Barrie area saw a large boost in new listings hitting the market in October, with 1,610 new homes hitting the market, a 16.67% increase from October 2022. Sales were down in September, with 142 homes sold last month. The year-over-year stats for Active Listings are showing a huge spike of 43%. Prices in the Barrie area have remained steady compared to last year. The average sale price in Barrie was $743,797, where sellers saw gains upwards of 1.5%.
Fall is in full swing and after the news that Interest rates are holding for now, it seems like consumer trust in the market is increasing. Across our region, we’re seeing increases in New Listings, Active Listings and Average Price month after month. We saw a 6% rise in average listing price and a 5% increase in New Listings – Lots of opportunities for buyers and sellers alike.
In our communities, these trends were also reflected. There were increases in Sales Prices across Midland, Penetang and Tay whilst Tiny saw a 16% decrease. We also saw large increases across all of our communities in Active listings including a huge 27% increase in Tiny. There are lots of opportunities for buyers heading into the holiday market. Sellers are still in a strong position to seeing price increases along with motivated winter buyers.
Are you dreaming of that ideal home or investment nestled in one of our beautiful communities alongside Georgian Bay? We understand that the market can seem like a daunting place and that the decision to buy a property is significant, however the recent move by the Bank of Canada to maintain the policy interest rate at 5% should be music to buyer’s ears! We dive into the current situation and what it means for you, along with a broader look at our community.
Midland, Tiny Township, Tay Township, and Penetanguishene offer an enchanting blend of small-town serenity with modern comforts, making them perfect for those looking to raise a family, retire or even commute to the city. Always popular with our locals and now growing interest from further afield, prices have risen in recent years. However, with the Bank of Canada holding the interest rate, it gives the local market a chance to catch up and we’ve seen a balancing in the market of late.
With the interest rate held steady at 5%, your path to homeownership or investment becomes smoother. Expect consistent and predictable mortgage rates, ensuring affordability on your journey. Whilst economists are predicting that interest rates are to fall during 2024, we strongly recommend that you talk to a mortgage professional that can help you determine your path to home ownership in the most financially beneficial and secure way possible. Stop by 255 King Street to talk with our in house mortgage experts, Mortgage Wellness.
With interest rates stabilising, it’s a comforting time for potential buyers to explore real estate opportunities in our community. There are so many more options for Buyers to entertain – in fact, last month we saw a rise of 6% in new listings and a 13% rise in active listings meaning there really is something for everyone. Whether you’re looking for a new home, an investment or a vacation property, it’s important that you remain informed and work closely with your local “For Sale On Georgian Bay” real estate expert. We understand your vision and will assist you in making decisions that align with your financial goals, all while gracefully managing the current economic challenges.
Your path to homeownership or investment is now bathed in opportunity. With stable interest rates and a more affordable market due to the 5% median price reduction across our region, now is the time to act. Traditionally, as interest rates drop, home prices go up so take advantage of the lower prices and then enjoy the predicted interest rate decreases in the future. Your real estate dreams are well within your grasp, and at For Sale On Georgian Bay, we’ll be with you every step of the way.
