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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.”

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May Market Report For Barrie

Compared to last May, we saw a huge 37% increase in sale prices across Barrie. Records were shattered as we the pass the $700k average sold price in Barrie for 2 months in a row with May clocking an impressive $793k average.

This May, we saw an 52% increase in the volume of sales across the city compared to last May. As properties are not sitting on the market for long, we saw the average days on market per listing drastically drop. Properties are selling 40 days quicker than this time last year. 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 June 10, 2021, data gathered by the Ontario Collective based on May 2020 vs May 2021.

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May Market Report In Our Communities

This time last year, the market was getting used to all the covid restrictions and was repsonding well, but a year on – the market is hotter than ever! Year over year, we saw large spikes in home prices across our region. Compared to last May, we saw a huge 51% increase in sale prices across our communities. In Tiny alone, we saw an 84% increase in sales prices.

As we still experienced restrictions and lockdowns across Midland, Penetanguishene, Tiny and Tay, we saw the trend of low inventory continue. Active listings are down over 50% 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 June 5, 2021, data gathered by the Ontario Collective based on May 2020 vs May 2021.

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April Market Report For Barrie

What a difference a year makes! Last April, the market was adapting to the arrival of Covid-19, this year we are experiencing a spring market like no other. Compared to last April, we saw a huge 37% increase in sale prices across Barrie. Records were shattered as we the pass the $700k average sold price in Barrie.

Incredibly in April, we saw 276% increase in the volume of sales across the city compared to last April. As properties are not sitting on the market for long, we saw the trend of low inventory continue, 53% down from this time last year. 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 May 12, 2021, data gathered by the Ontario Collective based on April 2020 vs April 2021.

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April Market Report In Our Communities

One year on since Lockdowns and Restrictions started, the market continues to be red hot in our communities in 2021. Year over year, we saw large spikes in home prices across our region. Compared to last April, we saw a huge 72% increase in sale prices across our communities. In Midland alone, we saw an 85.9% increase in sales prices.

As we still experienced restrictions and lockdowns across Midland, Penetanguishene, Tiny and Tay, we saw the trend of low inventory continue. Active listings are down over 52% 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 May 6, 2021, data gathered by the Ontario Collective based on April 2020 vs April 2021.

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March Market Report For Barrie

One year on since Lockdowns and Restrictions started, the market continues to be red hot in Barrie. Year over year, we saw a large spikes in home prices across our region. Compared to last March, we saw a huge 32% increase in sale prices across Barrie. Partly due to the strong market we’re experiencing right now and partly due to downturn in the market last March as the effects of Covid took hold. As we bounced in and out of restrictions and lockdowns across the region, we saw the trend of low inventory continue. 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 April 9, 2021, data gathered by the Ontario Collective based on March 2020 vs March 2021.

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March Market Report In Our Communities

One year on since Lockdowns and Restrictions started, the market continues to be red hot in our communities in 2021. Year over year, we saw large spikes in home prices across our region. Compared to last February, we saw a huge 51% increase in sale prices across our communities. In Tiny Township alone, we saw an 88% increase in sales prices

As we bounced in and out of restrictions and lockdowns across Midland, Penetanguishene, Tiny and Tay, we saw the trend of low inventory continue. Active listings are down over 66% 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 April 5, 2021, data gathered by the Ontario Collective based on March 2020 vs March 2021.

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February Market Stats For Barrie

February continued in the same vein as January in Barrie. To begin the year we saw a large 36% increase in sale prices across Barrie when compared to 2020 and February repeated the trick by showing another 36% increase in Sales Prices. As restrictions and lockdowns continued across Simcoe, we saw the trend of low inventory continue.

Active listings are down over 50% 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 March 12, 2021, data gathered by the Ontario Collective based on February 2020 vs February 2021.