compounding the impact of higher rates has been the persistent lack of listings for people to purchase compared to previous years,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.

On a seasonally adjusted monthly basis, the number of sales trended lower for the second straight month, whereas new listings trended upward. The seasonally adjusted average selling price edged lower.

Toronto & GTA

The average selling price was up by 4.2% to $1,118,374 year over year from July 2022.

GTA municipalities continue to lag in bringing new housing online at a pace sufficient to make up for the current deficit and keep up with record population growth.

Caledon

Bolton

Muskoka

Curious about the current state of the real estate market? Here’s a snapshot of the June numbers for the Muskoka region, including Bracebridge, Gravenhurst, Huntsville, Lake of Bays, and Muskoka Lakes:

📉 Residential Sales in Muskoka decreased in July to 63 vs June’s 72 on non waterfront properties and decreased slightly from 80 in June to 854 on waterfront listings.

🏢 Sales in the Condo sector decreased in July to 4 vs June’s 6 in the non- waterfront sector and decreased from 8 in June, to 5 in July for the waterfront sector.

📊 Total Residential Listings saw an increase in new listings from 169 for June to 186 for July on non waterfront properties and a decrease from 193 to 175 on waterfront properties. July month end there were 347 active residential listings on non waterfront (June had 303) and 461 active residential waterfront listings (up from 431 last month). Active listings do include those with conditional offers but not yet firm.

⌛ Listings priced competitively continue to sell with a median number of days on market of 22 (July) vs 24 (June) for non waterfront and 26 (July) vs 28 (June) for waterfront properties.

The Muskoka Median Residential sale price was up slightly from $650,500 to $660,000 (non waterfront) and saw an increase from $957,500 to $1,225,000 (waterfront).

💰 Median Sales Prices in July 2023:

  • Bracebridge: Detached not on water $660,000, detached on water $795,000. 
  • Gravenhurst: Detached not on water $690,000, detached on water $840,000.
  • Huntsville: Detached not on water $657,000, detached on water $797,500.
  • Lake of Bays: Detached not on water $ 680,000, detached on water $3,000,000.
  • Muskoka Lakes: Detached not on water $520,000, detached on water $1,985,000.

If you have been following our monthly reports, you may notice an increase in the market activity. Between May and June it often slows as families with school age children or who work with children are wrapping up the school year and preparing for Summer plans. Once the dust settles thoughts of buying a cottage (especially when they are up here on vacation) or moving to up or down size happen so things are settled before the next school year. The charm of Muskoka living be it for work or play hits full force and the thought of owning property in Muskoka often becomes reality.


Have you been thinking about moving? Do you wonder if now is the right time to buy or sell? Wondering what your home is worth today with the shifting real estate market? Perhaps you’ve been searching for that one of a kind property, but just can’t find it?

We can help answer your questions, provide you with a free no-obligation Home Valuation and help you find that perfect property.

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