Condo buyers in Barrie continue to be cautious as we move through the summer months. Although interest rates have come down this year, many buyers still question what is in store for the real estate market in the short run and are watching the market closely.
Condominium sales in Barrie have been quiet for most of the third quarter so far. In July there were a total of 33 condos that sold in Barrie and only 11 in the first two weeks of August. Historically, real estate sales tend to decline during the summer months, as many buyers temporarily shift their focus to seasonal activities such as cottaging, camping, festivals, concerts, and travel. So it does not come as a surprise that sales were down.
In July, there were 22 condominium apartments that sold in Barrie with an average sale price of $518,477, which was a 12% decrease year-over-year for the month. Although units were selling relatively close to the seller’s asking price, the average days on market to sell these units was 48 days and some sellers had to go through multiple price adjustments before achieving a successful sale.
The condo townhouse market was also down 12% year-over-year for the month of July. Last month there were only 11 units that sold and the average sale price that was recorded was $451,836. This was the first time that the average sale price was below $500,000 since April of this year, which shows that prices in this sector of the market increased over the spring months but have since come back down during the summer slowdown.
Many professionals expect the real estate market to pick up this fall with rising prices, but I have a somewhat different perspective.
There is currently 8 months of condo inventory on the market in Barrie and units are taking; on average, a month and a half to sell, after any price reductions. That means, if no other condominiums were to come available for sale, it would take 8 months for the current inventory to sell; WOW!
Before prices start to rise, this is what is likely to occur first:
- The current inventory needs to start selling. This will require demand to go up.
- The average days on market needs to come down. This means that properties need to start selling faster.
- Price adjustments by sellers should become less frequent, as supply and demand move closer to equilibrium.
Not only does Barrie have quite a large surplus of properties listed for sale at the moment, but there will likely be an increase in inventory next month. Many sellers aim to capitalize on the 'fall boom’, which is often considered the second-best time of year to sell real estate - after spring. So, a decent number of new listings may hit the market in September, further contributing to the existing pool of condos for sale.
Also, if the prime lending rate remains unchanged at the next announcement from the Bank of Canada on Wednesday, September 17th, 2025, there could be a boost in buyer confidence which could then lead to a rise in property sales, but this does not mean that prices will start to increase, just yet.
There are currently 277 condominiums for sale in Barrie; 190 condo apartments, 81 condo townhouses and 6 lifelease units.
*All stats are based on listings sold with the Toronto Regional Real Estate Board
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