If you’re considering participating in the Barrie real estate market sometime soon, you’ll be happy to know that, despite a rather rocky year in 2017, the market is finally stabilizing into a solid environment for investment.
Barrie is a rapidly growing city that is quickly becoming the go-to destination for people looking to move outside of Toronto. Much of this has to do with the fact that Barrie is well connected, has all the amenities that people come to expect from a city, and is located near many provincial parks, lakes, and other recreational activities. Take a look at these upcoming trends and statistics for this coming 2018.
A Rocky Year
As mentioned, 2017 was not exactly smooth sailing for Barrie real estate. Increased demand due to immigration and new buyers arriving from the Greater Toronto Area shook up the market early that year.
• New listings became scarce, resulting in jacked-up prices that made entering the market difficult for new buyers.
• That year saw an average house price of $554,680, a 21% increase since 2016.
• Similar statistics were found in neighboring cities such as Essa, Innisfil, and Springwater.
Calming Down for the Year Ahead
However, new provincial rules caused prices to stabilize in the summer before finally falling slightly in the fall. While changes aren’t too dramatic, Barrie & District Real Estate Association President Geoff Halford describes the situation rather optimistically in this interview with CTV News:
• Barrie real estate is expected to return to what he describes as “a more balanced and traditional market” in 2018.
• Prices are stabilizing and now rising much more slowly than last year.
• The number of listings is going up, doubling January’s statistic to an inventory of around 1,200 at the end of May. This also constitutes an 80% rise from early last year.
• Homebuyers are becoming more confident upon re-entering the market; they can take their time and make conditional offers more often before buying.
Advice to Potential Barrie Real Estate Buyers
Do not wait. The average growth in housing price in Barrie was 5%. Because housing prices tend to rise when the market is doing well, it is advised to buy now before the price becomes unaffordable to you. Ride the wave up so to speak.
Another factor to consider is demographics.
• Relative to the rest of Canada, Barrie has an above-average population growth.
• Because the population rises without a change in the city’s surface area, this statistic implies the city will grow vertically in the years to come. Grab yourself a spot as the apartments and skyscrapers are built.
If you believe Barrie is the end of your search for affordable housing (and you should), get in touch with the Mark Leader team today. We have been providing real estate services to clients looking to buy and sell homes in and around the Barrie area for many years. If you have any questions at all, do not hesitate to contact us today.