It was announced this month that Barrie’s housing market made history; where the average price for a residential house surpassed $400,000!!
“Home sales continue to trend near record levels, limited only by a lack of inventory,” said Mike Douglas, President of the Barrie and District Association of REALTORS®. “With supply struggling to keep pace with demand, prices are posting double-digit year-over-year gains.”
The average price for all homes sold via the Association’s MLS® System in February 2016 was $410,538, up 18.2 per cent from February 2015. This was the first time on record that the average home price in the region has surpassed the $400,000 mark.
What does this mean for Barrie’s Condo Market?
As residential housing prices continue to rise people will be turning to condos, as they are the next affordable option.
I was hosting an open house at my listing on Bell Farm Road a couple weeks ago and there was a wide range of buyers that came through; including young families! Many are finding it challenging to buy a house in Barrie right now and have opened their search to 2-3 bedroom condos. One of the families that came through mentioned that their lives are so busy with work and the little one, if they were to purchase a condo it would mean more family time rather than doing household maintenance over the weekends.
Toronto experienced the exact same market transition back in 2004; when I first started building my real estate practice. It is interesting to see Barrie starting to go through the same and that people are beginning to understand the positives to condo living.
If you have any questions about Barrie's condo market or would like to have a FREE CONDO EVALUATION done, please reach out!
THIS LAMB SELLS CONDOS!!!
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