The spring market has come to a close and June finished off the first half of the year with record highs for Barrie’s condo market. The average sale price for a condo apartment in June was $289,409; a 29% increase from June of 2015, and condo townhouses are selling for an average price of $281,190, which is a 41% increase from a year ago.
Many people are shocked on how much the condo market has gone up in Barrie this year. Where has the demand come from?
1) People that are being priced out of the residential housing market are starting to turn to condos as they are the next affordable option.
2) There are many retirees in the GTA that have decided to cash out and move north. Barrie is a very desirable city to live in because of its accessibility to Toronto and cottage country, has a gorgeous waterfront and is a four season city.
3) More young professionals don’t want to bother with maintaining a property and are moving into condos for the lifestyle it offers.
Now that we are into the third quarter of the year I thought I would run the numbers to see what happened over the last six months for condo apartments. This is what I found:
- One bedroom condos have increased 31% since the beginning of January where average sales price went from $187,780 to $245,300.
- Two bedrooms were selling on average for $228,711 and are now selling for $319,800; a 40% increase in price.
- Three bedroom condos have only increased 12% in the first two quarters but that is mainly because there weren’t too many offered for sale.
We have seen incredible increases in the Barrie condo market so far this year and I don’t expect this to be short lived. Demand is very high and as long as supply remains low, prices will continue to go up. In addition, average price per square foot is still below $250, which is extremely affordable. If you were to purchase a condo in Toronto right now you would be lucky to get your hands on a unit for under $600 a square foot.
In June there were a total of 22 condo apartments sold and 18 condo townhouses sold with inventory currently sitting at 23 condo apartments available and only 8 condo townhouses.
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