Scott's Thoughts: Real Estate Blog

Late in 2015, I introduced a business Facebook Page.

Many of the posts that would have ended up in this blog will be posted now on Facebook. Same information, just hopefully more accessible.

https://www.facebook.com/realestateonmanitoulin

In the following table are statistics for real estate sales on the Manitoulin Island. (The categories are SFR - Single Family Residences, and WF – All Waterfront Properties.)

Note: These statistics are based on sales processed through the Sudbury Real Estate Board. In 2012, another local brokerage joined our board which increased reported sale numbers.  

Summary:

The unit sales did increase slightly in 2014 but I am not sure we can feel comfortable that our market has stabilized or continuing its recovery.

The link below to my Facebook page includes some graphs showing the drop in average sales price as well as a drop in waterfront unit sales.

https://www.facebook.com/realestateonmanitoulin

The Manitoulin Expositor has just reported that the lands previously owned by a Belgium family has been deemed  to have been purchased with "proceeds of crime". Select link for more details.

Select this link to test your knowledge as a buyer and/or a seller.

Our national real association is lobbying the federal government to consider indexing the Home Buyer's Plan with the Consumer Price Index in order to counter the effects of inflation. Select this link for more details.

The weather this year may not have been the best for many vactioners, but the water levels in our Great Lakes are benefiting. According the following source Lake Huron is at its highest level since 1998. (GLIN)

In the following table are statistics for real estate sales on the Manitoulin Island. (The categories are SFR - Single Family Residences, and WF – All Waterfront Properties.)

Note: These statistics are based on sales processed through the Sudbury Real Estate Board. In 2012, another local brokerage joined our board which increased reported sale numbers.

Summary:

As shown above unit sales for SFR's are basically on par with the previous year. (Note that unit sales dropped in 2013).

The low demand for our waterfront properties so far this year is somewhat concerning since they typically make up a significant percentage of our sales.  

After many stories and claims, a cougar was finally caught on video sleeking through the woods in central Manitoulin Island early in July. Select link for more detials.

On January 15th I had posted that a developer was interested the Michael's Bay property. JM Pellerin has apparently reached a deal to purchase with the Belgian owners but the sale must be subject to the Belgian siezure order. See this link for more details about the resulting court date.

A recent article in the Manitoulin Expositor reports that there is a significant increase in the level of Lake Huron compared to this time last year. Although still below the average in recent history, it certainly is an improvement, select link for further details.

Year to date (YTD)  real estate sales on the Manitoulin are on par with 2013, but in speaking with my peers the amount of buyer inquiries and scheduled showings seems to be down.

Waterfront unit sales  is 10 which is the same as this time in 2013. Overall unit sales are also almost the same. 

Therefore with the delayed spring we will hopefully end the year improving on last years sales numbers.

As of May 30th CMHC will no longer offer government secured financing for purchases on second properties. With a signifiicant amount of our sales being for recreational or secondary properties, I believe it may have some impact on our sales. (Buyers also have the option to take equity out of their primary residence.) For more details about this and other announced changes, select this link.

After agressively purchasing a significant amount of Island real estate and in my opinion, still in the startup phase of the beef cattle operation, Glue Goose has announced that it is not viable business for them. More details in this Manitoulin Expositor article.  

Lake Manitou will be designated as "at capacity" in the new Official Plan (OP), which means that no development will be permited on this lake. An Offical Plan is to be reviewed and updated every 5 years, therefore there may be opporunity in the future to revise this designation. See full story.

In the following table are statistics for real estate sales on the Manitoulin Island. (The categories are SFR - Single Family Residences, and WF – All Waterfront Properties.)

Note: These statistics are based on sales processed through the Sudbury Real Estate Board. In 2012, another local brokerage joined our board which increased reported sale numbers. 

Summary:

The sales activity in 2012 lead us to believe we were on our way to recovery from 2008. However as the statistics above indicate this trend was not to continue. (A 22% reduction in sales in 2013 of SFR.)

Interest rates remained favourable, but buyer interest for all property types was lower in 2013.

There was a lower percentage of higher end properties selling as well. Sales of SFR over $250,000 was down over %30.

The Sales-to-Listings-Ratio on Manitoulin Island was the lowest of the 19 districts in the Sudbury Real Estate Board. Roughly 1 out 3 new listings sold in 2013.

Our closest large buyer market is Sudbury, and the reduction of  world metal prices in 2013 has, I am sure, negatively impacted Island real estate sales.

In this week's Manitoulin Expositor (November 13th) there is a letter to editor from the Lake Manitou Association with their scientific explanation of why they feel Lake Manitou is already "At-Capacity". Well worth the read.

The debate continues about the potentially future designation of Lake Manitou as a "at capacity" for development. This is the wish of the MNR, but not  so for some Island municipalities and the Planning Board . Select the following links for further details. Planning Board.  Assiginack.

In the following table are statistics for real estate sales on the Manitoulin Island. (The categories are SFR - Single Family Residences, and WF – All Waterfront Properties.)

Note: These statistics are based on sales processed through the Sudbury Real Estate Board. In 2012, another local brokerage joined our board which increased reported sale numbers.

Summary:

The 3rd quarter was stronger more than doubling sales of SFR and WF  year-to-date. This pattern is close to the our historical norm, but this year we experienced a slightly higher relative increase.

As shown in the table above however, our unit sales in each of these 2 categories are the lowest since 2009.

The good weather so far this fall might help our year end totals.

As stated in the previous quarter report, the minimal amount of inquiries is still concerning.

The Canadian Real Estate Association has prepared a Homebuyer's Road Map. This a great resource for buyers starting this journey, especially for the first time.

As the process is winding down for the implemenation for Manitoulin's new Official Plan, including recent public meetings, a couple of issues have been concerning citizens. One being the MNR wanting restrictions to be placed on sensitive lakes and rivers and for this to be dealt with in our official plan.  To better understand the impact of this and the development of private lands, see this article from the Manitoulin Expositor.

In the following table are statistics for real estate sales on the Manitoulin Island. (The categories are SFR - Single Family Residences, and WF – All Waterfront Properties.)

Note: These statistics are based on sales processed through the Sudbury Real Estate Board. In 2012, another local brokerage joined our board which increased reported sale numbers.

Summary:

As shown above unit sales for SFR's are down year-to-date. Note that even though the sales appear to be close to 2008 & 2011, we now have another brokerage contributing to the statistics. Therefore we actually could have had the slowest start in the last 5 years.

What is more concerning is the minimal amount of inquiries.

There is certainly time left in our selling season, therefore we will hopefully experience a recovery.

This is a link to one of the better maps for the Manitoulin. Manitoulin Map. 

In the following table are statistics for real estate sales on the Manitoulin Island. (The property category is Single Family Residences.)

Note: These statistics are based on listings & sales processed through the Sudbury Real Estate Board.

In 2012, another local brokerage joined our board.

As noted above, included in the 2012 sales are units sold by a brokerage that was not reporting to our real estate board previously. Therefore comparative analysis is difficult.

What is obvious is the increase in the average selling price. I believe this can be explained by the increase in the sales of higher end properties. Refer to the table below.