With Barrie being a hot spot among GTA'ers, local real estate prices continue to rise as more people turn to Barrie for their next home.
Although the condominium market has not seen the same price increases as the freehold residential sector has, condo sellers continue to dominate the Barrie condo market.
When determining what type of market a certain geographic location is experiencing, you need to look at active listings and average monthly sales to figure out how many months of inventory is on the market. A seller’s market is when there are four months or less of inventory at a given time, a balanced market is when there are four to six months of inventory, and a buyer’s market is when there are six months or more of inventory for sale.
Looking at the condo inventory in Barrie, if no other condominium were to hit the market it would take 1.4 months to sell all the condos currently for sale. With inventory this low and demand as high as it is, no wonder Barrie sellers are seeing fast sales and many units with multiple bids.
In October, the average sale price for a condo apartment in Barrie was $463,525. This was a 10 per cent increase from September and a three per cent increase from the same time last year. Condo apartments are a hot commodity attracting mainly first-time buyers, downsizers and investors. As the housing market continues to soar, many buyers have had no choice but to enter condo ownership if they want to stay within their budget.
The condo townhouse market has been extremely strong this year as prices are still quite affordable; compared to the freehold market. Owners still have the use of a full house with a backyard and many have private driveways and garages. Last month, the average sale price increased five per cent month-over-month and 23 per cent from October 2019, to $387,204. This is the highest average sale price this sector of the market has ever seen.
Demand for real estate in Barrie continues to rise as many Torontonians are rethinking their lifestyle. Moving out of the big city is a consideration for many now that the majority of offices have changed to a remote working structure. Although the market tends to slow over the holidays, as long as supply remains low, expect housing prices in Barrie to continue to creep up over the winter.
There are currently 52 condominium units for sale in Barrie; 43 condo apartments and nine condo townhouses.
* All stats are based on listings sold with the Barrie & District Association of Realtors
