7 Trends For The Barrie Real Estate Market, June 2024 Edition

Parker Coulter Realty has executed a deep dive into the Barrie Real Estate Market! Whether you're a potential homebuyer, home seller, or just interested in the state of real estate affairs in Barrie, Ontario, you're in the right place.

We have the latest trends and statistics shaping the Real Estate Market in Barrie as of June 2024. From property values to market activity, we've compiled a comprehensive overview to keep you informed and empowered in your real estate endeavors.

SELL YOUR HOME FOR A 1% LISTING COMMISSION

HIRE A BARRIE BUYER’S AGENT AND PROFESSIONAL REALTOR®

1. Market Growth and Stability:

The Barrie Real Estate Market continues to showcase growth and stability, despite uncertainty in the economy, interest rates, and macroeconomic activity.  With its strategic location and variety of housing options, Barrie attracts both local and Greater Toronto area buyers, contributing to a healthy market dynamic. In recent years, the market has witnessed steady appreciation in property values across all residential dwelling types.

Currently sitting at an average of 29 days on market, you can see the lagging correlation between days on market and active listings. When the number of active listings skyrockets, days on market usually increases thereafter (can take a month or two). We are in an inflection point right now where days on market may seem high, but, if the trend of active listings continues, the days on market should continue to increase in the weeks to come. A Bank of Canada rate drop could reverse this.

2. Barrie Housing Inventory:

One notable aspect of the Barrie Real Estate Market is the fluctuating inventory levels. New listings in April 2024 totaled 2,041, almost unchanged from the previous year but showing a significant increase of 23.40% compared to March 2024. Active listings surged by 52.09% year-over-year and 74.89% month-over-month, indicating a growing inventory in the market. This trend is likely to continue even though the Bank of Canada recently dropped interest by 25 basis points on June 5, 2024.

New Condo & Townhouse Developments

A record amount of condos to be completed in Barrie over the next couple of years. See below the following condominiums and townhome projects to be completed in Barrie.

• Go Towns by OPUS Homes and DECO Homes is a new development at Mapleview Drive East & Yonge Street. There are 94 modern townhomes being built in Barrie’s South End.
• The Residences on Owen by Ballantry Homes & Gillam Group is a new condo development at 57 Owen St. This project will feature 278 luxurious condo units with urban amenities in a boutique-style building.
• Lakeview Towns is a new condo development currently in the pre-construction phase. This “coming soon” project will be located at 1 Milburn Street. They are a limited collection of 14 3-bedroom premium townhomes.
• South District Condos by Queensgate Homes and the Brixen Developments Inc. is a pre-construction stage at 681 Yonge Street, Barrie. There will be 186 condo units when this building is completed.
• 481 Condos is a Barrie new condo development that is currently in the pre-construction phase, located at 481 Yonge St. It is estimated to have 67 condo units available.
• Bistro 6 - Developed by Pratt Homes in 2021. This Barrie condo sits in Barrie's Rural Barrie Southeast neighborhood. Bistro 6 Condos is a 6 storey condo, located at 793 Mapleview Drive East with 132 units.
• Debut Condos - Transforming Downtown Barrie with the tallest towers with panoramic views of the water, this condo development will bring 284 units to the downtown core.

3. Real Estate Price Trends:

Barrie Real Estate Market prices have shown an upward trajectory in line with the demand. From single-family homes to condominiums, prices have steadily risen, reflecting the city's appeal and economic vitality. Despite occasional fluctuations, the overall trend suggests a favorable environment for both buyers and sellers. Despite high rates, pricing seems to be holding steady at $766,924 for April 2024 and $761,657.00 for April 2023.

4. Demographic Shifts and the Job Market:

As the population of Barrie continues to grow, so do the demographic shifts impacting the Real Estate Market. From young professionals seeking suburban living to new families looking for spacious suburban homes, Barrie caters to a diverse range of preferences. Along with a growing population and many residents commuting to work outside of Simcoe County, there are quite a few major employers in the area:. 

• Royal Victoria Regional Health Centre
• Georgian College and the associated University Partnership Centre
• City of Barrie
• County of Simcoe
• Simcoe County District School Board
• TD Canada Trust Technology and Operations Centre
• Scotiabank Regional Centre
• BMO Data Centre
• IBM Canada Leadership Data Centre
• The Source Distribution Centre
• Coca-Cola Bottling Company
• Canadian Mental Health Association – Simcoe
• Hydro One Ontario Grid Control Centre
• Wolf Steel Ltd / Napoleon

5. Mortgage Rates and Affordability:

Mortgage rates play a significant role in shaping the Barrie Real Estate Market landscape. Favorable rates often spur buyer activity, while fluctuations can influence affordability and purchasing power. Monitoring mortgage rate trends is essential for those looking to enter or exit the Barrie housing market. On June 5, 2024, the Bank of Canada announced a lowering of 25 basis points, which may entice buyers and sellers alike.

6. Neighbourhood Dynamics:

From waterfront properties to historic districts, condo living, townhouses and single family homes, the city of Barrie offers a variety of living options to suit different lifestyles and preferences. Understanding the nuances of each neighbourhood is key to making informed real estate decisions. Barrie offers 10 unique neighborhoods all with their own unique charm and characteristics. 

Allandale - Mapleview - Bayfield - Letitia Heights - Holly - Ardagh Bluffs - Tollendal - Painswick - Downtown - East End

7. Rental Market:

In addition to the buying and selling of properties, the rental market in Barrie also plays a significant role in the Real Estate Market ecosystem. With a growing population and diverse workforce, rental properties remain in high demand, presenting opportunities for investors and landlords alike. 

With many potential buyers’ plans on hold, pressure is being put on the rental market. Rents are up 11 percent to $2,190.00 for a two bedroom apartment in Barrie when compared January 2023. One bedroom apartments average $1,780.00, making Barrie the 12th most expensive place to rent in Canada. That being said, rent increases have started to level off and even start to decrease a little. As rates drop, more people will return to buying, taking some pressure off the rental market.

If you have any questions about what’s happening in Barrie Real Estate or want to learn more, contact the expert realty team at Parker Coulter Realty.