Notwithstanding that new listings were down 36.4 % over last year, with 273 new listings reported at the end of May 2020 vs 429 in May 2019, when comparing the market to the month before, The Western Region of Southern Georgian Bay demonstrated resiliency and actually showed strong signs of rising activity.
The onset of COVID-19 emergency measures implemented in early March created a few months of uncertainty and pause, however people seemed to have adjusted and adapted fairly quickly to the new protocols around showing property and many were ready to delve back into the market in May. With persistent housing shortages being a key driver of price, the average sale price for a residential home across The Western Region in May 2020 was a remarkable $591,352, up 13.3 % over last year. Sales activity declined 42.4 % with 121 sales reported in May vs 210 sales for the same period last year, clearly reflecting the lack of inventory, not the demand.
Active listings were down 19.2 % over last May with 632 properties available vs 782 in May 2019. And with fewer active listings, the competition for the few houses out there actually drove prices up in some areas across the region. It’s impossible to predict the future with so many factors at play and with such a wide range of forecasts and opinions from the experts. There will certainly be some peaks and valleys in the months ahead. However on the upside, low interest rates, ongoing demand for the lifestyle and more affordable housing options available in The Western Region of Southern Georgian Bay should help to buffer any negative impact caused by the COVID-19 pandemic.