As predicted, the Barrie condo market has experienced a bump in prices over the past month due to the new mortgage rules that will be implemented January 1st. Buyers are rushing to lock down a home before their budget drops next month; some by nearly 20%.
There were 43 condo apartments sold in Barrie in November and units were taking 2 weeks less time to sell than they were in September and October. The average sale price for a condo apartment was $412,900; an increase of 21% from October and median increase of 9%.
This boost in the market will be short lived. Expect demand to decrease in January; especially for the high-end properties. People are going to hold off to see how these new rules are going to impact the GTA and Barrie markets.
The condo townhouse sector of the Barrie market didn’t see much of a change. Average price is was $291,083; a slight drop of $15,000 from last month, and properties were still taking just over a month to sell.
The first quarter will be quiet but I expect the Barrie condo market to be very healthy this spring. More out of town buyers will enter our market place as prices in Barrie will continue to be more affordable than the GTA and other city centres like Hamilton, Kitchener-Waterloo and Kingston. Condos are the most affordable property type available and with people’s budgets changing, they may not have a choice but to turn to the condo market if they want to own property. As buyer demand changes, prices will adjust accordingly.
There are currently 43 condo apartments for sale and 19 condo townhouses. If you own a condo and are curious of its value, please reach out so we can discuss the best selling strategy for achieving your goals.
*All stats are based on listings sold and recorded through the Barrie & District Association of Realtors
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