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CONDO REPORT: This year's market has been filled with peaks and valleys

Average sale price for a condo townhouse has reached a new record-high of $499,995 in Barrie
USED 2020-07-11 Barrie skyline 2
BarrieToday files

The Barrie condo market has experienced a more traditional real estate market with more distinct peaks and valleys this year than in 2020.

After what was Barrie’s most competitive spring market in history, the Barrie condo market slowed quite a bit after Ontario moved into Stage 3 of the reopening of the economy in mid-July. Many restrictions were lifted causing demand for condo units to decrease.

In August, the average sale price for a condo apartment was $474,745, which was down eight per cent from July, and units were taking longer to sell. Demand was down as buyers were more focused on getting back to the ‘new norm’ and doing things they had not been able to do in months. With supply exceeding demand for the first time in months, some sellers had to adjust their expectations and reduce their list price in order to get an offer.

Although condo sales slowed down over August, it was short-lived. In the first two weeks of September the average sale price for a condo apartment increased by six per cent from August with units selling for 100 per cent of their original list price. Seasonal factors and the reopening of the economy have clearly had an impact on this part of the market this year.

As for the condo townhouse sector of the market, Barrie did not see the same traditional peaks and valleys as it experienced with condo apartments this year. Instead, it saw growth which was influenced by multiple offers on properties. From July to August the average sale price for a condo townhouse increased 13 per cent and again by another 2.5 per cent over the first two weeks of September. These increases have caused the average sale price for a condo townhouse to reach a new record-high of $499,995 in Barrie.

Historically, the best time to sell real estate is during the spring months as properties show their best and there is a larger buyer pool. Traditionally, a strong spring market is followed by a slow summer, but tends to pick back up again after the start of school in September. In this scenario, the second boom during the fall market is shorter than spring because people start to shift their focus to the holiday season come November. Then, as we push into the new year with the next spring market on the horizon, predictions to when the market will pick up again are strongly influenced by the intensity and duration of our Canadian winter.

There are currently 33 condominiums for sale in Barrie  22 condo apartments and 11 condo townhouses.

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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