, regions in Ontario’s cottage country saw a jump in new listings in May, giving buyers more choices and more leverage as the market continued to approach a place of balance.
As well, prices edged upwards in May, with the average selling price up 4.7% year over year to $1,120,144. Meanwhile, the median lifted 5.5% to $810,000. Total dollar volume came in at $249,792,208. Months of inventory, however, rallied on a year-to-date basis for the second-straight May, rising to 4.3.
Gains were also recorded with respect to waterfront property prices — average sales price came in at $1,552,351, up 3.7% from the prior May, while median price edged up 15.8% to $1,100,000 — and those gains were reflected in the monthly trajectory as well.Dollar volume was down slightly in May in the waterfront segment, with that metric ending up at $164,553,458.
While year-to-date sales of waterfront properties, at 246, clocked in at a decrease last month, the number of active listings was encouraging, coming in at 290, up 85% over the same year-to-date period at the end of May 2022. Year-to-date new waterfront listings also saw a gain, ticking up 14.9% year over year to 777.“With almost six months of available inventory, buyers finally have more choice as new listings are up year over year by 14.9% and active listings are up 85%,” he says.
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