Barrie, ON Market Update – November 2016
Fierce competition in the Barrie housing market has led to an all-time low in overall supply.
Don’t worry though! There are still enough new listings in Barrie each month for buyers to take advantage of. As your trusted Barrie mortgage broker, it is part of my job to stay up to date on the local real estate market. I use this information to help get my clients the most competitive rates on their Barrie mortgage. I also like to help keep my clients well informed of the real estate market around them.
The number of residential property sales in October of 2016 rose 20.2 per cent over the same month in 2015 to a total of 481 homes sold. While the entire district surrounding Barrie has also increased in total units sold since last year, Barrie unit sales are staggeringly the highest on record for the month of October.
The year-to-date sales for Barrie and the surrounding area has reached 5,372 so far in 2016. This figure is shows a 15.6 per cent increase from the first ten months of 2015.
Residential property sales are not the only impressive numbers for October of 2016. The sale of all property types this year is roughly 25 per cent higher than the same month last year.
As mentioned before, there is no need to worry! While there is a high demand for homes in Barrie that has led to an increase in total sales, this high demand has also lead to an increase in new home construction. The sharp increase in housing starts is expected to continue throughout 2016 and even into 2017. So far in 2016, there have been foundations poured for 1,219 new homes. This is over double the amount of foundations poured for new homes from January to October in 2015.
Barrie has also seen an uptick in new residential listings. The number of listings has grown 11.2 per cent year-over-year for the month of October, reaching 646 in October of 2016.
Mortgage rates are predicted to rise slightly from now through 2018, due to changes in factors such as inflation, so if you are interested in purchasing a Barrie home, now is the time!
As your Barrie mortgage broker, I am happy to offer mortgage related advice or assist with any of your mortgage needs. Please feel free to contact me with any questions you may have!
Source: http://creastats.crea.ca/barr/
Source: https://www.cmhc-schl.gc.ca/odpub/esub/65712/65712_2016_B02.pdf?lang=en
