Lakelands Association of REALTORS® MLS® home sales remain Below Average as Rising Interest Rates Impact Affordability  
"Many housing markets in the province and across the country are experiencing sustained downturns in activity and ours was no exception in August," said Chuck Murney, President of the Lakelands Association of REALTORS®. "Supply levels are moving up from record lows and prices are pulling back from their peak earlier this spring, trends that we expect will continue through the end of the year, since we have at least one more rate hike on the horizon. Once interest rates have stabilized there will likely be a period of adjustment where buyers and sellers reassess their positions on affordability and pricing expectations, respectively. The housing market is expected to be in transition for some time while all of this is going on."
Residential (Non-Waterfront) Synopsis
Residential (non-waterfront) sales activity recorded through the MLS® System for the Lakelands region totaled 355 units in August 2022. This was a substantial reduction of 41% from the same period in 2021 and sits 39% below bothe the five-year and 10-year averages for the month of August.
The median price for residential (non-waterfront) property "sales" in August 2022 was up modestly (1.3%) from August 2021. Though the more comprehensive year-to-date median price still shows an increase of 14.9% over the first eight months of 2021 it is important to note that the slowdown in sales and the increase in interest rates will have an effect on year-over-year values as we move into the latter half of 2022.
Waterfront Synopsis
Sales of waterfront properties numbered 141 units in August 2022. This was a substantial reduction of 44% from the same period in 2021, sitting 42% below the five-year  and 10-year average for the month of August.
The median price for waterfront property sales in August 2022 was down modestly (-3.8%) from August 2021. The more comprehensive year-to-date waterfront median price shows an increase of 13.3% from the first eight months of 2021. This can be attributed to the strong sales over the latter half of 2021 and first few months of 2022 with the same expected trend as suggested in the residential market stated above.
Overall Synopsis
The real estate market through Parry Sound and Muskoka is seeing a lot of the same pressures seen to the south. The difference here is that the reduced inventory of homes is having less of an effect on value due to supply vs. demand.
Residential home values will continue to remain fairly stable through smaller communities where low inventory will be a factor. Larger communities should continue to see some level of drop in value with more choice for buyers and greater effect from city centres to the south.
As the cottage market winds down, cottage sellers are holding strong on their prices - gambling on the long term market and looking towards spring 2023 in hopes that it will be a more favourable market. As such, I expect that we will see more expired cottages in the fall than your typical year.
Cheers, Chuck.
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Client Testimonials

Chuck was fantastic to work with! From attending our cottage inspection to connecting us with an awesome mortgage broker we needed to get the job done, he was there every step of the way to support us!

- Olivia Sabourin

Working with Chuck was a pleasure. He really pulled out all the stops to make sure we could put the deal together. He personally made sure all went smoothly for possession day. Would definitely work with Chuck again either buying or selling.

- Danielle Stewart

Karen and I have had several experiences with Chuck both buying and selling properties. He is always willing to give advice if asked, and always willing to be patient with us while we are deciding how to proceed. He has gone that extra mile with helping us in any way. This has also included offering to help us get our home ready to sell. We can not be more satisfied with his service and that is why we have had him help us with several real estate transactions. We wholeheartedly recommend him to potential buyers and sellers in our surrounding area.

- John & Karen Neary

I had the pleasure of working with Chuck to find a great starter home and enter the market. After our initial discussion it didn’t take Chuck long to find something perfect for me. He’s motivated, easy to work with, and a highly knowledgeable agent. In addition to finding a buyer or showing you a property, he provides great advice based on your desires. Highly recommended!

- Kevin Louch

Chuck helped us purchase a cottage property in 2020. My husband and I are extremely particular people. We provided Chuck had a detailed list of our exact wants, needs etc in a property to ensure we didn't waste our time looking a properties that didn't meet our needs. Chuck helped us secure the perfect property for us that met all the criteria and was a pleasure to deal with. He even offered months later to help us pick up a peddle boat with his trailer when I asked him for a recommendation for someone who could assist us. He is supportive throughout the sales process and continues to provide service after the fact. He lives and works in the community and I wouldn't hesitate to recommend Chuck to anyone needing his services.

- Jennifer Guberney

Super nice guy. No hard-selling and easy to like! As my husband would say, Chuck passes the beer & BBQ test! He also crawled around under the cottages along side my husband during our appointments. Chuck is knowledgable, and put us at ease immediately. We bought the second cottage property Chuck showed us. He is calm with a sense of urgency. Timely communication when you’re anxiously awaiting news of an offer! Our experience from start to finish was great!

- Stephanie Rood

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