If you’re looking to buy a home in Barrie, a Canadian real estate website has all the numbers and says that it is affordable for the average income family.
Zoocasa released an article to find whether home prices in each neighbourhood were aligned with incomes, the study sourced average sold prices for homes that changed hands between Jan. 1 and March 31, 2019, from the Barrie and District Association of Realtors.
The website then determined the minimum income required to qualify for a mortgage for the average home in each neighbourhood, assuming a 3.75% per cent interest rate, 20 per cent down payment, and 30-year amortization.
Barrie is made up of 11 neighbourhoods, of which 10 of those are deemed to be affordable by Zoocasa.
Last month, Barrie homes sold for an average of $494,488 and with the region’s median household income being $77,904, anyone at that number or lower is deemed to be able to afford a home in the area.
The only “unaffordable” neighbourhood was Innishore (southeast region), where the average home price is $604,510, making the needed income to be $86,1999.
Local realtor Shannon Murree told BarrieToday that homes in the south end would be more expensive as the demand is higher for convenience reasons for those who work south of the city.
“Buyers I work with are mostly looking in the south as opposed to north end of Barrie,” said Murree. “By moving north or the Oro area, it adds too much more time to their commute. Also, they prefer the box stores, lifestyle and walk paths, access to waterfront.”
The most affordable neighbourhood was the city centre, just north of the downtown area, which saw home prices at $393,179 and requiring the income to be $56,065.
The northeast, or Georgian College area, was the fifth highest on the list with a $469,727 home price and a $66,980 income.
Murree isn’t surprised that homes in that section would be what they are, as it leans towards investors more.
“Investors want the north mostly if they want student housing and the lesser prices are important for those doing second suite conversions,” said Murree. “Those buyers are different from the average home buyer.”
Murree does disagree with one part of the report and that is the opinion of the downtown growth. Zoocasa states “attracting more first-time buyers and young families to the area, which has in turn spurred the growth of boutiques, restaurants, music venues, and other lifestyle amenities, particularly along the Lakeshore.” Murree feels it is the other way around when it comes to the lakeshore’s growth.
“I don't quote agree with the article that the development in downtown is now coming because of the people,” said Murree. “That's always been part of the community improvement plan and if anything, it's the reverse in my opinion as we see the redevelopment.”