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It looks like the market is balancing out, after checking the June Stats the SNL (Solds to New Listings Ratio) has a wide range of 25% – 53%. The Lake of Bays and Muskoka Lakes areas, where the prominence is recreational properties, the percentages are quite low at 25% and 32% respectfully. The areas where there are a good mix of residential and recreational properties show more balance with Bracebridge 41%, Gravenhurst 53% and Huntsville 48%. What’s interesting is Haliburton Highlands is showing good balance despite the fact that area is prominently recreational listings, having a percentage of 52% and Almaguin where there’s a good mix of residential and recreational properties the percentage is 34%.
This means that fewer people are buying residential homes in Almaguin Highlands and instead are buying in the larger centres like Huntsville, Bracebridge, and Gravenhurst due to the lower prices being offered. These markets have seen an approximate 9% decline in property value. The recreational properties remain a struggle to sell in the Muskoka Lakes and Lake of Bays areas, and instead the money is being spent in Haliburton where the prices have typically been lower.
The average number for the Bracebridge area was a surprise to me, but after checking this further the majority of properties sold in Bracebridge were on the Muskoka River which demands a lower dollar. Only one sale over $550,000. Where in Huntsville there were 18 sales over $550,000, three of which were over $1MM and similiarly for Gravenhurst.
There has been good recovery in June, and I suspect once we hit September, October, November we will surpass last years numbers because both residential and waterfront properties were paralyzed while people tried to figure out in what direction the world would be headed.