Conditions remain favourable for first-time buyers active in Barrie this year. Price growth has started to level out, allowing purchasers time to catch their breath, make decisions, and save a down payment. Approximately 20 per cent of all sales year-to-date have taken place under the city’s average price of $257,000. Housing remains quite affordable, and with detached homes starting from the low $200,000s, many first-time buyers—particularly those coming from Toronto and outside centres—are spending more than average price. With a good selection of inventory now available, few buyers need to make major compromises to realize homeownership. Although multiple offers are still a factor, they’re limited to well-priced quality homes.
With apartment-style condominiums still evolving in Barrie and geared more to the boomer segment or childless professionals, most young purchasers are opting for detached homes with an eye toward raising a family. Buyers seeking lower sticker prices or less maintenance are purchasing town homes, priced from $189,000. Those attracted to the apartment lifestyle, however, can buy a one-bedroom unit—with a view of the water— from $189,000. More affordable condominium town homes are available closer to Hwy. 27, near Timberwalk, priced in the $150,000s. The South End of the city has been especially popular with the GTA commuters, due to it’s close proximity to the new GO station. The lowest sold prices in Barrie to date includes a detached home located in a transition area within the downtown core (with mixed commercial), priced at $157,000, and a one-bedroom condo unit, located near Hwy. 27, priced at approximately $124,000. Overall, first-time buyer activity in Barrie remains brisk.
Buyer intentions are strong and consumer confidence is high. Purchasers appear to be more aware of the value of resale homes.
Levies and premiums on new construction continue to rise. In-migration will remain a strong factor propping up demand in the area, and that is expected to continue well into 2008 and beyond.
