We’re officially in the spring season! The prospect of warmer weather comes as a relief, as most of us are likely sick of staying indoors and waiting out the cold. As we begin emerging from our homes, the Barrie spring real estate market will be kicking off as well. What should you expect as a buyer, seller, or homeowner this year? Here’s what we know so far!
What do prices look like?
The current housing price in Barrie, according to Zolo, is sitting around $733,000. This is the average across all property types in the city, including detached houses, condos, and townhomes. This price is a 1.4 per cent monthly drop, so we are currently looking at lower prices than at the very beginning of 2023. It is also a big yearly drop of 24.8 per cent! Home prices in Barrie have been decreasing in line with interest rate hikes over the past year.
We can break these prices down further by property type as well. A three bedroom detached house has an average selling price of $810,000. A three bedroom townhome is currently selling for around $644,000, and a two bedroom condo is near $584,000. This is quite a range in prices depending on property type, so it’s important to consider what kind of property you want to buy before investigating real estate prices.
How much supply do we have in Barrie?
Two years ago, supply was nonexistent here in Barrie. Even last year, we were still trying to get the market back on track after the chaos of low interest rates and record-high activity. Currently, our supply situation is in a bit more of a stable state. There have been 618 new listings in the past 28 days, and 130 homes sold. These are encouraging numbers for potential buyers who have been waiting for more supply and less demand before entering the market. The average home is spending 23 days on the market, and has a 98 per cent selling to listing price ratio. The market is moving more slowly than it has in recent years. Most buyers will likely find they have more time to think carefully and consider all their options before making an offer on a home.
How can buyers prepare?
If you’re thinking about buying in the Barrie spring market, you will have a couple of advantages. As we mentioned, more housing supply and less demand means a more relaxed market for you. Plus, lower housing prices will allow you to expand your options and make it easier to stay within budget. However, it will be important to take current interest rates into account as well. While rate hikes have finally leveled off, they are sitting at their highest point in years. They are also not going to decrease significantly again for the foreseeable future. Make sure you consider how today’s rates might affect your budget and monthly mortgage payments. If you aren’t sure what the current rates mean for you, reach out to your broker to discuss your options!
As always, we recommend you get pre-qualified before entering the market. This will help you understand what interest rates you may be dealing with, what you can potentially afford, and how you can prepare for your mortgage application.
What should sellers do?
What if you’re on the other side of the Barrie spring market, and you’re hoping to sell your home? Over the last couple of years, we have gotten used to sellers being able to put their home on the market one day, and have ten offers over asking coming in the next. These were unprecedented times, and although those days are over, that doesn’t mean you can’t have a successful sale. You will need to have a bit more patience and flexibility with timelines and prices, since supply is on the rise and demand isn’t skyrocketing. However, if you enlist the help of a real estate agent, odds are good you will come out of the housing sale feeling satisfied.
Is it a good time to refinance?
For current homeowners, does the Barrie spring market mean anything in particular? If you are content in your mortgage and don’t require any major changes, you are likely safe to stay put. However, if your mortgage terms do not work for you anymore, a refinance is always worth considering. Even though interest rates are on the higher side, refinancing is about more than securing the lowest rate. It is also about ensuring your mortgage product works for you! If you feel like you’ve outgrown your mortgage, or you need revised terms to get a better handle on your finances, you can get in touch with us. We can help you examine your options in today’s market to find a plan that works for you.
The Barrie spring market will likely have a more relaxed pace than in 2022 and 2021. However, spring time is often still a busy season in real estate! We’re expecting activity to pick up in comparison to the winter months, even if it won’t be as intense as in years past.
If you have any questions about your mortgage, get in touch with me!
*All data from Zolo