fbpx

CALL JASON TODAY: (705) 879-8200

Kawartha Lakes Real Estate Market Report October 2022

October was a tough time to be in the market as a buyer and seller. With yet another 50 basis point rise in interest rates, buyers decided to sit on the sidelines and wait until prices come down further. The Kawartha Lakes real estate market saw a massive slide in sales with both non-waterfront and waterfront properties.

With more and more properties going without showings and traffic, price decreases are on the rise as sellers tangle with the reality that money isn’t very easy to attain for the average buyer. The toughest decision is whether or not sellers should reduce their ask by a larger margin and take their home off the market and hope for a better outcome in the spring. Unfortunately, nobody can say for sure when this down cycle will end but with the Bank of Canada’s most recent announcement, this is not the last of the interest rate hikes we will see. The likelihood of them coming back down in the short term is even more unlikely with rampant inflation and global supply chain instability.

In a market like this, sellers with large equity are the ones who will come out on top. Home prices are still way up from a decade ago, and as long as your leverage is low (debts) and the right upgrades have been completed, you’re still very likely to sell with a healthy return on investment and then in turn, take advantage of a market where home prices are dropping, conditions are being accepted, and competition seems non-existent. Keep in mind, you can’t take your current lower interest rate with you, so be sure your new mortgage isn’t going to break the bank with current borrowing rates.

What about buyers who are first time buyers or over leveraged in their current mortgage? If you’re lucky to have an affordable rental or still live with relatives, it might be still wise to keep saving and setting yourself up for the right property that doesn’t stretch you too thin if rates continue to rise. If you are a recent home buyer locked in to a low interest rate, my advice would be to be aggressive with paying down the principle and build up your nest egg. Whether you have 2 years, 3 years, or even 1 year left on your current rate, take advantage of it while you can. As your renewal approaches, you’ll feel more confident in your decision making if you’ve strategized and planned ahead. Don’t make any frivolous purchases, buy a new car, or increase credit purchases to keep yourself in the best position to succeed.

Every situation is different, so regardless of what you’re dealing with, it’s best to speak with financial and real estate propfessionals to strategize and plan your next steps.

Kawartha Lakes Real Estate Association Trends Overview

Average Sales Price

$588,261

October 2021 – $641,035 /  -8.2%
September 2022 – $647,471 / -9.1%

Non-Waterfront Properties

New Listings
102

Oct 2021 (YoY)
84 / +21.4%

Sept 2022 (MoM)
134 / -23.9%

Homes for Sale
198

Oct 2021 (YoY)
62 / +219.4%

Sept 2022 (MoM)
220 / -10.0%

Total Sales
67

Oct 2021 (YoY)
89 / -24.7%

Sept 2022 (MoM)
68 / -1.5%

Days on Market
38

Oct 2021 (YoY)
19 / +100.0%

Sept 2022 (MoM)
32 / +18.8%

Months Supply
2.8

Oct 2021 (YoY)
0.6 / +366.7%

Sept 2022 (MoM)
3.0 / -6.7%

% of List Price
96.7%

Oct 2021 (YoY)
110.4% / -12.4%

Sept 2022 (MoM)
96.7% / 0%

Not since May 2021 have we seen the average non-waterfront property in the Kawartha’s below the 600k mark. Total sales were down nearly 25% from last year, proving the market which typically rebounds in the fall has kept dropping since the consistent rise of interest rates. Days on market is up 100% from last year, forcing price decreases and offers under list at an average of 96.7% of list price.

New listing dropped off from September, possibly with knowledge that homes are not selling as quickly or for as much as we saw last year. If we continue to see more homes on the market, it is safe to say the competition will drive the prices down as they fight over less qualified buyers.

Average Sales Price

$834,989

Oct 2021 – $991,785 /  -15.8%
Sept 2022 – $805,688 / +3.6%

Waterfront Properties

New Listings
23

Oct 2021 (YoY)
26 / -11.5%

Sept 2022 (MoM)
31 / -25.8%

Homes for Sale
71

Oct 2021 (YoY)
32 / +121.9%

Sept 2022 (MoM)
76 / -6.6%

Total Sales
9

Oct 2021 (YoY)
28 / -67.9%

Sept 2022 (MoM)
16 / -43.8%

Days on Market
49

Oct 2021 (YoY)
18 / +172.2%

Sept 2022 (MoM)
38 / +28.9%

Months Supply
4.0

Oct 2021 (YoY)
1.1 / +263.6%

Sept 2022 (MoM)
3.9 / +2.6%

% of List Price
96.2%

Oct 2021 (YoY)
109.9% / -12.5%

Sept 2022 (MoM)
96.4% / -0.2%

Luxuries like cottages are typically the first to take the brunt of a down market, and so is the case for waterfront homes in Kawartha Lakes. With only 9 sales in October, we saw major decreases in both month over month and year over year stats. Suprisingly, new listings have not yet gone up as sellers hold onto their properties as we quickly approach the winter season. Supply is quickly building as cottages that are listed are taking longer to sell, with an average days on market of 49 days. November will show if we see an uptick of new listings as many cottages close up for the year.

A Deeper Dive into Local Real Estate Markets

Average Sales Price

$598,220

October 2021 – $636,945 /  -6.1%
September 2022 – $565,475 / 5.8%

Lindsay Real Estate

New Listings
33

Oct 2021 (YoY)
32 / +3.1%

Sept 2022 (MoM)
49 / -32.7%

Homes for Sale
67

Oct 2021 (YoY)
24 / +179.2%

Sept 2022 (MoM)
69 / -2.9%

Total Sales
20

Oct 2021 (YoY)
37 / -45.9%

Sept 2022 (MoM)
32 / -37.5%

Days on Market
46

Oct 2021 (YoY)
20 / +130.0%

Sept 2022 (MoM)
32 / +43.8%

Months Supply
2.3

Oct 2021 (YoY)
0.6 / +283.3%

Sept 2022 (MoM)
2.3 / 0%

% of List Price
96.3%

Oct 2021 (YoY)
111.3% / -13.5%

Sept 2022 (MoM)
97.3% / -1.0%

Lindsay homes for sale saw a slight uptick in the average sales price month over month, but it is still down from October 2021 by 6.1%. Listings are on the rise, increasing competition, supply and days on market. The average home saw a 96.3% percent of list price showing that buyers are in the drivers seat with conditions and negotiations.

Average Sales Price

$610,000

October 2021 – $576,750 / +5.8%
September 2022 – $669,000 / -8.8%

Fenelon Falls Real Estate

New Listings
6

Oct 2021 (YoY)
6 / 0.0%

Sept 2022 (MoM)
4 / +50.0%

Homes for Sale
7

Oct 2021 (YoY)
5 / +40.0%

Sept 2022 (MoM)
7 / 0%

Total Sales
2

Oct 2021 (YoY)
4 / -50.0%

Sept 2022 (MoM)
1 / 100.0%

Days on Market
16

Oct 2021 (YoY)
16 / 0.0%

Sept 2022 (MoM)
19 / -15.8%

Months Supply
1.6

Oct 2021 (YoY)
0.9 / +77.8%

Sept 2022 (MoM)
1.5 / +6.7%

% of List Price
97.3%

Oct 2021 (YoY)
107.5% / -9.5%

Sept 2022 (MoM)
100% / -2.7%

Overall listings and sales have stayed consistently low over the past few months, posting only 2 sales in October, up by 1 from the previous month. Sellers are maintaining a good percentage of list price and selling on average in 16 days, a low anomaly in the Kawartha’s.

Average Sales Price

$604,564

October 2021 – $693,150 / -12.8%
September 2022 – $650,125 / -7.0%

Bobcaygeon Real Estate

New Listings
11

Oct 2021 (YoY)
8 / +37.5%

Sept 2022 (MoM)
13 / -15.4%

Homes for Sale
20

Oct 2021 (YoY)
8 / +150%

Sept 2022 (MoM)
21 / -4.8%

Total Sales
7

Oct 2021 (YoY)
6 / +16.7%

Sept 2022 (MoM)
8 / -12.5%

Days on Market
41

Oct 2021 (YoY)
14 / -192.8%

Sept 2022 (MoM)
23 / +78.3%

Months Supply
2.6

Oct 2021 (YoY)
0.7 / +271.4%

Sept 2022 (MoM)
2.7 / -3.7%

% of List Price
96.9%

Oct 2021 (YoY)
98.8% / -1.9%

Sept 2022 (MoM)
97.2% / -0.3%

Bobcaygeon homes for sale has been pretty active in the last quarter, with 11 new listings, 20 homes for sale, and 7 total sales in the month of October. It seems that sellers are adapting to the decrease in buying power, accepting on average 96.9% of list price.

Kawartha Lakes Waterfront Trends

Average Sales Price

No Sales

October 2021 – No Sales
September 2022 – No Sales

Balsam Lake Real Estate

New Listings
2

Oct 2021 (YoY)
3 / -33.3%

Sept 2022 (MoM)
1 / +100.0%

Homes for Sale
6

Oct 2021 (YoY)
4 / +50.0%

Sept 2022 (MoM)
6 / 0%

Total Sales
0

Oct 2021 (YoY)
No Sales

Sept 2022 (MoM)
No Sales

Days on Market
0

Oct 2021 (YoY)
No Sales

Sept 2022 (MoM)
No Sales

Months Supply
3.0

Oct 2021 (YoY)
1.8 / +66.7%

Sept 2022 (MoM)
2.5 / +20.0%

% of List Price
No Sales

Oct 2021 (YoY)
No Sales

Sept 2022 (MoM)
No Sales

Balsam Lake is gaining back some inventory, but with no sales in October it will be a waiting game to see how the market is affecting this very popular lake.

Average Sales Price

No Sales

October 2021 – No Sales
September 2022 – No Sales

Cameron Lake Real Estate

New Listings
0

Oct 2021 (YoY)
1 / -100%

Sept 2022 (MoM)
No Sales

Homes for Sale
2

Oct 2021 (YoY)
3 / -33.3%

Sept 2022 (MoM)
3 / -33.3%

Total Sales
0

Oct 2021 (YoY)
No Sales

Sept 2022 (MoM)
No Sales

Days on Market
0

Oct 2021 (YoY)
No Sales

Sept 2022 (MoM)
No Sales

Months Supply
2.0

Oct 2021 (YoY)
2.0 / 0%

Sept 2022 (MoM)
3.0 / -33.3%

% of List Price
No Sales

Oct 2021 (YoY)
No Sales

Sept 2022 (MoM)
No Sales

Cameron Lake has not seen a sale since August and it does not seem like it will change rapidly with only 2 cottages available for sale. Unlike the town of Fenelon Falls activity, Cameron Lake has been sitting tight through this entire downturn and time will tell through the winter if we will see a change.

Average Sales Price

$903,725

October 2021 – $1,056,718 / -14.5%
September 2022 – $1,006,000 / -10.2%

Sturgeon Lake Real Estate

New Listings
7

Oct 2021 (YoY)
3 / +133.3%

Sept 2022 (MoM)
3 / +133.3%

Homes for Sale
16

Oct 2021 (YoY)
6 / +166.7%

Sept 2022 (MoM)
21 / -23.8%

Total Sales
4

Oct 2021 (YoY)
3 / +33.3%

Sept 2022 (MoM)
5 / -20.0%

Days on Market
60

Oct 2021 (YoY)
17 / +252.9%

Sept 2022 (MoM)
51 / +17.6%

Months Supply
2.7

Oct 2021 (YoY)
1.1 / +145.5%

Sept 2022 (MoM)
3.6 / -25.0%

% of List Price
100.8%

Oct 2021 (YoY)
102.4% / -1.6%

Sept 2022 (MoM)
92.5% / +9.0%

Maintaining the award for most active lake in the Kawartha’s, Sturgeon Lake had 4 total sales in October, 7 new listings and 16 cottages available overall. The sales numbers remain strong with 100.8% of list price, the only market we saw maintain that high of a number.

Average Sales Price

$315,000

October 2021 – $306,000 / +2.9%
September 2022 – $692,000 / -54.5%

Burnt River Real Estate

New Listings
2

Oct 2021 (YoY)
1 / +100.0%

Sept 2022 (MoM)
5 / -60.0%

Homes for Sale
8

Oct 2021 (YoY)
3 / +166.7%

Sept 2022 (MoM)
8 / 0%

Total Sales
1

Oct 2021 (YoY)
1 / 0%

Sept 2022 (MoM)
2 / -50.0%

Days on Market
133

Oct 2021 (YoY)
22 / +504.5%

Sept 2022 (MoM)
53 / +150.9%

Months Supply
5.5

Oct 2021 (YoY)
1.1 / +400%

Sept 2022 (MoM)
5.5 / 0.0%

% of List Price
84.0%

Oct 2021 (YoY)
87.7% / -4.2%

Sept 2022 (MoM)
92.9% / -9.6%

Burnt Rivers numbers have reduced back to last years average sales numbers, sitting at $315,000. It’s low sales volume does skew the overall numbers but the traditionally affordable waterfront may be returning to pre-covid pricing faster than the competition.

Don’t see the town or waterfront you’re interested in? Reach out to me to receive a customized report! I will work with you to understand the market as a buyer or a seller to strategize the best approach.

Share

Facebook
Twitter
LinkedIn

Ready to talk about your real estate goals? Connect with me!

Jason Richard, REALTOR®
Call/Text: (705) 879-8200
Email: jasonrichard@royallepage.ca

Jason Richard Realtor