In ‘Housing Now’ a Barrie housing market summary of 2013 released today by the Canadian Mortgage and Housing Corporation (CMHC), we are able to see how the real estate market ended in 2013 and what the market may look like this year.
In Barrie the population continues to grow, keeping housing demand and new home starts at healthy levels. New home starts have actually been climbing since 2009. In 2013 Barrie and the surrounding area was one of Ontario’s strongest regions for price growth with a prices up 6.1% from 2012.
Average prices, though still at higher levels than 2012 look to be trending down for 2014 (see Figure 2 from the CMHC).
At the end of 2013 the yearly average number of listings were at their lowest levels since 2006, so we remain in a Seller’s market into 2014. Conditions also look favorable for Buyers as interest rates remain low, making the cost of borrowing more affordable.
Employment Remains Steady, Earnings Rise
Employment in Barrie is dominated by small and medium sized businesses that make up about 70% of business in Barrie. These businesses typically employ 10 or less people.
Employment rates in the Barrie district ended 2013 at about the same levels they were at the beginning of year. Though employment remained steady, the average weekly earnings for Barrie and area have increased and are now on par with the Ontario average of about $900 per week. Average weekly earnings were highest in the Construction and Manufacturing sectors, while the Services sector continues to employ the largest amount of people, followed by Retail Trade and Manufacturing (See figure 4 from the CMHC)
New Homes & Construction
In the New Homes sector single detached homes continue to be the most popular, with starts of singles up 27% over the whole of 2013. New home prices also saw an increase in 2013, they were up 7.3% from 2012, but in line with the resale market, also look to be trending down:
· Barrie – Average $ for a new single detached in 2013 - $420,658 – up 11% from 2012
· Innisfil - Average $ for a new single detached in 2013 - $450,133 – up 2.2% from 2012
· Springwater - Average $ for a new single detached in 2013 - $659,441 – up 33.3% from 2012
The highest concentration of new home starts and sales were in Innisfil, which saw more starts than the city of Barrie in 2013. For the full CMHC publication click here.
With Barrie remaining in a Seller’s market, there has never been a better time to list your property for sale! So if you’ve been thinking about listing, now might be the right time for you! For a FREE, no obligation Comparative Market Analysis of your home fill out our Home Evaluation form here.
Please pass this article on to any family or friends who may find it useful, and as always please feel free to contact me for an evaluation of your home or with any Barrie real estate questions.
Thank you,
Peggy Hill
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