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Parry Sound Real Estate | 2023 Market Review

Georgian Bay waterfront

The Lakelands Association of Realtors® has released comprehensive data for 2023, encompassing both waterfront and residential properties. Specific figures for the Parry Sound region, including detailed statistics are now available.

The market scenario remains distinctly characterized by two segments, particularly evident in the Parry Sound cottage market. As highlighted in previous posts, the demand for luxury cottages priced above $1,500,000 remains robust in Parry Sound. Examining the accompanying charts, it is evident that sales of high-end cottages surpass the five-year average. In contrast, the market for cottages below the $1,500,000 threshold has dwindled to levels not witnessed in over a decade. The Muskoka market is similar but the higher price points driven by the "The Big Three" lakes puts the luxury segment north of $3,000,000.

This ongoing divergence in the market significantly influences the reported overall median and average prices, with the luxury waterfront segment now constituting approximately one-third of the total expenditures on cottages.

Median Parry Sound Waterfront Prices

Overall Lakeland Real Estate Market

Here are the statistics for the entire Lakelands Board, covering a vast area of cottage country*

In December 2023, the MLS® System for the Lakelands region reported a significant downturn in residential non-waterfront sales, totaling 162 units. This reflects a substantial decrease of 12.4% compared to the corresponding period in 2022.

The figures for residential non-waterfront sales in December fell notably below the averages, with a deviation of 35.6% from the five-year average and 35.9% from the 10-year average.

For the entire year of 2023, residential non-waterfront sales amounted to 4,162 units, indicating an 8.8% decline from the previous year, 2022.

In the same month, December 2023, sales of waterfront properties reached 25 units, marking a modest increase of 4.2% (equivalent to one sale) from December 2022.

Parry Sound Cottage Sales Under $1,500.000

chart of cottage sales in Parry Sound

Parry Sound Cottage Sales Over $1,500,000

Chart of Parry Sound cottages over $1,500,000

In December 2023, the real estate market exhibited distinctive trends across different property types:

  • The benchmark price for single-family homes experienced a 4.4% year-over-year dip, settling at $681,600. In contrast, townhouse/row units saw a more pronounced decline, with the benchmark price dropping by 8.8% to $554,400 compared to the previous year. On the other hand, the benchmark apartment price showed resilience, recording a moderate gain of 5.7% and reaching $468,700 from year-ago levels.
  • The median price for residential non-waterfront property sales in December 2023 was $630,000, marking an 8% decrease from December 2022. Annually, the broader median price for residential non-waterfront properties was $675,000, reflecting a 6.3% decline from the entirety of 2022.
  • Conversely, the median price for waterfront property sales in December 2023 surged to $999,999, indicating a substantial 30.7% increase from December 2022. However, the annual median price for waterfront properties was $950,000, revealing a modest decrease of 4.5% from the entire year of 2022.
  • In terms of total dollar value, all residential non-waterfront sales in December 2023 amounted to $116.8 million, indicating a significant contraction of 19.4% compared to the same month in 2022. In contrast, the total dollar value of all waterfront sales in December 2023 experienced a substantial surge, reaching $33 million—an impressive gain of 39.9% from the corresponding month in 2022.

*The Lakelands region encompasses parts of Severn and Georgian Bay Townships; Wasaga Beach, Clearview Township, Collingwood, The Blue Mountains, and portions of the Municipality of Meaford, Grey Highlands. Additionally, it includes Towns of Midland and Penetanguishene, the Townships of Tay, and Tiny. It is situated in the heart of Canada's Cottage Country, covering areas such as Parry Sound, Muskoka, Haliburton, Orillia, Gravenhurst, Bracebridge, Muskoka Lakes, Huntsville, and Lake of Bays.

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