Market Minute: October 2024 Update

Real estate activity in our region remains below the expected pace, although we’ve observed a notable rise in inventory. This increase in supply has contributed to a steady trend of price adjustments across most areas. However, it’s important to note that these "improvements" don’t necessarily indicate prices are moving up or down; rather, they reflect the ongoing balancing act between sellers’ expectations and what buyers are willing to pay. Many homeowners continue to list their properties at higher prices, often based on past market conditions. Our role is to provide an informed, data-driven pricing strategy, offering the most up-to-date insights to support our recommendations. Ultimately, the market is a dynamic environment, where prices are determined by what both buyers and sellers are willing to agree upon. The Bank of Canada's October 23, 2024 rate announcement delivered a highly anticipated 50 basis point cut, reducing the overnight lending rate to 3.75%. While this is good news for those with variable-rate mortgages, for those looking at renewals or new mortgages, most lenders had already factored in this reduction. The Bank has also hinted at further rate cuts to support the sluggish Canadian economy, with many economists projecting the rate could fall to 2.75% by spring 2025. So, what does this mean for our local market? We’re likely to see continued stability with a slight increase in activity. However, I expect some downward pressure on prices as buyers take advantage of the growing inventory and time on their side. It’s still a good time to sell, but sellers should remain patient and realistic about market conditions, as pricing strategically will be key to securing the right buyer. If you are considering selling don’t hesitate to invite me and my team to come give a complimentary and comprehensive home valuation. 

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Small Town Living with a Big City Food Scene

One of the biggest misconceptions about moving from the city to a more rural area is the belief that fewer people equate to fewer options—whether for shopping, entertainment, the arts, or dining. While a big city like Toronto may offer a vast array of restaurants, it doesn’t guarantee that the majority are exceptional. Southern Georgian Bay, on the other hand, proves that quality can outweigh quantity, offering an impressive selection of top-tier culinary experiences that rival any urban hotspot. Despite the challenges the restaurant industry has faced, particularly during the pandemic, Southern Georgian Bay has become a food lover's paradise, delivering high-quality dining experiences that showcase local talent and ingredients. From intimate tasting menus to cozy taverns, the region continues to defy expectations with its culinary excellence. Markdale, ON – Down Home RestaurantOne of the most extraordinary dining experiences in Southern Georgian Bay can be found at Down Home Restaurant in Markdale. Formerly Sumac and Salt, this establishment is the brainchild of husband-and-wife team Joel Gray and Hannah Harradine. Nestled on their country property, Down Home offers a seasonal, multi-course tasting menu that celebrates the rich agricultural bounty of Grey County. In the warmer months, guests are welcomed to dine outdoors, beginning their experience in the garden. The menu is a surprise, evolving with the seasons, and guests can expect to be fully immersed in the experience for at least three hours, making it a truly memorable outing.  Visit www.downhomerestaurant.com to make a reservation   Creemore, ON – The PineRelocated from Collingwood, The Pine now calls Creemore home and continues to push the boundaries of culinary creativity. Chef Jeremy Austin and his wife Cassie have crafted an immersive tasting menu that draws on the surrounding landscapes for inspiration, using local ingredients to tell stories that transport diners far beyond the immediate locale. Recently named one of Canada’s top 100 restaurants, The Pine's reputation as a culinary destination is well-established, and it has earned a place in the Michelin dining guide alongside Down Home. This is a must-visit for food enthusiasts looking for innovative and elegant cuisine. Visit www.thepinecreemore.ca to make a reservation.   Flesherton, ON – The GateNew to the Southern Georgian Bay food scene, The Gate is helmed by acclaimed Chef Jonathan Gushue (formerly of Langdon Hall and Fogo Island) and his partner, Jennifer Bélanger. This restaurant blends modern European cuisine with seasonal, local ingredients. The setting is cozy and casual, with a limited-space kitchen counter that allows diners to watch the culinary magic unfold. The dining room, with its historic brick walls and natural lighting, creates an inviting ambiance, and the curated wine list enhances the overall experience. The Gate’s relaxed yet refined approach makes it a standout in Flesherton. Visit www.thegategreyhighlands.ca to make a reservation.   Kimberley, ON – Hearts TavernIn Kimberley, Hearts Tavern combines the charm of rustic countryside dining with sophisticated culinary craftsmanship. Housed in a historic red brick farmhouse, Hearts Tavern offers a French and Italian-inspired menu that focuses on locally sourced ingredients. Signature dishes like steak tartare and applewood-smoked heritage chicken showcase the flavors of Grey County. With its chef’s garden and scenic views of the Niagara Escarpment, this two-acre property offers a perfect retreat for diners seeking both tranquility and top-notch food. Owned by Teo Paul, Hearts Tavern blends old-world charm with modern culinary finesse. Visit www.heartsgreycounty.ca to make a reservation.   Collingwood, ON – Tremont CaféTremont Café, located in the heart of Collingwood, is known for its fine dining with a Mediterranean flair. Set within a historic building that also houses the Tremont Studios, the café offers a warm and elegant atmosphere that is ideal for both casual and celebratory occasions. With dishes like steak tartare, halibut, and a variety of vegetarian options, Tremont Café prides itself on fresh, high-quality ingredients and artistic presentation. Signature items like duck confit and Wagyu striploin ensure a memorable dining experience, where impeccable service and a cozy environment are always part of the package. Visit www.thetremontcafe.com to make a reservation. Southern Georgian Bay might not have the sheer number of restaurants found in larger cities, but what it offers is an extraordinary culinary scene that thrives on creativity, quality, and local pride. From intimate, farm-to-table experiences to elegant, world-class cuisine, these small towns deliver big flavors that satisfy even the most discerning palates. 

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