Lake Simcoe Sales Volume Hits Record High

Lake Simcoe sunsets (CNW Group/Chestnut Park Real Estate Limited, Brokerage)

TORONTO REAL ESTATE UPDATE 2016

Lake Simcoe Waterfront

Market Review for 2016

TORONTO, Jan. 13, 2017 /CNW/ - The desire to own a recreational waterfront property in cottage country within one-hour or so of Toronto has hit an all-time high with record sales on Lake Simcoe in 2016. Based on our analysis in the five key areas we serve, Lake Simcoe waterfront sales increased by 82 percent in 2016, and an outstanding 109 percent increase since 2014. 

Lake Simcoe Recreational Property Sales Highlights:

• Georgina waterfront sales represented a large percentage of the overall sales volume with 127 sales in 2016 compared to the 45 sales posted in the previous year.
  
  
• Beaverton waterfront sales increased by 300% since 2014.
  
  
• Oro-Medonte reported the highest percentage price year-over-year with an increase to the average selling price of 61.3% since 2014. This area outpaced all areas we monitor showing the highest percentage increase to the average sale price for three consecutive years.
  
  
• Despite the incredible sales activity in the Georgina area, the average price dropped slightly by 2.6 percent. The Jackson's Point area posted a record number of 22 sales in 2016.

We have been tracking waterfront sales in Orillia, Oro-Medonte, Innisfil, Georgina and Beaverton based on data reported by The Toronto Real Estate Board for several years now.  In order to maintain the integrity of our analysis, we do not include sales of riverfront, canal front or sales under $300,000.  Only Lake Simcoe recreational property with direct or indirect waterfront is included in our analysis.

SUMMARY OF SALES ACTIVITY IN FIVE KEY AREAS ON LAKE SIMCOE

AREA	2016 Avg. Sale Price	2015 Avg. Sale Price	% Change
Georgina	$734,163	$753,804	-2.6%
Beaverton	$576,741	$531,863	+8.5%
Orillia	$813,305	$823,182	-1.2%
Oro/Medonte	$1,418,733	$1,074,085	+32.0%
Innisfil	$842,193	$842,974	0.0%

Georgina:

Georgina	Total Sales	Avg. Sale Price	Median Sale Price	Avg. Days on Market
2016	127	$734,163	$641,000	30
2015	45	$753,804	$630,000	43
% Change	+82%	-2.6%	1.75%	30.2%

Commentary:

Georgina's lakefront communities include Roches Point, Balfour Beach, Willow Beach, Eastbourne, Jackson's Point and Sutton West and a few other small pockets of lakefront homes on the south shore including Cook's Bay.  Sales continue to show strong growth with a continuous demand from buyers in a wide price range. The close proximity to Toronto continues to be extremely popular with commuters and recreational property owners.

The expansion of Highway 404 to Ravenshoe Road can certainly be considered one of the key contributing factors associated with the incredible sales volume both on and off the lake. 

It's not just lakefront that has caught the eye of the buyer of the 1,296 properties that sold in Georgina last year. The average price is up substantially. According to the Home Price Index published by the Toronto Real Estate Board, Georgina reported a 28.09% increase in the benchmark sales price since 2015.

The highest selling price in the area in 2016 was $2,950,000.

Beaverton:

Beaverton	Total Sales	Avg. Sale Price	Median Sale Price	Avg. Days on Market
2016	27	$576,741	$525,000	44
2015	16	$531,863	$490,000	78
% Change	+68.8%	8.5%	.07%	-43.6%

Commentary:

Beaverton waterfront is mostly all direct waterfront and the shoreline is deeded to the property. It appears this small lakeside community has been discovered by recreational property seekers that are now willing to drive an extra 20-minutes to take advantage of lower prices of direct waterfront properties.  The expansion of Hwy 404 appears to have played a part in the increase to the sales activity.

A unique feature of the eastern shore is the gorgeous western sunset views that are unprecedented in other areas with few exceptions.

Oro-Medonte

Oro-Medonte	Total Sales	Avg. Sale Price	Median Sale Price	Avg. Days on Market
2016	36	$1,418,733	$1,035,000	64
2015	28	$1,074,085	$801,250	101
% Change	+28.6%	32.0%	29.2%	-36.6%

(Includes the areas of Hawkestone, Shanty Bay, Warminister and rural Oro-Medonte.)

Commentary:

Oro-Medonte continues to outpace all other areas we monitor on Lake Simcoe. Shanty Bay, a sub-area of Oro-Medonte is an exclusive area located on the northwest shore of Lake Simcoe and known for its large estate homes.  In 2016, the highest selling price reported was $7,200,000.

This area is particularly popular with buyers seeking a four-season recreational home that is within close proximity to ski country.

Innisfil

Innisfil	Total Sales	Avg. Sale Price	Median Sale Price	Avg. Days on Market
2016	40	$842,193	$775,000	46
2015	37	$842,974	$780,000	64
% Change	+.08%	no change	-.01%	-28.1%

Commentary

Innisfil results reflect no real change in both sales volume or price.  Innisfil is a popular destination for recreational property seekers that are desirous of being close the Highway 400 corridor. There were however three luxury sales reported over $1.5M. 

Innisfil appears to be competing for buyers in two neighbouring communities on the lake including Georgina and the newest lifestyle community--Friday Harbour located in Innisfil.  Friday Harbour has been well-received by the general public seeking ownership of a waterfront property that includes great amenities and a maintenance-free lifestyle not available in other areas around the lake. 

Friday Harbour just launched its townhome phase with prices starting at $1.4m.  This phase of the project is competing for the same luxury buyer of a recreational home with the freehold seller in the immediate area.

Orillia

Orillia	Total Sales	Avg. Sale Price	Median Sale Price	Avg. Days on Market
2016	19	$813,305	$715,000	85
2015	11	$823,182	$680,000	88
% Change	+72.7%	-1.2%	+5.1%	-.03%

Commentary

Orillia had a large spike in sales year-over-year although the average price dropped only slightly. The median price is more representative with a 5.1% increase to waterfront prices in this area. 

The waterfront market has been performing consistently over the past 24-months in this area, which is considered the most northerly point on Lake Simcoe. Buyers are attracted to this area as their purchasing power buys them a larger home compared to some of the other areas being reported on Lake Simcoe.

If you would like to obtain a copy of our full report please email us at [email protected] or call at 289-338-0767.

Please go to www.CityHouseCountryHome.com for more real estate articles and feature properties currently for sale.

This publication is not to be copied without the express written permission of Roxanne Henderson
This publication is not intended to solicit buyers or sellers currently under contract with a brokerage.
Statistics obtained from the Toronto Real Estate Board. 

SOURCE Chestnut Park Real Estate Limited, Brokerage

For further information: Roxanne Henderson, Broker, CIPS, Chestnut Park Real Estate Limited, Brokerage, [email protected], 289-338-0767