As 2024 comes to a close, it's a great opportunity to reflect back on the past year.
The Barrie real estate market was consistent and quite predictable. As the government had anticipated, the market responded to the rise in interest rates that were implemented in 2023. Consumers tightened up their spending which caused the inflation rate to continue to lower throughout the first half of 2024.
After the Bank of Canada was able to maintain the inflation rate under three per cent for five consecutive months, they were confident that the economy had become more stable and chose to begin to slowly lower its prime lending rate. It was announced on June 6, 2024, that prime was to come down a quarter of a point, which was the first rate reduction since March 30, 2020.
Over the course of the second half of 2024, the Bank of Canada lowered the prime lending rate five times from 7.2 per cent down to 5.45 per cent and was also successful with keeping inflation controlled. With the government treading lightly, it would not be surprising if prime was held at 5.45 per cent for the first quarter of 2025.
The lowering of interest rates in the final quarter of this year had a positive impact on the Barrie condo market. Consumer confidence increased and condominium sales were consistent.
In November, there were 22 condo apartments that sold in Barrie. The average sale price was $623,041 (median $557,000) and units were selling in an average of 40 days. There were also nine condo townhouses that sold in Barrie. The average sale price for this property type was $503,793 (median $510,000) and units were selling in an average of 47 days.
The condominium market is filled with opportunity. There is currently a surplus of condo inventory in Barrie and many owners who are motivated to sell as soon as possible.
Condominiums are an excellent choice for first-time buyers and investors, as they offer affordable entry into the housing market and a low-maintenance lifestyle.
With many buildings featuring amenities like fitness centres, pools, common rooms, and a social calendar, condo living fosters a sense of community. Owning a condo is an ideal choice for those who are looking for additional safety in their home and a turn-key living experience.
Now is the perfect time to take advantage of this current market.
There are currently a total of 188 condominiums for sale in Barrie, including 135 condo apartments, 37 condo townhouses and 16 leasehold condominiums.
