What is happening in the Simcoe County condo market?
Prices have jumped tremendously due to the increase of demand in this region. With more people working from home, many have decided to move out of the Greater Toronto Area and venture north. Not only are properties larger and more affordable, but there are endless outdoor activities that residents embrace all year round, like swimming, boating, hiking, skiing and snowmobiling to name some, making the Simcoe County area attractive.
Despite being in a world pandemic, Simcoe County saw real estate growth in 2020.
Barrie Condominium Statistics:
In 2019, there were a total of 422 condominiums that sold, with an average sale price of $364,826. These units took an average of 63 days to sell.
In 2020, there were a total of 459 condominiums that sold, with an average sale price of $403,226. These units took an average of 41 days to sell.
Not only were there more units sold in 2020 compared to 2019, but it took less time for units to sell. The increased demand caused the average sale price to increase 10.5 per cent in Barrie.
Simcoe County Condominium Statistics, not including Barrie:
In 2019, there were a total of 462 condominiums that sold, with an average sale price of $426,966. These units took an average of 51 days to sell.
In 2020, there were a total of 566 condominiums that sold, with an average sale price of $464,738. These units took an average of 43 days to sell.
Not only were there more units sold in 2020 compared to 2019, but it took less time for units to sell. The increased demand caused the average sale price to increase nine per cent in Simcoe County; not including Barrie.
Some helpful tips on viewings
Real estate services are an essential service so agents are still allowed to assist buyers and sellers in the market, but are required to follow the direction of health officials, respect COVID-19 rules that condominiums have in place and follow the unit owner’s wishes when in their space.
Before booking any appointments, Realtors are required to screen all potential buyers by asking them a series of COVID-19 related questions and sign a consent form before any appointments are confirmed.
It is necessary to wear a mask indoors; including any underground parking, and apply hand sanitizer when provided by the building or unit owner. I would even recommend keeping your mask on when in covered parking as well.
Some realtors and offices are implementing their own rules which include: refusing multiple showings at the same time, restricting appointments to 30 minutes rather than a full hour and allowing only two people through the property with their agent and no kids. This is to help keep traffic in buildings to a minimum.
Although the industry was allowed to resume open houses during the summer/fall months, it was unusual to see any being held. Now that Ontario is back in lockdown, open houses are once again banned across all real estate boards until further notice.