The year will finish up with about 400,000 home sales Canada wide (down 15%) and with overall home prices down 3% nationally with a further 2% drop anticipated before prices begin to rebound. In Barrie the impact on price has again been mainly in the over $27500 range with average detached home prices below that mark actually rising slightly over last year.

2009 Predictions
Looking forward to 2009 we should begin to see stability returning to our economy here in Canada while south of the border there are greater depths to climb back from that will take them longer and continue to be reflected in their real estate economy. Demand for homes locally is off though less than in many regions of the country, and certainly not by enough to produce further price drops of any real significance through out the next year, particularly in the first time home buyer price range. CMHC does predict that buyers will continue to have the balance of the negotiating strength tipped in their favor for at least the next year.

Anyone selling in 2009 should find some comfort in knowing that even with the present economic uncertainty, their property is still likely to sell at a higher price than it would have at any other point in the past 15 years. As for what 2009 means for buyers, you have the negotiating strength and there will continue to be increased inventory to select from as in 2008. The number of good purchasing opportunities is high and betting on the likelihood of bargains similar to stories of buyers grabbing homes in parts of the States for half price is a long shot at best, now or at any time in the future here in Barrie. Barrie will remain one of the Provinces targeted municipalities for growth over the next twenty years.

There is allot of trepidation amongst potential home buyers, uncertain as to if and when to buy and for them I offer this advice; When it becomes clear to the masses that the market is on the rebound there will be a sudden flood of buyers who have been holding back. The ensuing frenzy will quickly shift the negotiating strength back to the seller when that happens. The main thing to consider if buying is in your plans; There wont be a better opportunity within the next five years to buy a home than what next year is going to offer.