Luxury Home Sales Significantly Up in the Georgian Triangle
Retirees, Empty Nesters Fuel Phenomenal Growth in the $500,000+ Range.
- (1888PressRelease) September 30, 2010 - Collingwood, ON - As Toronto realtors head into a fall market where smaller is better and affordable, energy- and space-efficient homes continue to top the homebuyer wish list, a phenomenon of a different sort is happening in the Georgian Triangle, a region that includes Clearview Township, Wasaga Beach, Collingwood, The Blue Mountains and Meaford.
"We've seen tremendous growth in the $500,000 plus category," says Andres Paara, president of the Georgian Triangle Real Estate Board (GTREB) and a broker with Lush Realty Inc. "The number of million-dollar deals has also more than doubled this year, increasing from 10 to 22 to date, and I think we're going to see that growth continue into the last quarter as well."
According to Paara, the high-end surge is due to a higher than normal demand for spacious retirement properties as people look to replace city dwellings and summer cottages with one, larger home that can accommodate a year-round, active lifestyle.
"The Georgian Triangle continues to be a vibrant market because we have all of the amenities and services of city living, coupled with a vast array of expanded recreational activities that includes hiking, biking and golfing in addition to the traditional water sports and skiing," he says. "This area continues to be a destination, recreational and lifestyle region that is well-suited to retirement."
Overall, the number of home sales in the Georgian Triangle is up by 12.1 percent year to date compared to 2009. Reflecting increased activity at the high end of the market, the average residential price of a home in the Georgian Triangle rose 12.8 percent.
After a brisk start due to pent up demand from the recession, 2010 has tapered off into what Paara calls a "balanced" market with summer activity slowing considerably compared to last summer. Part of the slowdown is attributed to the introduction of the Harmonized Sales Tax. As well, Paara is seeing fewer first-time buyers at the low-end of the market owing to recent changes in mortgage regulations and even the weather may have come into play.
"This was a fabulous summer and many people chose to enjoy it, putting off their search for a new home," says Paara.
Georgian Triangle Real Estate Board market summary results are compiled using data from the MLS® system. For a more complete view of 2010 activity versus 2009, contact Andres Paara, GTREB president, at 1-800-265-3949 or 705-444-7653.
Media Contact: Mark Wessel, Bullpen PR, 705-445-2733, mwessel ( @ ) bullpenpr dot com