“The housing market is becoming more balanced in comparision with earlier this year. In this changing market, it’s important you use your local, professional REALTOR® for your real estate needs.” -says Rob Alexander, 2017 President, Barrie & District Association of REALTORS® Inc. (BDAR)
*The Barrie and District Association of Realtors changed to a new data systems, therefore, statistics may be approximate.
City of Barrie
In the City of Barrie detached homes in August 2017 sold for an average selling price of $515,922 which is an increase of 14% over August 2016. With townhouses, link and semi-detached homes selling for an average of $380,862, meaning an average increase of 11% over August 2016.
Surprisingly, condo sales averaged a 5% increase over August 2016 with an average price of $330,942. This is a contrast to Toronto who reported a a 21% decrease in sales in the second quarter of 2017 of condo townhouses from 2016, and a 8.3% decrease in sales of condo apartments for the same time period. Please see http://creastats.crea.ca/treb/mls02_category.html
Detached residential properties sold for an average of $457,470 in August 2017, a decrease of 10% over August 2016.
The Innisfil real estate market showed detached residential properties in decreased by 3% to $529,229.
The average selling price for detached homes in Oro-Medonte was $717,906, an increase of 14% over August 2016.
This township showed a whopping increase of 30% to $774,716.
It appears that multiple offer situations and crazy bidding wars have come to a close, for the most part! This may be due to the new mortgage rules implemented by the federal and provincial governments in the Spring of this year. Most notably is the decrease in pricing and sales in Toronto most likely due to the new foreign buyer tax implemented by the provincial government. Oro and Springwater showed a nice increase over last year but will they slow down and become more balanced like the Barrie real estate market shortly?
The Federal government is currently in consultations with mortgage industry professionals to discuss how to best implement new proposed changes to mortgage rules. How will the effect Barrie and area real estate is important to see in the future.
These proposed changes could slow the market even more and make it difficult for not only home purchasers but also home owners who want to refinance their existing mortgages. It will be important to see how this plays out!
Information available at https://www.bdar.ca/public/Stats/August2017StatsMediaRelease.pdf