Barrie's Real Estate Market Draws GTA, International Buyers
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31 - Barrie Advance - Thursday JUNE 9, 2016 Advance - 31 - Barrie RED HOT MARKET Barrie’s real estate market draws GTA, international buyers JENNI DUNNING [email protected] Between a “rundown shack” for $700,000 in Toronto or a two- storey home with modern finish- ings in Barrie, the choice was easy for Aleksandra and Marek Krupa. The former Brampton couple moved to Barrie in December – part of a wave of homebuy- ers fleeing north from the Greater Toronto Area’s higher housing prices. The Krupas say many of their friends in their 30s are getting mar- ried and want to buy houses, but options can be limited if their bank accounts are not bulging. “Some of them have bought con- dos that cost more than our house,” said Aleksandra. “For $600,000, $700,000, they’d get basically a rundown shack,” added Marek. “There’s still a mental block about Barrie. I don’t know why. Once they start having Aleksandra and Marek Krupa moved to Barrie from Brampton, in large part, because prices are lower here. JENNI DUNNING PHOTO kids, that little one-bedroom condo won’t be so nice.” in the Barrie area, for example, bedroom, two-and-a-half-bath- The Krupas have friends and can expect to pay at least $5,000 to room detached home and $600,000 family members who also recently $10,000 over the asking price and to millions for an estate home on moved to Barrie because the homes potentially face bidding wars on the water, Faris said. are less expensive, bigger and new- multiple homes before making a Areas such as Vaughan are be- er than many of those available in deal, he said. coming pricier, so many people are the GTA. “The higher-end market is see- looking north, he said. And with their first child due in ing movement … and there’s a “Newmarket prices, Bradford September, Barrie also offers more whole lot more confidence in the prices are starting to get to a level nature and outdoor living for the entry market. That’s where you that Barrie is seen as affordable,” couple’s active lifestyle. EXPERT OPINION see bidding wars,” he said. “Typi- Faris said. “There’s a perspec- They both work from home, so cally now, the list price is where tive change (among) people living commuting is not a problem, but Mark Faris, CMO & broker you start. I’ve seen anywhere from south of here that Barrie is a cool Hwy. 400 makes the GTA easily of Royal LePage First $20,000, $30,000, even $40,000 place to be.” accessible. over list.” In April, Barrie’s housing mar- “(Friends) say, ‘Barrie is so far.’ Contact Realty The Faris Team For the past 10 years, Faris said, it ket tied with Toronto for having Then they say, ‘Oh, how much do Brokerage, said homebuyers took local agents an average of four the third-highest year-over-year you say houses are?’ once they can expect to pay at least months to sell four months’ worth price increase in Canada, accord- see the price in Woodbridge and $5,000 to $10,000 above the of inventory. In the past year, that ing to a recent Re/Max survey Maple,” Marek said. “The new changed to less than two months to by Leger, a market research firm. house gave us everything we asking price and potentially sell the same number of units. Housing prices jumped 14 per wanted.” face a bidding war. “If you’re comparing homes to cent in the Barrie and District area But buying your dream home 2015, it’s not the same market. Even and in Toronto during the first in Barrie and parts of Simcoe (compared to) January (2016).” quarter this year, behind Fraser SIMCOE.COM County is not as easy as it once seeking more affordable housing Contact Realty The Faris Team In Barrie, the average price is Valley and Greater Vancouver in was, partly because of competi- options, said Mark Faris, CMO Brokerage. now $275,000 to $350,000 for a B.C. tion from buyers leaving the GTA and broker of Royal LePage First Anyone seeking to buy a house townhouse, $425,000 for a three- See LOW, Page 33 Low dollar attracts investors to Barrie Thursday JUNE 9, 2016 Advance - 33 - Barrie ● Red, from Page 31 “The interest rates are quite low, which “The ripple effect on the housing markets means people can afford reasonable mort- MAY 2016 AVERAGE SELLING PRICES outside of Toronto and Vancouver is quite gages,” Douglas said. “But there’s not significant when you look at the Canadian enough properties for sale to accommodate BARRIE housing market overall,” said Elton Ash, RE/ that many buyers.” MAX of Western Canada’s regional execu- Douglas said the market should eventually Detached: $459,132 tive vice-president. balance out, but he isn’t sure when that will The markets in Vancouver and Toronto happen. Townhouse, Link and Semi: $322,184 created competition among buyers and po- Along with new buyers from the GTA and tentially discouraged sellers from listing lower inventory and interest rates, the low Condominium: $253,411 their properties, he said. That led to a lower Canadian dollar is also attracting interna- inventory, which may have impacted the tional buyers, with more people from Europe ESSA TOWNSHIP numbers. and China snapping up Barrie-area proper- The same thing is happening here, accord- ties, said Faris. Detached: $505,585 ing to Barrie and District Association of Re- This means greater competition for buyers altors president Michael Douglas. and for real estate agents, who are increas- INNISFIL “Sometimes buyers are having to bid on ingly expanding marketing strategies and us- four or five homes before they get one,” he ing online tools to showcase homes, he said. Detached: $494,397 said. “It’s never been like this in Barrie, as “Gone are the days you take a shot of the far as my recollection goes. The bottom line house and stick it up online. You can’t just ORO-MEDONTE TOWNSHIP is, there an imbalance between the inven- stick a sign on your lawn and expect maxi- tory and the number of buyers.” mum dollar,” he said, adding tools such as Detached: $630,115 He said sellers love the market right now, 3D tours, videos and live chats with real es- but buyers are having a tough time finding tate agents are being used. SPRINGWATER TOWNSHIP homes in their price range. “(Barrie has) been a market that hasn’t seen According to the survey, the Barrie and the kind of increases our southern brothers Detached: $593,436 District area saw the selling price of the av- have recorded. Now, it’s starting to see in- Source: Barrie & District Association of Realtors erage home jump from $352,124 in 2015 to creases,” Faris said. $401,801 this year. “Barrie deserves it.” SIMCOE.COM.