As predicted, the Barrie condominium market has followed a more traditional trend in 2021.
This happens when the real estate market starts off slow in January, starts to pick up mid-February or beginning of March, holds strong through the spring, takes a breather during the summer and then has a second boom during the fall.
In the first quarter of the year, there were a total of 153 condominium units sold in Barrie; compared to 117 units during the same time period in 2020. The average sale price was $469,513 and units took an average of 25 days to sell. This was an increase of 23% year-over-year for Q1.
In the second quarter of the year, there were a total of 170 condominium units sold in Barrie, compared to only 83 during the same time period in 2020. There were more than two times the number of condos sold this year than in 2020 because of the state of emergency declared due to the pandemic.
Last year, the economy went into lockdown at the beginning of the spring market and this year Barrie experienced one of the strongest real estate markets in history.
The two different extremes caused there to be a whopping 35 per cent increase in average sales price year-over-year for the second quarter. In 2021, the average sale price for a condo in Q2 was $513,284 and units took an average of 18 days to sell.
In the third quarter of the year, there were a total of 79 condominium units sold in Barrie, compared to 175 units during the same time period in 2020.
Last year, the spring boom was pushed into the summer as many buyers and sellers put their move on hold due to the uncertainty in the real estate market caused by the pandemic.
This year, Barrie experienced a more typical summer market — less units sold because people focused on summer activities.
The average sale price during the third quarter was $505,401 and units took an average of 25 days to sell. This was an increase of 22 per cent year-over-year for Q3.
Although the Barrie condo market has experienced some peaks and valleys over the last couple years, there is one thing that has been consistent — growth. Many people have moved out of the GTA, putting upward pressure on the local real estate prices.
As businesses have adapted by integrating remote working into their work structure, many Torontonians have been rethinking their lifestyle causing demand for real estate in Barrie to continue to rise.
Not only is Barrie situated right in the middle of the big city and cottage country but it is a four-season city. There are endless outdoor activities that Barrie residents embrace every year; swimming, boating, hiking, skiing and snowmobiling to name some, and properties are still quite affordable compared to other cities similar in size in Ontario.
In September, there were a total of 28 condo apartments sold in Barrie and 20 condo townhouses. The average sale price for a condo apartment was $536,700 and units took an average of 25 days to sell. The average days on market to sell a condo townhouse last month was 20 and the average sale price was $495,018.
Condominium sales have held strong throughout the fall. In the first two weeks of October there were a total of 20 condominiums sold in Barrie and all recording a sale price over $400,000.
Although the real estate market was surprisingly strong for most of 2020, this year was simply stronger. It has been very common for condominiums to sell over the original list price as demand from condo buyers has exceeded supply for most of 2021. Because condos are one of the most affordable housing options in Barrie, it is likely for multiple offers to continue throughout the winter months for this sector of the market.
There are currently a total of 26 condominiums for sale in Barrie, including 16 condo apartments and 10 condo townhouses.
