Home prices in the City of Barrie are skyrocketing.
Fueled by many factors including people working from home who want larger spaces and better affordability, supply and demand issues and low interest rates, home prices have skyrocketed. Real estate agents are reporting multiple offer situations on most properties offered for sale.
According to the Barrie and District Association of Realtors, in February 2021, 345 units were sold in Barrie which was up 50% from the previous month. The county of Simcoe sold 490 units, up 24.7%.
The number of detached homes sold in Barrie was 64.1% of sales or 233 properties.
Condos in Barrie sold 46 units, an increase of 4.5%.
Average Sale prices
Home prices in the City of Barrie have increased by 36.6% to $709,987. Simcoe County saw price increases of 42.3% to $769,557. The average sale price for detached homes was $788,699, up 34.2%.
The average sale price for condo in the city of Barrie was up 18.9% to $465,292.
Simcoe County Year to date for 2021
Simcoe County in 2021 sold 29.5% or 1,304 units. The average price increased 41.9% to $743,238.
These statistics are certainly different than what was predicted in the early days of the pandemic. Many buyers are fearful of not finding a home that a) they can afford and b) that they will win in a bidding war. This type of market is great for sellers who aren’t planning on buying, or if they are, they are buying in a lower price range. However, this isn’t great for those who want to buy another house. They are finding it hard to make that purchase and may have to spend more than they would have only a few short months ago.
There is much debate over whether the government should step in and make overtures around slowing it down. Mortgage rule tightening or interest rate increases have been discussed. There is another school of thought suggesting that without this housing activity, our economy would be in a further slump than it already is and we should leave it for now. I couldn’t hazard a guess as to who is right.
We are all hoping for the end of the pandemic where we can begin to heal as a country and begin the charge toward a better future. Optimistically, with some effort it looks like there will be a bright future socially, politically and economically.
Statistics provided by the Barrie and District Association of Realtors. https://1l.ink/58K88F5