CENTURY 21 B.J. Roth Realty Ltd., Brokerage*
- 4 Pine River Road, Unit 8
Angus, ON L0M 1B2
Media Release - Stats 2017
2017 Housing Prices See Steady Increase, Number of Houses Sold Decreases
The Barrie & District Association of REALTOS® (BDAR) saw a consistent story over 2017: Housing prices are rising at a moderate rate, while housing sales dropped.
"After a fast, busy start, things leveled off in our market for 2017," says Geoff Halford, 2018 BDAR President. "The main story was the drop in sales over the year. For example, in March 2017, there were 285 detached houses in Barrie sold. In May, there were only 193 houses sold. The year-over-year sales dropped as well. In June 2016, we had 246 detached houses sold in Barrie. But in June 2017, that number was only 132".
The 2017 and 2016 year comparison show that prices increased an average of approximately 20%, while the number of units sold dropped in all regions for residential detached homes.
“For 2018, we are hoping for things to level out even more,” adds Halford. “We’d like to see an increase in available properties for sale to help make the market more accessible to those who want to move, and also for those who want to step on the home ownership ladder.”
The Barrie & District Association of REALTORS® cautions that over a period of time, the use of average price information can be useful in establishing trends, but it does not indicate actual prices in widely divergent areas or account for price differentials between geographical areas. The prices reflected in this media release are based on residential detached homes sold via the BDAR MLS® system only.
Home Buying Trends Survey
There’s an entire home improvement industry that can help you figure out how to spruce up your house and how to prevent potential homeowner disasters. But we wanted to know which of those investments are worth the time an energy. That’s why, in the summer of 2017, CENTURY 21 Canada® surveyed more than 1000 agents for our Home Buying Trends Survey. The results varied across provinces. Here are the top results for Ontario-- and advice for sellers to stay on trend with buyers.
Owning their own home is important to Ontario home buyers. In Ontario, 40% of people said having a place to call their own was the top reason for buying home. As a seller, knowing this is a big advantage. Take the necessary steps to show that your home can easily become theirs by removing your personal items while adding welcoming touches such as fresh flowers.
The need to renovate is the biggest turn off for Ontario home buyers. In Ontario, 36% of home buyers are scared off by homes that require many renovations. It was a tight race with water damage ranking second at 34%. As a seller in Ontario, be sure your home is looking well-maintained and up-to-date. Fix the little damages that you might have been ignoring and update fixtures to turn potential buyers into highest bidders.
Home buyers in Ontario consider layout and the potential for the value to increase very important. Buyers are looking for homes with open and functional layouts. If you’re selling in Ontario consider taking the necessary steps to improve the flow of your home. This can be done through major renovations or simply hiring a professional stager. Either way, clearing out excess clutter from your home will speed up the sale.
Canada wide home buyers are looking for a newly renovated kitchen and updated finishings. If a seller is looking to update one room in the house they should focus on the kitchen. Updating the kitchen will attract more buyers and provide the most return on investment, around 70%. A general rule of thumb is to spend 6-10% of your home’s value on renovations to get fair returns. The Home Buying Trends Survey found that 67% of buyers are looking for updated finishings through the home. Updating a few finishings in each room has the potential to take your home from ‘asking price’ to ‘bidding war’.
Preparing your home to sell doesn’t have to be a stressful or lengthy process so long as you know what buyers are looking for in a home. According to the CENTURY 21 Canada® Home Buying Trends Survey, Canadian buyers are looking for a home with a renovated kitchen and updated finishings. In Ontario specifically, buyers appreciate a newly renovated home with a great layout that has the potential to increase in value. The biggest thing to remember is that investing a little time and money into preparing your home will attract more buyers and higher bids.
As a CENTURY 21® Real Estate professional, I am dedicated to providing you with the highest quality service possible. My personal knowledge of the local Real Estate market is combined with the power of the CENTURY 21 brand - the most recognized name in Real Estate today.
Let me assist you in finding your dream home, in a neighbourhood that is right for you, and in the price range you want. Or if you are interested in selling a property, I also have the expertise to help you get the fastest sale possible and at the best price.
I look forward to working together with you to ensure that you make the right move.