As I have indicated in my regular monthly Real Estate Market Reports, luxury homes and condominium sales which are those properties priced over $1 million across the Southern Georgian Bay area continue to play a key role in driving MLS® dollar volume during 2021.  While MLS® unit sales in some market segments have been weaker this year than in 2020, property sales for those homes and condominiums priced above $1 million have more than made up any shortfall in real estate dollar sales across our market area.

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 to the end of the 3rd Qtr of 2021 total 477 properties compared to 240 in the first nine months of 2020 an increase of 99%.  Clearly the COVID 19 pandemic has not impacted this segment of the local market in any negative manner.  Many Buyers for these properties are from the Greater Toronto Area (GTA) where they have been able to sell their principal residence for top dollar during the robust market conditions we have experienced through 2020 and 2021.  Others may be simply cash Buyers looking to invest in a second property for weekend or potential retirement use.

The value of these sales in 2021 is $746 million up by $387 million or 107% from $358 million in the same period in 2020.  As with the market in general, luxury home sales decreased significantly in the first half of 2020 when the COVID 19 pandemic arrived.  This partially explains the large gain in sales we are seeing in 2021 as the overall market in the first half of 2020 came to a virtual standstill due to the pandemic.

Year-to-date sales in the various luxury property price segments to the end of the 3rd Quarter are as follows:

  • Sales priced $1 to $1.499 million up 98% to 299 units.
  • Sales between $1.5 to $1.999 million up 92% to 98 units.
  • Sales between $2 to $2.499 Million up 74 % to 33 units.
  • Sales between $2.5 to $2.999 Million up 338% to 30 sales.
  • Sales over $3 Million of 17 properties is an increase of 183% from 2020 when just 6 sales were reported in the same period.

As of this report there are 117 properties listed for sale over $1 million on the MLS® System of the Southern Georgian Bay Association of REALTORS®.  Overall this inventory of 117 properties is about 25% of a full year’s sales based at the current rate of sales.

Based on the current rate of sales for the first 9 months of 2021, days of inventory which is essentially the potential length of time it will take to sell a home is as follows in the various price segments:

  • $1.0 to $1.499 million      30 days
  • $1.5 to $1,999 million      99 days
  • $2.0 to $2.499 million    138 days
  • $2.5 to $2.999 million      90 days
  • $3.0 million +                 300 days


As we begin the 4th Quarter, it is abundantly clear that the overall real estate market has slowed.  Sales activity has decreased.  The overall MLS® sale-to-list-price ratio which is the percentage a property sells for in relation to the list price has been diminishing monthly.  In terms of luxury real estate, inventory levels for properties in the $1.5 to $3 million and higher price segments have increased.  As a result, I suspect days-on-market (the time it takes to sell) these properties will increase as well.  What impact this has on pricing remains to be seen but accurately pricing a property is key at any time and even more so when the market is softening.

The Blue Mountains remains the key location of choice for luxury home Buyers with 33% of the overall market for sales over $1 million but this has been shrinking.  Collingwood, the Municipality of Meaford and elsewhere are all areas where there is an increased demand for luxury, well appointed homes.

Based on total 2021 MLS® sales though the end of September, the Municipality of Meaford has the highest “median” sale price for luxury properties sold at $1.617 million followed by the Blue Mountains & Clearview Township at $1.610 and $1.550 million respectively.  Median prices can shift monthly from one municipality to another based on market activity alone.  Generally the Blue Mountains will often have the highest median sale price as this is the location where the bulk of sales over $1 million are.  They are close to the area’s private ski and golf clubs and as such luxury home Buyers prefer this location above all others as a matter of convenience.  The Blue Mountains, Meaford and Collingwood also are the prime location for many of the more expensive water front properties in the area which also impacts desirability, property values and sale prices.

Luxury property prices vary greatly across our region based on factors such as location, property/lot size, water frontage & more.  As both a Broker with over 20 years of experience and a Market Value Appraiser-Residential let my experience help you reach your luxury home, condominium selling or buying objective.  Contact Me to learn more: