Tipping the scales towards your home ownership
As someone who is directly involved with the Barrie mortgage and Barrie and area real estate industry, it is important that I consistently check in with where the industry is at both as a whole and regarding the Barrie region.
According to the Barrie & District Association of REALTORS Inc.’s prices in Barrie and district have been slightly slowing down as compared to the fast market of the last few months.
As per Rob Alexander, 2017 President, Barrie & District Association of REALTORS® Inc. (BDAR)“While prices continue to increase on a year‐by‐year level, there seems to be slight slowing to the fast and hot market we were seeing earlier this year. Your local Realtor can help you understand the changes in the market as you look to do your real estate transactions.”
A break down of how the prices fared in Barrie and area real estate in May 2017 according is as follows –
City of Barrie
Within the City of Barrie, detached residential properties posted an average selling price for the month of May 2017 of $566,077 an increase of 25% over May 2016.
Residential townhouse, link, and semi‐detached homes in the City of Barrie posted an average selling price of $408,622 in May 2017, a 28% increase over May 2016.
Condominium sales average for the City of Barrie for the month of May 2017 was $336,771, a 33% increase compared to May 2016.
In Essa Township, detached residential properties posted an average selling price of $532,155 in May 2017, an increase of 2% over May 2016.
Town of Innisfil
Detached residential properties in the Town of Innisfil posted an average selling price of $588,404 in May 2017, an increase of 19% over the month of May 2016.
The average selling price for detached residential properties in Oro‐Medonte in May 2017 was $767,560 an increase of 26% over May 2016.
Detached residential homes in Springwater Township posted an average selling price in May 2017 of $772,596 an increase of 33% over May 2016.
Interest rates are still at an all-time low making it still a great time to invest in a home in the Barrie area as prices are anticipated to continue to rise. Although there has been a bit of a slow down resulting in more properties on the market at any given time, you may still need to be prepared to act quickly. With the migration from high priced cities like Toronto and the GTA and demand outpacing supply, Barrie and area is still experiencing some multiple offer situations making it even more imperative that you contact a mortgage agent or mortgage broker before locating your next home or investment property.
The Barrie real estate market is one that is crowded and extremely competitive. If you’re looking at purchasing or selling a home in the region, it is highly recommended that you seek a mortgage agent in Barrie in order to help you navigate the process. Anne Martin is a mortgage agent in Barrie and has been helping her clients find their way through the Barrie mortgage and real estate markets for years with great success. If you’re looking for a mortgage in the Barrie area, get in touch with Anne today!