Condominiums have and continue to be a significant segment in the local real estate market and 2010 was no exception. Many first-time recreational buyers in the area start with a modest 2 or 3 bedroom condo purchase then subsequently move up to a second property either in the form of a larger more upscale condominium or to a single family home/chalet. Case in point. In 2004 I sold a 3 bedroom 1,500+ square foot waterfront condo to a couple from Toronto. Four years later they traded up to a 3,800+ square foot home I procured for them that sold for over $1 million. While the monetary magnitude of their second purchase was higher than usual the pattern is not. Condo buyers often find they use their property much more than anticipated and quickly find they need something larger. Further, with an aging demographic many of whom are approaching retirement, the move from a modest condo to something larger for full-time retirement residency is a natural progression.
A total of 331 condo sales were reported through the MLS®system of the Georgian Triangle Real Estate Board in 2010, 6 sales more than in 2009. Condo sales in Collingwood actually dipped slightly from 202 in 2009 to 198 last year. Conversely, condo sales in the Blue Mountains increased from 103 sold in 2009 to 109 in 2010. MLS®condominium sales revenue totaled $75.8 million in 2010 up from $70.6 million in condo sales the prior year. None of the aforementioned statistics include the sale of new condominium units in developments such as The Shipyards and others. When the sales of new units are are added in, the Collingwood and area condo market can only be seen as being vibrant, offering those that prefer the maintenance-free lifestyle of condo living either as a full or part-time residence, plenty to choose from. For a complete re-cap of the condo market comparing 2009 and 2010 please see the winter 2011 of my Condo Communique´newsletter or Contact me for further information regarding specific developments.