What an impressive start to start the New Year, with prices up year over year in all major towns across the Western Region Of Southern Georgian Bay. With tight supply continuing to boost prices, the average price skyrocketed beyond all previous records. The average sale price for a residential home in January 2020 was a remarkable $663,552, up 13.3 % over last year. Sales activity rose 17.4 % with 101 sales reported in January vs 86 sales for the same period last year.
New listings totaled 202 at the end of January vs 191 in January 2019, up 5.8 % year over year. This is the 3rd January that new listings have increased year over year since the record low of 2017, likely providing some Buyer’s encouragement for the coming year. Active listings were up 4.1 % over last January, with 504 properties available vs 484 in January 2019. Notwithstanding this moderate increase of available inventory, market conditions remained tight. The Sales to New Listings Ratio was 50.0, indicating balanced market conditions. This was a slight increase from the 45.0 reported last January, however it marks a significant shift from the extreme Sellers market we experienced throughout the latter months of 2019. With Toronto homes prices on the rise, the Western Region will continue to welcome young professionals, families and retirees, all looking to relocate for more affordable housing options and enjoy a more relaxed lifestyle.