Southern Georgian Bay 2024 Review with Insights and Optimism for 2025

For readers of Escarpment Magazine, you may remember my past contributions. After stepping back in 2022, I’m thrilled to share this update—a fitting reflection on shifting market dynamics.

My last article in March 2022 predicted continued price appreciation. But by April, the market shifted dramatically. Rising inflation and interest rate hikes turned a strong seller’s market into a buyer’s market. The slowdown echoed patterns unseen since 2008. Now, as 2025 approaches, I see signs of another pivotal change.

Southern Georgian Bay Real Estate Trends

Looking back, key metrics from 2024 initially lagged behind 2023:

• Year-to-date dollar volume: Down over 5%.
• Sales-to-listing ratio: Down 11%.
• Average sale price: Down 1.5%.
• Days on market: Up 17%.

The Bank of Canada’s rate cuts didn’t immediately stir buyers, but optimism grew as Q4 unfolded:

• October 2024: Sales volume rose compared to 2023.
• November 2024: Dollar volume increased by 56%, unit sales by 18%, and average prices by 13%.

Higher-end properties saw notable growth. Sales of homes priced over $2M surged by 40% in just two months. Additionally, online buyer activity on the Royal LePage Locations North website has risen—often a precursor to market momentum.

Looking Ahead

While 2024 saw overall declines, the strong Q4 suggests a potential rebound. Interest rate stabilization and renewed buyer confidence could make 2025 a year of recovery and growth in Southern Georgian Bay real estate.

As I said in 2022: “Demand remains strong, and supply remains short.” For 2025, I’ll amend that to: “Demand will rise, absorbing supply and driving price appreciation.”

Here’s to a brighter year ahead!