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September 2021 Market Report For Barrie

Once again, this month’s data showed a decline in sales year-over-year and month-over-month. However, the price of residential units sold continued to rise in both categories. This evidences that, the supply of homes still cannot keep pace with the demand right now.

Year over year we’re seeing a raise in Sale Prices of over 35% with the average sale clocking in at more than $779k. As prices rise and the theme of low inventory continues, now is the time to take advantage of the market and achieve maximum price for your property.

Trust your local experts to guide you through the process and take advantage of the current market. Ask us about our FREE Home Market Analysis to determine exactly how much your Home is worth in today’s Market.

All data correct as of October 12, 2021, data gathered by the Ontario Collective based on September 2020 vs September 2021.

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September 2021 Market Report For Our Communities

During September, we saw Fall officially begin but what did that mean for the market? Across the region we saw 154 sales logged which was down 21% on this time last year. This is no surprise since Active Listings are down around 20% continuing 2021 theme of low inventory. With less options on the market, we continue to see house prices rise as the new average house price sits at $775,386 – up around 26%.

Across our communities, we saw these trends continue. Tay’s average price rose 53% compared to last year whilst Tiny’s average price edged towards the $1m mark at $916k. With low competition, it’s still a great time to take advantage of the market and achieve maximum price for your property.

Trust your local experts to guide you through the process and take advantage of the current market. Ask us about our FREE Home Market Analysis to determine exactly how much your Home is worth in today’s Market.

All data correct as of October 8, 2021, data gathered by the Ontario Collective based on September 2020 vs September 2021.

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August 2021 Market Report For Barrie

This month’s data showed a decline in sales year-over-year and month-over-month. However, the price of residential units sold continued to rise in both categories. This evidences that, while the demand for homes is decreasing, the supply of homes still cannot keep pace with the demand right now.

Year over year we’re seeing a raise in Sale Prices of almost 30% with the average sale clocking in at more than $748k. As prices rise and the theme of low inventory conutnues, now is the time to take advantage of the market and achieve maximum price for your property.

Trust your local experts to guide you through the process and take advantage of the current market. Ask us about our FREE Home Market Analysis to determine exactly how much your Home is worth in today’s Market.

All data correct as of September 13, 2021, data gathered by the Ontario Collective based on August 2020 vs August 2021.

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August Market Report For Our Communities

We’ve celebrated Labour Day and the Kids are heading back to school, but what has the end of summer market looked like? Across the region we saw 169 sales logged which was down 17% on this time last year. This is no surprise since Active Listings are down around 30% continuing 2021 theme of low inventory. With less options on the market, we continue to see house prices rise as the new average house price sits at $802,198

Across our communities, we saw these trends continue. Midland’s average price rose 49% compared to last year whilst Tiny’s average price broke the $1m mark. With low competition, it’s still a great time to take advantage of the market and achieve maximum price for your property.

Trust your local experts to guide you through the process and take advantage of the current market. Ask us about our FREE Home Market Analysis to determine exactly how much your Home is worth in today’s Market.

All data correct as of September 7, 2021, data gathered by the Ontario Collective based on August 2020 vs August 2021.

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Buyer & Seller FAQ’s

8 client questions from both sides of the transaction.

Over the last 18 months we’ve all experienced one of the hottest housing markets the real estate industry has ever seen. Demand is high, mortgage rates are low, and people are eager to get in on the action. We’ve seen a shift in recent weeks but as the summer comes to an end and the kids return to school, we expect the interest in buying or selling homes to increase again. With this, there will also be an increase in the number of questions clients are asking.

If you’re an interested buyer or seller thinking about wading into the property waters, keep reading for eight common questions clients want answers to. These eight questions are a great start to building your knowledge of the housing market, but if you want to learn more, look no further than your local experts at For Sale On Georgian Bay.  

As your trusted experts, we would love to dive deeper into these eight answers and help you discover the smoothest possible path for your next property purchase or sale. Don’t hesitate to reach out day or night via phone call, text, email, or even a social media direct message. There is nothing we would rather do than help you find the home of your dreams!


BUYER’S QUESTIONS

WHAT SHOULD I LOOK FOR DURING MY HOME SEARCH?

To put it simply, the big picture. It’s easy to fall in love with a kitchen layout or spacious closet, but it’s crucial to keep your most important priorities at the forefront of your mind. Make sure a property checks all of your budgetary, geographic, and scheduling boxes before you start thinking about paint swatches and furniture placement. And, if you could use a little help refining your priorities, we are skilled at showing you your options without squashing your dreams.

HOW LONG DOES IT TAKE TO BUY A HOME?

Unfortunately, there is no set answer to that question. On average, it usually takes around four months from the initial search to moving into your new address, but many circumstances can shrink or extend that timeline. Buying a home is a multi-step process that varies from person to person. A better way to ask that question is “How long do you have to buy a home?” If you’re in a crunch and need to buy a home in two months, you’ll likely need to limit your search. If time is on your side, you have the freedom to shop around as long as you like. 

WHEN SHOULD I START LOOKING INTO LOANS?

It’s never too early to start shopping for a mortgage. As previously mentioned, having a cash offer is likely to make the buying process move faster and provide you with a concrete price range. Searching for homes once you’ve been pre-approved for a loan will make it easier to weed out any properties outside of your budget and confidently pursue the ones that are a good fit. Don’t know where to start? We have many connections with mortgage experts in our communities!

WHAT CAN I DO TO MAKE MY OFFER STAND OUT FROM THE REST?

If you find yourself in a multiple-offer scenario, there are several things you can do to make your bid the belle of the ball, but the best way to improve your odds is by working with one of our amazing For Sale On Georgian Bay Agents. Agents are the intermediaries between buyers and sellers, and they have a fiduciary responsibility to act on behalf of their client’s best interests. In fact, some seller’s agents won’t even entertain an offer from an unrepresented buyer. Once your agent discovers the seller’s priorities — be it money, speed, or ease — they’ll be able to show you how to put your best foot (and offer) forward.


SELLER’S QUESTIONS

WHAT DO I NEED TO DO TO GET MY HOME READY FOR SELLING?

Buyers approach the process through the prism of emotion, and visualizing themselves inside the home – but many also want to make a wise financial investment that will not force them to pour additional money into repairs for years to come. With that in mind, prepare your home for selling by minimizing personal items and distractions, prioritizing any necessary repairs, deep cleaning your home and boosting your curb appeal. Most importantly, allow us to use our expertise to efficiently and effortlessly guide you through the selling process. The right listing agent can make all the difference in your experience!

WHAT CAN I EXPECT TO GET FOR MY HOME?

While there are a plethora of factors that will ultimately contribute to your home value, you can set initial expectations by researching your local housing market, noting home features and square footages. Another aspect to consider as you assess your home value is its interior – an upgraded home interior can be the key to getting top dollar for your home. Some interior upgrades are popular across the board, and they are more likely to make a splash with a variety of potential buyers. Kitchen, bathroom, and flooring renovations are some of the top projects you can take on in your home that are likely to get a strong return on investment when you decide to sell. A current, energy-efficient HVAC unit and hip living spaces converted from attics and basements are also very attractive updates in the present market. 

SHOULD I ORDER A HOME INSPECTION?

Home inspections aren’t a required step in the home selling process, but they are a great investment as you prepare to sell. In making the most important financial decision of their lives, buyers will want to judge the book beyond its cover. As a seller, an inspection can help you identify the areas that need some extra love before the home goes on the market. You do not need to focus on making repairs prior to the inspection, but use the inspection itself as a way to select and prioritize the repairs that will truly make a difference. Your For Sale On Georgian Bay Agent can offer recommendations on the most important repairs to tackle and alert potential buyers of the repairs that have been addressed along the way.

SHOULD I STAGE MY HOME OR LEAVE IT EMPTY?

Because the buyer needs to be able to picture their own everyday life within the home, staging is a great approach to ensuring they are able to do so. It may sound a bit intimidating, but do not fret. It is all a matter of depersonalizing the home by getting private items such as framed photographs, awards, toys, or other memorabilia out of sight. (Keep a couple of favorites on hand to give the space that warm feeling!) In addition, consider giving your outdoor space a facelift by mowing the lawn, putting a bit of elbow grease into landscaping, and stashing away garden decorations such as gnomes. Indoors, focus your efforts on removing visible scuffs and holes, and direct your attention to the three most important rooms in the home: the living room, main suite, and kitchen. If staging your home feels too intimidating, ask your For Sale On Georgian Bay Agent about our Virtual Staging options. 

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July Market Report For Barrie

Compared to last July, we saw a huge 36% increase in sale prices across Barrie. Records were shattered again as we the pass the $700k average sold price in Barrie for 4 months in a row with July clocking an impressive $732k average.

We’ve seen a shift in the market during July. For the second month in a row, year over year, we saw a decrease in the volume of sales across the city, a 32% decrease in July. Active listings continue the with the theme of being down. With low competition, now is the time to take advantage of the market and achieve maximum price for your property.

All data correct as of August 10, 2021, data gathered by the Ontario Collective based on July 2020 vs July 2021.

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July Market Report For Our Communities

Life has gone back to normal a little over the last month, pair that with the beautiful summer we’re having and we’ve seen a small shift in the market. Compared with last July, the number of sales across our community dropped by 23%. In Midland we did see a rise of 27% of New Listings hitting the market throughout July. Less sales and more listings haven’t slowed the high prices that we’ve been seeing over the last year – across our communities we’ve seen a 35% increase with an average price of $668,438.

Although we started to see restrictions and lockdowns lifted across Midland, Penetanguishene, Tiny and Tay, we saw the trend of low inventory continue. Active listings are down over 37% compared to 2020. With low competition, it’s still a great time to take advantage of the market and achieve maximum price for your property.

Trust your local experts to guide you through the process and take advantage of the current market. Ask us about our FREE Home Market Analysis to determine exactly how much your Home is worth in today’s Market.

All data correct as of August 10, 2021, data gathered by the Ontario Collective based on July 2020 vs July 2021.

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June Market Report In Our Communities

Another month goes by and we continue to see increases in sales prices across our communities, this incredible market just keeps on going. Year over year, we saw large spikes in home prices across our region. Compared to last June, we saw a huge 50% increase in sale prices across our communities. In Tiny alone, we saw an 65% increase in sales prices.

For the first time in a while, year over year, we saw a 11.7% decrease in the volume of sales across the city compared to last June. Properties are Although we started to see restrictions and lockdowns lifted across Midland, Penetanguishene, Tiny and Tay, we saw the trend of low inventory continue. Active listings are down over 41% compared to 2020. With low competition, now is the time to take advantage of the market and achieve maximum price for your property.

Trust your local experts to guide you through the process and take advantage of the current market. Ask us about our FREE Home Market Analysis to determine exactly how much your Home is worth in today’s Market.

All data correct as of July 9, 2021, data gathered by the Ontario Collective based on June 2020 vs June 2021.

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June Market Report For Barrie

Compared to last June, we saw a huge 34% increase in sale prices across Barrie. Records were shattered as we the pass the $700k average sold price in Barrie for 3 months in a row with June clocking an impressive $747k average.

For the first time in a while, year over year, we saw a 11.7% decrease in the volume of sales across the city compared to last June. Properties are still not sitting on the market for long, we continue to see the average days on market per listing drop. With low competition, now is the time to take advantage of the market and achieve maximum price for your property.

Trust your local experts to guide you through the process and take advantage of the current market. Ask us about our FREE Home Market Analysis to determine exactly how much your Home is worth in today’s Market.

All data correct as of July 9, 2021, data gathered by the Ontario Collective based on June 2020 vs June 2021.

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Careful What You Wish For; Rate Hikes Aren’t The Answer

We really enjoyed this great article from Neil Sharma featured in the Canadian Real Estate Magazine. What do you think? Do you support the Bank Of Canada increasing interest rates? Will it slow down the housing market? Let us know!

A joint Nanos and Bloomberg poll last month revealed Canadians would welcome interest rate hikes as a means of cooling the housing market, but the reality is far more complicated than that.

“Who in their right mind would want interest rates to rise? Anyone who’s thinking they want interest rates to rise to slow home prices doesn’t understand how mortgage approval rules work because all mortgage approvals were written to 4.79%, now 5.25%, so what the actual interest rates are don’t actually mean anything as far as home prices have gone, because nobody is qualifying for any extra money over and above what they would if the actual interest rates were 4.79%, and 5.25% (as of June 1),” said Dustan Woodhouse, president of Mortgage Architects.

According to the poll, 49% of survey respondents either “support” or “somewhat support” the Bank of Canada increasing interest rates because they think it would quell runaway housing prices. But the reality is that it would take a significant rate hike to soften activity in the housing market, which would concurrently torpedo the economy, says Woodhouse, and as importantly, it would reduce homebuyers’ purchasing power.

“So to have a material slowdown in the amount of money people can purchase a home with, you would need interest rates to rise to 7.5-8.5%. That’s the real math on that,” said Woodhouse. “(Housing prices) would more than slow down: the entire economy would grind to a halt. The whole country would shut down. That would be like trying to kill a mosquito with a nuclear bomb.”

Woodhouse believes there’s a fundamental misunderstanding of how interest rate policy works, and according to Dr. Sherry Cooper, chief economist of Dominion Lending Centres, the largest mortgage network in Canada, the survey results elucidate yet more confusion.

“The housing market is not the Bank of Canada’s objective function; it is only supposed to be concerned about inflation,” said Dr. Cooper. “The problem is that interest rate policy is a blunt instrument and it leads to all sorts of unintended consequences. If you were to raise rates too much, you’d dampen the whole economy, which makes no sense given all the problems we still have in terms of jobs and getting the economy restarted. The Bank of Canada will never do it for that reason. It will raise rates when it thinks the economy is growing rapidly and is close to full employment.”

Interest rates are slated to rise in 2022, one year ahead of the Bank of Canada’s initial prognostication, because the economy appears healthier than anyone thought it would be at this stage of the pandemic. The Bank of Canada recently announced modest tapering of quantitative easing, signifying that it anticipates a return to full capacity sooner than expected.

“But all other things remaining constant,” Dr. Cooper said of interest rates rising quickly, “it would reduce buying power. The question is would it lead to a decline in home prices? It would take quite a tightening in monetary policy for that to happen, and tightening is unlikely.

“Even the housing market isn’t one market nationwide; it’s many, many different markets, so we could see home prices reverse in one area or one sector without seeing it happen in another. To see the overall average home price decline, which means it would have to be a widespread phenomenon outside of both Toronto and Vancouver, it’s not that it can’t happen but it’s unlikely.”