With the astronomical sales figures and prices that have been observed in the country’s biggest real estate markets, it should come as no surprise that outlying centres near to these major hubs are also starting to see record breaking growth. The Barrie real estate market has certainly enjoyed the overflow from the hot Toronto market, and the closing figures of 2016 made this abundantly clear.
An important distinction needs to be made between the Barrie area and Barrie itself, however. It is only when all outlying properties are included in these calculations that the record breaking year comes into focus. For example, in the city proper, home sales declined by 15.4% in December of 2016 compared to 2015. However, the 7.3% increase in the surrounding area helped to offset this drop in the city. Overall, the year of 2016 saw home sales in Barrie and the surrounding districts increase 15% compared to the year before, totalling 6,032 sales for the year.
Listings Continuing Declining Pattern
As the demand for properties in cities within a short drive of Toronto intensifies, the number of available listings has been continually shrinking. Barrie is a perfect example of this trend. 2017 started with a historic low number of properties for sale, with only 84 active listings in the city of Barrie at the start of the year. This is indicative of a fiercely competitive market where any promising properties are likely to be snapped up extremely quickly.
Prices Not at Toronto Highs, but Climbing in a Similar Fashion
These skyrocketing prices are being observed both in the city of Barrie itself and in the surrounding area. Comparing the average sale prices for the year of 2016 to those of 2015, some very large price differentials emerge. For the city of Barrie itself, the average price at the end of the year was $413,177, a 19.2% increase from the year before. Similarly, the price increase on a year-over-year basis that includes the entire district was 17.6%, with a new average home price of $438,828.
Although prices in Barrie aren’t reaching the highs of its larger neighbor to the south, the trend of increasing demand, shrinking listings and rising prices can be seen in both cities. The market in Barrie is such that at the moment, buyers need to look hard and strike fast when they find the property they want, as they are likely to not be the only ones looking at a given property.
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