- GROWTH CONTINUES
Solid demand, a reasonable listing inventory, and stable housing values bolstered residential homes sales through the course of the past year, as the real estate industry completed the 12th Consecutive Year of Market Appreciation. For Barrie and the Surrounding Municipalities, New home construction and upgrading of the necessary infrastructure has continued in all directions. As available residential land within the city of Barrie, continues to diminish, infilling of single lots is now a well established practice with both small and (not so small) builders, and major residential development by Barrie based builders is well underway in the adjoing Town of Innisfil.
- DECEMBER 31ST, 2007 MARKET RESULTS
The number of residential properties sold during the year increased by about 14.60% over the prior year 2006, to 4,999 units, while average prices also increased by about 6.1% to $259,000. More than 53% of the total sales volume in the market occurred in the range from $200,000 to $300,000, with the balance spread over price points on either side of this range. With average prices at least $175,000 below comparable metro Toronto values, multiple offers are an exception and buyers from the Toronto area will find a refreshing negotiating environment where reasonable offers are entertained by Sellers, and local REALTORS work around the clock to bring the Agreement together.
- FORWARD PREDICTIONS FOR THE BARRIE AREA REAL ESTATE MARKET
As we move into the first quarter fo 2008, the continuing short supply of serviced land, plus building material cost increases will continue to put upward price pressure on new home construction. This will in turn, create demand and upward pressure on asking prices in the re-sale market. Recreational and Specialty Properties will continue to be in demand, since they have a limited supply. The introduction of the GO Service to Barrie, the general affordability of the Barrie area, and the imposition of a double land transfer tax system in the Greater Toronto Market will fuel unit growth with volume increasing by about ten percent over the course of the year. Barrie has been designated by the Province of Ontario as a Growth Centre, and Buyers coming to the area can still expect to find a wide range of housing options at affordable prices with an average Barrie Area price range which is at least $175,000 less than the Greater Toronto Area Prices. This will continue to escalate at a rate of five to six Percent over the next twelve months, and mortgage rates will most likely continue at their historically low rates, dipping by about a half of a percentage point through the first half of 2008.
For further detailed information, click on Market Statistics on the menu on our web site: www.BarrieHomeSearch.com .
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