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CONDO REPORT: Potential buyers taking time to weigh options

'Unfortunately, there has been little urgency from buyers to make a decision on their purchase,' says columnist
2021-06-24 Barrie condos RB 2
A condominium building along Barrie's Lakeshore Drive is shown in this file photo.

The Barrie real estate market continues to be active, though still on the slower side.

Sales have decreased compared to last spring, but appointments on listings have increased slightly over the past month and people are out visiting open houses on weekends.

Unfortunately, there has been little urgency from buyers to make a decision on their purchase. With inventory higher than normal this quarter, buyers have been taking the opportunity to view as many properties as possible to weigh their options.

Many buyers and investors are also waiting to see what happens with interest rates over the next few weeks.

The next announcement from the Bank of Canada is on June 5, and it is speculated the interest rate will come down.

In April, there were 27 condo apartments that sold in Barrie with an average sale price of $524,130. This was a 5.6 per cent decrease in the average sale price from April 2023 and a 16.5 per cent decrease since the peak of the market in April 2022.

Although the average sale price has remained quite level since the beginning of the year, the average days on market has started to slowly come down each month.

Last month, it took an average of 35 days to sell a condo apartment, which was down from 49 days in March. This was positive to see as a decrease in the average days on market is one of the first signs buyer interest has begun to increase.

Condo townhouses have been in higher demand among buyers over the past couple of months. This property type offers residents a full-range home with a backyard and a private driveway/garage, similar to a freehold townhouse, at an affordable price.

And although condo townhouses have a monthly maintenance fee, many purchasers are OK with paying these fees for the added conveniences. The monthly maintenance fees that go along with this type of ownership vary among complexes but typically include water, property management fees and the upkeep of the exterior of the dwelling as well as the grounds of the community.

In April, there were seven condo townhouses that sold in Barrie with an average sale price of $569,286, up 11 per cent month over month from March.

Just like the condo-apartment sector, the average days on market has slowly come down each month since the beginning of 2024. In January, it was 68 days, but last month it was down to 19 days.

Again, this shows interest from buyers has increased for this property type as well, and Barrie will probably continue to see this trend as we move through the first half of the year.

The properties that have been selling in this slower market are the ones that have unique and desirable features, as well as those that are move-in ready and show like a model home. With the increased inventory on the market, it is important for sellers to price their property competitively from the start. This will help your condo stand out among the crowd.

In May 2023, there were fewer than 100 condos for sale at a given time. Inventory now is almost double that.

There are currently 192 condominiums for sale in Barrie, including 144 condo apartments, 36 condo townhouses and 12 leasehold condos.

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Ashley Lamb

About the Author: Ashley Lamb

Ashley Lamb is a local condo expert who writes a monthly column about statistics and trends in the Barrie real estate market
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