Throughout 2020 & 2021, luxury home & condominium sales, those priced over $1 million played a dominant role in driving MLS® sales volume across the Southern Georgian Bay region.  Even though overall MLS® unit sales in those years were lagging, MLS® dollar volume posted significant gains over the prior years driven to a large extent by high-end home and condominium sales.  As with the market overall and following a strong start in the first two months of the year, the high end property segment of the market weakened in 2022.

NOTE: Areas covered in this report are Clearview Township, Collingwood, Grey Highlands, Municipality of  Meaford, the Blue Mountains and Wasaga Beach.

MLS® sales of luxury properties at the end of 2022 totaled 525 properties, 106 units or 17% fewer than 631 sales reported in 2021 yet 47% more than the 358 MLS® sales repot in 2020 when the pandemic hit in the spring of that year.

These 525 sales totaled $831.3 million, $170.7 million, 17% less than $1.1 billion sold in 2021.  As shown in the chart below, most of this shortfall fell within the latter half of 2022 after the market started to slowdown in March.

To the end of 2022, MLS® sales in the various luxury property price segments were as follows:

  • Sales priced $1 to $1.499 million down 16% to 326 units.
  • Sales between $1.5 to $1.999 million down 16% to 106 units.
  • Sales between $2 to $2.499 million up 4% to 46 units.
  • Sales between $2.5 to $2.999 million down 53% to 19 units.
  • Sales over $3 Million up 12% to 28 units.

The chart below shows the 2022 versus 2021 sales in these various price segments all of which were down from the prior year.

As of January 25th 2022 there are 179 properties listed for sale over $1 million on the MLS® System of the Lakelands Association of REALTORS®.

NOTE: This includes Clearview Township, Collingwood, Grey Highlands, Municipality of Meaford, the Blue Mountains and Wasaga Beach.

As the market continued to contract, days-on-market (DOM), the time it takes to sell a home began to inch upwards.

Based on the rate of sales we saw through 2022, days of inventory are as follows in the various price segments:

  • $1.0 to $1.499 million      85 days
  • $1.5 to $1,999 million    155 days
  • $2.0 to $2.499 million    138 days
  • $2.5 to $2.999 million    140 days
  • $3.0 million +                 300 days

The Blue Mountains remains the key location of choice for luxury home and condominium Buyers with that municipality having over a 34% share of the overall market for sales over $1 million.  Many Buyers at the upper end of the market prefer homes that are located close to their private ski or golf clubs.  Homes in close proximity to these amenities not only attract more Buyers, they also tend to sell for higher prices.  Luxury home and condominium sales in Collingwood make up 26% of the market followed by the remaining four municipalities which collectively make up roughly 40% of the total market as shown in charts below.

Based on total MLS® sales in 2022, Grey Highlands has the highest “median” sale price for luxury properties sold at $1.659 million followed by the Clearview & the Blue Mountains at $1.617 & $1.608 million respectively.  Luxury homes in the Grey Highlands, Clearview Township and the Blue Mountains are often situated larger properties (acreages) which can command and generate a higher sale price.

Luxury property prices & days-on-market can vary greatly across our region based on factors such as the quality of finishes, location, property size, water access/frontage & more.  Contact Me to learn more or to discuss your luxury home sale or purchase.