Wednesday, January 21, 2009

2008 Condominium Market Summary

As was the case with the local real estate market overall, 2008 also saw a decline in resale condominium sales throughout the area. Annual condominium sales reported through the MLS® system of the Georgian Triangle Real Estate Board for 2008 totaled 265 units as compared to 345 condominium properties that were sold in 2007. This represents a decrease of 23%. The accompanying graph highlights the unit sales most of which take place in the municipalities of Collingwood and the Blue Mountains. Unit condo sales in Collingwood for 2008 were 162 versus 209 in 2007, a decrease of 22%. Town of the Blue Mountains recorded 78 condo sales in 2008 as compared to 84 in 2007, a decrease of 7%. Condominium sales in other area municipalities fell by 52% with just 25 sales in 2008 versus 52 in 2007.
For the most part, condominium prices have remained relatively stable with the only notable exception being in the Intrawest Village. Several Village" condos sold in 2008 were significantly below their listed prices and were also below their original prices when sold new. On a postive note, rental occupancy rates for Village properties have been increasing steadily, thus providing an ever-increasing revenue stream for their owners. Recent financial statements for a Village properety I personally have listed for sale show an occupancy rate of 65% up from 55% a year or so earlier. We suspect pricing for these properties have now stabilized and will continue to increase provided the financial returns to their owners continue to improve. It should be noted that the aforementioned sale results do not include the sales of new condominium properties by developers such as Intrawest and others.
For further information on the local condominium maket please see the latest edition of my Georgian Triangle Condo Communiqué newsletter.

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Rick relocated to Collingwood from Toronto in 1985 through a transfer with Goodyear Canada. In 1987 Rick was recruited by a major client of Goodyear’s, managing their Canadian business based in Barrie before moving to Chicago in 1992 as Vice President of Sales & Marketing. Upon returning to Canada in 1996, Rick ran an industrial products manufacturing company in Stratford, Ontario. In 1998 Rick returned to Collingwood with his two children. Rick is a licensed real estate Broker with Royal LePAGE Locations North in Collingwood and holds his MVA designation (Market Value Appraiser-Residential). He is an active volunteer in the community serving several years on the Board of Directors with the Collingwood Chamber of Commerce as Treasurer, 6 years on the Board of Directors for the Southern Georgian Bay Association of REALTORS® of which he is the Past President (2008) and currently serves on a committee with the Ontario Real Estate Association. Rick is a diverse executive manager with extensive experience in strategic planning, manufacturing, finance, human resources and quality assurance management.