The condominium market was off to a slow start this year, compared to the housing market, but with the freehold residential market being as competitive as it has been over the last month and a half, many buyers have had no choice but to turn to condominium ownership.
During the first quarter of 2021 there were 39 condo apartments that sold in the downtown and waterfront communities in Barrie. The total average sale price was $534,616 (median $490,000) with properties selling in an average of 61 days (median 35 days) for 100.5% of their original list price.
The best time for waterfront sellers to list their condominiums is during the second and third quarters of the year. This is when water views look their absolute best, the complex gardens are the most colourful and waterfront living shines, causing more buyers to be attracted to this sector of the market. With the increase in demand for condos; especially around Kempenfelt Bay, I do expect units to start selling faster and for prices to continue to rise in the downtown and waterfront condo buildings.
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*All stats are based on listings sold with the Barrie & District Association of Realtors.