The start of the fall market has been a game of price adjustments and conditional offers between buyers and sellers in the Kawartha Lakes real estate market. With a steady increase of inventory hitting the market, sales have not kept up which has increased supply and average days on market. An interest rate hike of 0.75% on September 7th did not help in that regard. The next rate announcement by the Bank of Canada will be on October 26th.
It was the second consecutive month where we saw the average list to price percentage below 100% meaning that on average, homes sold below ask. Some markets Fenelon Falls, Balsam Lake, and Cameron Lake saw very little activity, but this could change in the coming months.
Kawartha Lakes Real Estate Association Trends Overview
Average Sales Price
$647, 471
September 2021 – $629,731 / +2.8%
August 2022 – $652,543 / -0.8%
Non-Waterfront Properties
New Listings
134
Sept 2021 (YoY)
98 / +36.7%
August 2022 (MoM)
120 / 11.7%
Homes for Sale
220
Sept 2021 (YoY)
84 / +161.9%
August 2022 (MoM)
214 / +2.8%
Total Sales
68
Sept 2021 (YoY)
89 / -23.6%
August 2022 (MoM)
67 / +1.5%
Days on Market
32
Sept 2021 (YoY)
22 / +45.4%
August 2022 (MoM)
27 / +18.5%
Months Supply
3.0
Sept 2021 (YoY)
0.8 / +275%
August 2022 (MoM)
2.9 / +3.4%
% of List Price
96.7%
Sept 2021 (YoY)
107.9% / -10.4%
August 2022 (MoM)
99% / -2.3%
Non-waterfront homes for sale in Kawartha Lakes saw a rather flat change of -0.8% in average sales price, coming in at $647,471. We’re inching closer and closer to an intersect in 2021 pricing. This will be interesting to watch to see if the numbers continue to dip. The number of new listing increased and so did the total number of homes for sale. This is a welcome increase of inventory for buyers, except the issue that total sales was down 23.6% year over year.
Days on market and supply continue to climbed even higher from August, with a huge jump year over year in both categories. Interest rates continue to rise and this showed with a decrease in percentage of list price coming in at 96.7%, a 10.4% decrease from last September and a -2.3% decrease from August.
Average Sales Price
$805,688
Sept 2021 – $1,048,763 / -23.2%
August 2022 – $974,467 / -17.3%
Waterfront Properties
New Listings
31
Sept 2021 (YoY)
49 / -36.7%
August 2022 (MoM)
40 / -22.5%
Homes for Sale
76
Sept 2021 (YoY)
47 / +61.7%
August 2022 (MoM)
95 / -20.0%
Total Sales
16
Sept 2021 (YoY)
29 / -44.8%
August 2022 (MoM)
21 / -23.8%
Days on Market
38
Sept 2021 (YoY)
18 / +111.1%
August 2022 (MoM)
31 / +22.6%
Months Supply
3.9
Sept 2021 (YoY)
1.6 / +143.8%
August 2022 (MoM)
4.7 / -17.0%
% of List Price
96.4%
Sept 2021 (YoY)
110.7% / -12.9%
August 2022 (MoM)
94.8% / +1.7%
Kawartha Lakes waterfront cottages for sale saw a decrease in new listings again, this time it was a 36.7% decrease from last September and a 22.5% decrease from August. It is typical for owners to finish off the summer season before listing so October will be a tell tale sign if we see an increase in inventory.
Since I last spoke about vacation rentals in August, I have seen a few short term rentals get listed for long term rental (6 months). This leads me to believe that owners did not recieve enough short term rental income to get them through the winter months. Rentals in the winter cool off substantially and nightly rates follow. Landlords can typically get good income up until the end of October after the fall colours. I will be keeping a close eye on cottages in the next month to see if cottages for sale near Kawartha Lakes spike.
A Deeper Dive into Local Real Estate Markets
Average Sales Price
$565,475
September 2021 – $637,079 / -11.2%
August 2022 – $599,768 / -5.7%
Lindsay Real Estate
New Listings
49
Sept 2021 (YoY)
45 / +8.9%
August 2022 (MoM)
46 / +6.5%
Homes for Sale
69
Sept 2021 (YoY)
29 / +137.9%
August 2022 (MoM)
68 / +1.5%
Total Sales
32
Sept 2021 (YoY)
38 / -15.8%
August 2022 (MoM)
27 / +18.5%
Days on Market
32
Sept 2021 (YoY)
17 / +88.2%
August 2022 (MoM)
25 / +28.0%
Months Supply
2.3
Sept 2021 (YoY)
0.7 / +228.6%
August 2022 (MoM)
2.2 / +4.5%
% of List Price
97.3%
Sept 2021 (YoY)
114.1% / -14.7%
August 2022 (MoM)
98.6% / -1.3%
The Lindsay Ontario real estate market saw a decrease in average sales price in both monthly and yearly segments. We saw a slight increase in new listings and sales month over month, but sellers did not recieve nearly the amount of over ask offers they did this time last year. They maintained a 97.3% of list price, showing that sellers and Realtors are adjusting to the changing market. Houses in Lindsay Ontario continue to spend a longer period on the market, now averaging 32 days on market, up from 27 days month over month.
Average Sales Price
$669,000
September 2021 – $603,000 / +10.9%
August 2022 – $623,000 / +7.4%
Fenelon Falls Real Estate
New Listings
4
Sept 2021 (YoY)
5 / -20.0%
August 2022 (MoM)
3 / +33.3%
Homes for Sale
7
Sept 2021 (YoY)
3 / +133.3%
August 2022 (MoM)
7 / 0%
Total Sales
1
Sept 2021 (YoY)
4 / -75.0%
August 2022 (MoM)
2 / -50.0%
Days on Market
19
Sept 2021 (YoY)
14 / +35.7%
August 2022 (MoM)
35 / -35.7%
Months Supply
1.5
Sept 2021 (YoY)
0.5 / +200.0%
August 2022 (MoM)
1.3 / +15.4%
% of List Price
100%
Sept 2021 (YoY)
99.3% / +0.7%
August 2022 (MoM)
100% / 0%
Homes for sale in Fenelon Falls saw an increase in average sales price, but this is because there was only one sale in the month. The town maintained 7 homes for sale, the inventory supply stayed neutral month over month. Even though it is taking longer to sell on average, sellers are still getting 100% of list price on average. This could be due to lack of inventory or sellers bringing their prices in line with the current market.
Average Sales Price
$650,125
September 2021 – $538,300 / +20.8%
August 2022 – $633,385 / +2.6%
Bobcaygeon Real Estate
New Listings
13
Sept 2021 (YoY)
3 / +333.3%
August 2022 (MoM)
14 / -7.1%
Homes for Sale
21
Sept 2021 (YoY)
10 / +110%
August 2022 (MoM)
20 / +5.0%
Total Sales
8
Sept 2021 (YoY)
3 / +166.7%
August 2022 (MoM)
13 / -38.5%
Days on Market
23
Sept 2021 (YoY)
27 / -14.8%
August 2022 (MoM)
31 / -25.8%
Months Supply
2.7
Sept 2021 (YoY)
0.9 / +200.0%
August 2022 (MoM)
2.8 / -3.6%
% of List Price
97.2%
Sept 2021 (YoY)
98.9% / -1.7%
August 2022 (MoM)
99.6% / -2.4%
Houses for sale in Bobcaygeon have stayed steady with 13 new listings from August. It’s helpful for the market since last September we only saw 3 new listings all month. Sales have also been steady with 8 sales, also leading to less days on market and slightly less supply.
Kawartha Lakes Waterfront Trends
Average Sales Price
No Sales
September 2021 – $1,240,835 / No Sales
August 2022 – $1,750,000 / No Sales
Balsam Lake Real Estate
New Listings
1
Sept 2021 (YoY)
7 / -85.7%
August 2022 (MoM)
2 / -50.0%
Homes for Sale
6
Sept 2021 (YoY)
7 / -14.3%
August 2022 (MoM)
9 / -33.3%
Total Sales
0
Sept 2021 (YoY)
6 / -100.0%
August 2022 (MoM)
2 / -50.0%
Days on Market
0
Sept 2021 (YoY)
13 / No Sales
August 2022 (MoM)
2 / No Sales
Months Supply
2.8
Sept 2021 (YoY)
3.1 / -9.7%
August 2022 (MoM)
3.5 / -20.0%
% of List Price
No Sales
Sept 2021 (YoY)
110.7% / No Sales
August 2022 (MoM)
93.4% / No Sales
Balsam Lake cottages for sale saw only one new listing, which didn’t help sales for the month. We had no waterfront sales to report giving us little data to run through. October will be a big month to see if sellers are wrapping up their cottage season before deciding to list.
Average Sales Price
No Sales
September 2021 – No Sales
August 2022 – No Sales
Cameron Lake Real Estate
New Listings
0
Sept 2021 (YoY)
1 / No Sales
August 2022 (MoM)
No Sales
Homes for Sale
3
Sept 2021 (YoY)
4 / -25%
August 2022 (MoM)
4 / -25%
Total Sales
0
Sept 2021 (YoY)
No Sales
August 2022 (MoM)
No Sales
Days on Market
No Sales
Sept 2021 (YoY)
No Sales
August 2022 (MoM)
No Sales
Months Supply
3.0
Sept 2021 (YoY)
2.4 / +25%
August 2022 (MoM)
4.0 / -25%
% of List Price
No Sales
Sept 2021 (YoY)
No Sales
August 2022 (MoM)
No Sales
Just like Balsam Lake, we saw no sales and no new cottages for sale on Cameron Lake Ontario. With no data to run through, we will keep an eye on any possible cottages coming up soon in the Fall market.
Average Sales Price
$1,006,000
September 2021 – $988,500 / +1.8%
August 2022 – $742,980 / +35.4%
Sturgeon Lake Real Estate
New Listings
3
Sept 2021 (YoY)
8 / -62.5%
August 2022 (MoM)
8 / -62.5%
Homes for Sale
21
Sept 2021 (YoY)
9 / +133.3%
August 2022 (MoM)
30 / -30.0%
Total Sales
5
Sept 2021 (YoY)
4 / +25.0%
August 2022 (MoM)
5 / 0%
Days on Market
51
Sept 2021 (YoY)
10 / +410.0%
August 2022 (MoM)
30 / +70.0%
Months Supply
3.6
Sept 2021 (YoY)
1.4 / +157.1%
August 2022 (MoM)
5.3 / -32.1%
% of List Price
92.5%
Sept 2021 (YoY)
106.9% / -13.5%
August 2022 (MoM)
96.9% / -4.5%
Sturgeon Lake waterfront cottages for sale is still the busiest of the big three lakes in September, posting 5 sales, 3 new listings and a total of 21 cottages for sale. With the largest supply of the lakes at 3.6 months, buyers have been able to offer below list on average and win on deals. This is the lake to continue to keep tabs on in the Fall/Winter if supply continues to rise. As it rises, we may see an even lower percentage of list price of 92.5%.
Average Sales Price
$692,000
September 2021 – $745,065 / -7.1%
August 2022 – $540,000 / +28.1%
Burnt River Real Estate
New Listings
5
Sept 2021 (YoY)
2 / +150.0%
August 2022 (MoM)
3 / +66.7%
Homes for Sale
8
Sept 2021 (YoY)
3 / +166.7%
August 2022 (MoM)
9 / -11.1%
Total Sales
2
Sept 2021 (YoY)
2 / 0%
August 2022 (MoM)
1 / +100%
Days on Market
53
Sept 2021 (YoY)
22 / +140.9%
August 2022 (MoM)
54 / -1.9%
Months Supply
5.5
Sept 2021 (YoY)
1.1 / +400%
August 2022 (MoM)
6.2 / -11.3%
% of List Price
92.9%
Sept 2021 (YoY)
126.2% / -26.4%
August 2022 (MoM)
90% / +3.2%
Houses for sale on Burnt River Ontario saw a decrease in average sales price compared to September 2021. We saw a little more activity with 5 new listings and 2 sales. Supply and days on market continue to increase and sellers are only receiving 92.9% of list price on average. This is another area to keep an eye on as cottage season wraps up.
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.
