A lot of baby boomers have discovered a new hobby – shopping around for retirement communities that fit their future plans. So when N. Barry Lyon Consultants Limited undertook a major market study commissioned by Meaford Haven, they took into account the rural and urban areas of Meaford, as well as the Town of The Blue Mountains (Thornbury and surrounding area), Collingwood and Owen Sound.

The neighbouring municipalities acted as benchmarks, recognizing that those people searching for retirement communities would compare housing options, including pricing, sizing, location and level of amenities nearby.

At the time of the study, 25 projects, comprising 3,726 units were under application in the area.. Many of these consisted largely of traditional and bungalow townhomes, but only six included condominium apartment buildings. Meaford itself accounted for 45 percent of the total proposed units, a large amount compared to its current share of the market. Municipal planning staff suggest that the development community is discovering Meaford.

The twist is affordable housing. Many of the developments proposed, including a large one outside of urban Meaford, are aimed at an affluent market, including people looking for seasonal homes, with larger units and higher pricing. By contrast, Meaford Haven is looking at retirees and pre-retirees who are “right sizing”, and it plans to keep prices affordable.

As well, Meaford Haven is much further along in the development process than the other major proposed Meaford development, with Draft Plan of Subdivision approved.

More detailed findings from the market study:

• Across the study area, despite all being within a 25 minute driving distance, there is a tremendous range of unit pricing in the study area.
• Pricing ranges from $239,900 for a 985 sq. ft. for a bungalow townhome ($244 psf) at Gates of Kent in Meaford, by Reid’s Heritage Homes, or $239,900 for a 1,458 sq. ft. traditional townhome in the urban fringe of Collingwood at Tanglewood, by Sierra Group, to $699,900 for a 2,903 sq. ft. home ($241 psf) in The Blue Mountains at the Lora Bay master planned community, by Reid’s Heritage Homes.
• In recent years, there have been homes as high as $1.2 million for a 3,759 sq. ft. townhome ($319 psf); however, such higher priced housing appears to no longer be available, perhaps indicating a slight softening of the luxury home market.
• The majority of the vacant lot subdivisions, due to their location, exclusivity, and available lot sizes, have much higher land values than typical housing developments in the area. As a result, such subdivisions, once built upon, would constitute the high end of the price range in the study area. For example, The Birches of Georgian has serviced lots as high as $259,900, Peaks Bay in Camperdown has lots priced as high as $599,900, and Windrose Valley (actually located in Clearview Township directly abutting the Craigleith area) has five completed model homes on lots priced as high as $2.25 million.
• All of the above indicates that many potential buyers, including younger and older seniors, looking to purchase in the area will be priced out of The Blue Mountains.
• On an overall basis, the less expensive homes in the study area are located in Meaford and Collingwood.
• Typical entry-level pricing for new housing in Meaford is roughly $75,000 lower than projects in Collingwood and $220,000 lower than projects in The Blue Mountains.
• By housing form, pricing and sizing is as follows:
• Detached homes in the study area range from $259,000 at Golfview Estates, to $699,900 for
  a 2,903 sq. ft. unit ($241 psf) in Lora Bay.
• Interestingly, some of the most expensive housing units in the study area are townhomes –
  bungalows or traditional two to three storey units. Townhomes in the study area range from $239,900 for a 985 sq. ft. unit ($244 psf) in Meaford, to $579,900 for a 3,318 sq. ft. unit ($175 psf) in Thornbury.
• Semi-detached units, of which there are four developments in the study area, range from $259,990 for a 1,040 sq. ft. unit ($250 psf) in Collingwood’s new urban area, to $599,900 for a 2,343 sq. ft. unit ($241 psf) in Craigleith.

More from the study next time.