Chris Brennen, Sales Representative | TEL. (905) 936-3500 | CELL. (416) 458-7768

 

Barrie & District  Market Forecast 2012                 

Commuters continued to have an impact onSUBMIT: chartprice2011.jpg

Barrie’s residential housing market in 2011, fuelling

sales of affordably-priced, single-detached

homes in the city’s south end. An estimated

4,200 homes are expected to change hands by

year-end, up two per cent from 2010 levels, while

average price is forecast to appreciate two per

cent to $290,000. Proximity to the Barrie South

GO station and Highway 400 have been major

incentives for purchasers from the Greater Toronto

Area (GTA)—particularly those that work in north

end suburbs like Vaughan. While the average

price in Barrie hovers closer to $265,000, values in

the GTA are approaching $500,000—a considerable

disparity for younger buyers hoping to realize

homeownership. Single-detached homes start at

$225,000, while a two-bedroom condominium can

be picked up for as low as $139,000. While theSUBMIT: balloon-ride17.jpg

city has extensive entry-level housing, only a 4.7

month supply of homes exists to date—down

substantially from the eight month supply posted

at the beginning of 2011. Baby boomers have

been exceptionally active, driving sales of smaller,

east end bungalows. While their intent has been

to downsize, baby boomer moves have also

been lateral in price. Condominiums on the lake

have also been an attractive option for many,

which have prompted local builders and developers

to consider new projects on the north

shore of Kempenfelt Bay. Proposals are now before

the city. Demand for entry-level product has

been strong as well, with condominium projects

in close proximity to the Royal Victoria Hospital

and Georgian College most coveted. At the otherSUBMIT: AnythingLessBanner.jpg

end of the spectrum, sales of luxury properties have

been brisk—with a $12-million lakefront sale reported

at the beginning of the year. As empty-nesters

and retirees sell their larger homes, many younger

buyers are moving into these traditional upperend

neighbourhoods to raise their families.

                                                                                                                           The push to revitalize Barrie’s downtown core                           SUBMIT: chartunits2011.jpg

continued throughout 2011, with exciting new

plans for the lakefront community. The City of

Barrie is committing $14 million toward a university

partnership program and is actively looking

for suitable downtown campus space. The move

is expected to breathe new life into the core. In

October, the federal government committed $5.8

million toward the Barrie Transit Facility Project,

a plan that is expected to strengthen the transit

system and bolster the local economy. The city

will contribute up to $17.7 million towards capital

 

 

costs, with the private sector responsible for design,SUBMIT: 1325686.jpg

building, financing and construction of the

transit facility. In-migration from other areas of

the province is also on the upswing, with qualified doctors and teaching staff moving to Barrie

to fill positions at the new teaching facility at the Royal Victoria Hospital. Overall, the city has

strong economic fundamentals in place to support the residential housing market in 2012.

Low interest rates, job stability, and gas prices

are expected to impact Barrie’s housing market                                                                                          

moving forward. Sales are expected to remain

stable, with the number of properties sold climbing

to 4,300 units and average price posting another

two per cent increase to $295,000. Balanced market

conditions should prevail throughout 2012—with

homes priced at fair market value moving quickly.

 

 

 

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