Balancing Market?

As most of us are happily enjoying the warm, summer breezes and sunny days of Summer, the real estate market seems to be cooling ever so slightly.  And that is good news for Buyers, who, up until now, have mostly had to deal with a Sellers market.  The numbers are out for the month of June, and the average price for a detached home in Barrie was $524,873.  While that is an increase of 14% over June 2016, it is down slightly from the average price for May, which was $566,077.  Average prices for detached homes in Barrie seemed to peak in the month of March, when they reached $604,227.  Monthly average prices have been declining ever since, but year-over-year increases are still being seen.  For townhomes, semi's and condos, prices are still on the rise year-over-year.  All of our region, including Essa, Innisfil, Oro-Medonte and Springwater, saw year-over-year increases.  That is great news that our property values are remaining strong.  Especially in the wake of provincial initiatives in April to cool the market with the Fair Housing Plan, which implemented a 15% Foreign Buyers Tax.  That, along with a flood of Spring listings, seemed to grind the market to a halt.  The latest news last week from the Bank of Canada, which increased the prime interest rate slightly, will make things slightly more challenging for Buyers.  Add to that a Summer market, when many people are enjoying vacation time, and the market seems to be balancing out.  Barrie & District President, Rob Alexander, says "The large spike in sales we saw earlier this year is moving back towards more normal levels this summer.  Prices are still on the rise, but not at the rates we were seeing previously."  Bidding wars and properties selling for over-asking seem to have abated, for the time being.  Happy Buying and Selling - and hope you have a wonderful Summer!

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