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Orillia and Area home sales in 2012 not necessarily what you think...

I thought that I would devote this blog post to what happened in the Orillia Ontario and surrounding area single family residential market during the year 2012.  I decided to do this because I had a professional person state to me that we all know that real estate values are down and I did not necessarily agree. 

So, I started by going to The Canadian Real Estate Association’s site: http://crea.ca/content/national-average-price-map and found that national sales were down 0.8% or roughly $3000 per unit sold. This is looking at year-over-year sales from November 2012/November2011.  After that, I looked at the statistics from The Realtors’ Association of Ontario Lakelands (Orillia).  The average sale for a single family residential listing on the local board for 2012 was: $283,099 compared with $263,594 in 2011.  If you are thinking that the difference in sales skewed this number, the number of sales in 2012 was: 742 compared with 745 in 2011. So, local prices actually increased for 2012 compared with 2011 by roughly 7%.

The national average is greatly affected by large population bases such as Vancouver and Toronto and these markets alone can help sway the national average.  Just because the national average is down, it does not necessarily mean that real estate is down in every market and the above paragraph shows this.  When looking for a property, make sure you know the market that you are looking at or have someone advise you that knows the market.  If you just left it to the media, you might not realize that Orillia and area property values for single family listings were actually up by roughly $20,000 for sales in 2012 compared to 2011.

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