The housing market in Ontario will benefit from growing buyer interest in Barrie which is one of the up and coming areas in this region. The key reason behind increasing homebuyer interest in Barrie is falling prices. The realty market is in stabilization mode here with prices per sq. ft. or the PPSF in Barrie standing at $283 for detached homes. Last month, average detached home prices in Barrie were roughly $487, 000.
The reasonable prices are sparking higher interest in properties situated in Barrie and this is giving a major boost to the Ontario housing market overall. The costliest area in the country is downtown Vancouver as per reports with the price per sq. ft. index standing at $1, 345 while Moncton in New Brunswick is the cheapest place to buy a home in the country with the PPSF touching $101.
According to experts, the Ontario housing market has seen a year of fluctuating and largely unpredictable home prices. The price per sq. ft. has gone up or even come down across varying communities and suburbs. Downtown Toronto’s PPSF, for instance, went up by more than 10% over the last year and continues to be on top of the list for home prices in Ontario. However, prices went up or down considerably in other communities and suburbs throughout the province. The market is stabilizing as per several experts and buyers should take heart from the fact that benchmark prices of detached homes have also stabilized.
Experts also state that away from the metropolitan zones, detached home prices are vital indicators of the housing market. This makes for a great time to purchase property in Barrie as per several studies since prices have come down and stabilized. However, prices for row houses and town homes have increased overall by around 2.3% and the closer one buys to Toronto, costs of homes increase considerably as per experts. Simcoe County, for instance, has seen home prices increasing for Bradford, Alcona and Innisfil while they have come down majorly in Midland and Orillia. This indicates the overall effect of access and proximity to the Toronto realty market.
For downtown Toronto, PPSF went up from $819 to $903 which makes it the second costliest city in the country for buying homes after Metro Vancouver. At the same time, PPSF came down by 24% for both Richmond Hill and Markham which had average detached home prices of $445 and $379 respectively.