Market Watch, April 2020
Collingwood/Southern Georgian Bay Market Report With Chris Kapches
Here are the April 2020 Real Estate Market stats for Collingwood and Southern Georgian Bay.
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By the end of April 2020 the COVID-19 global health pandemic had certainly taken its toll. Many businesses were forced to shut down which led to mass lay offs across the country and around the world. The Western Region of Southern Georgian Bay felt the same repercussions as many global real estate markets. Real estate work was deemed an essential service in Ontario, but not “business as usual”. Strict protocols restricting activity were implemented, open houses were cancelled, lenders became more cautious and the fear of contracting the virus discouraged many from listing and buying homes. So, it is not surprising that new listings plunged 54.5 % over last year, with 161 new listings reported at the end of April 2020 vs 354 in April 2019. Active listings were down 16.9 % over last April with 565 properties available vs 680 in April 2019. With less competition among buyers and also fewer properties for sale, sales activity declined 64.9 % with 66 sales reported in April vs 188 sales for the same period last year. Yet, despite the steep drop in activity, the average sale price for a residential home in April 2020 was a healthy $510,367, down only 5.8 % over last year. With the province currently holding to state of emergency protocols, but starting to reopen the economy slowly and cautiously, we will have to see what the future holds. In the meantime, real estate professionals have adapted well, using innovative and creative technology platforms to allow homeowners to showcase their homes virtually. Everyone has adjusted to our new normal! Hopefully, pent up demand fueled by urban dwellers looking to relocate where they can enjoy more open air and private space along with low interest rates should eventually result in a return of homebuyers to the market.