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Real Estate Market Update | Collingwood/Southern Georgian Bay June 2020

As Ontario moved ahead cautiously to reopen the province, it appeared that many residents from the GTA took the opportunity to leave the city in order to find a safer haven in which to live and play.

And with travel plans on hold for many, the urgency to find a vacation home for the summer of 2020 created a super hot market in the Western Region of Southern Georgian Bay, ultimately driving the average price for the Western Region up to an almost record high of $628,202; up 18.5 % over last year. Likely due to more movement in higher priced proper-ties and incredibly short supply combined with strong demand, the Dollar Volume was pro-pelled to an astounding 82.0% increase over last June. Sales activity increased an astonishing 53.6 % with 281 sales reported in June vs 183 sales for the same period last year.The onset of the pandemic in March initially forced many potential sellers to hold back howev-er, the success of virtual showings and safety protocols for in-person showings over the past few months encouraged some sellers to jump into the market in June, slightly relieving an al-ready tight market. There was a modest 2.9% increase in new listings over last year, with 420 new listings reported at the end of June 2020 vs 408 in June 2019. With supply not keeping up with demand, it’s not surprising that active listings were the lowest they had been in the last decade. Active listings were down 28.4% over last June with 645 properties available vs 901 in June 2019 driving the Months of Inventory down to 2.3 months.The pandemic has certainly turned the world upside down, forcing many people to re-evaluate their priorities, including where they choose to live. If this trend continues, we should expect a strong outcome for 2020 – even with COVID-19 interrupting the market mid-March to end of May. The biggest challenges moving forward will be the ongoing supply issue that pre-existed COVID-19, and the uncertainty that lies ahead. We have not yet seen the full economic impact of COVID-19 however, it does seem safe to say that the Western Region of Southern Georgian Bay real estate market should remain strong for the foreseeable future with attractive and affordability options for those seeking a home in the region.

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