NEWS RELEASE BARRIE AND DISTRICT ASSOCIATION OF REALTORS ********************** The May 2020 sales information is in, and residential property sales recorded through the Matrix System for the Barrie and District Association of REALTORS Inc. (BDAR) region showed a strong recovery from last month, as the number of residential units sold doubled.
Month-Over-Month (May 2020 vs April 2020) All Residential Homes
Simcoe County
445 residential units were sold in Simcoe County last month—a 102.3 per cent increase from April 2020. During the same time, a year ago (April 2019 to May 2019), there was a 2.4 per cent increase in the number of units sold.
The average price of residential units sold last month was $552,733—a 4.9 per cent increase from April 2020. In comparison, the average price a year ago increased by 1.5 per cent from April to May.
City of Barrie
212 units were sold last month within the City of Barrie, which was 116.3 per cent more than the number of units sold the month prior. A year ago, the number of units sold between May and April increased by 9.8 per cent.
The average price of units sold within Barrie during May 2020 was $519,915. This was 1.8 per cent less than the average price during April 2020. In contrast, the average price of units sold between May 2019 and April 2019 increased by 1.3 per cent.
Simcoe County Excluding Barrie
In Simcoe County Excluding Barrie last month, 233 units were sold. This was 91.0% more than the number of units sold during April 2020. In the same time a year ago, there was a 3.7 per cent decline in the number of units sold outside of Barrie.
The average price of units sold in the areas outside of Barrie last month was $580,633. This was 10.4 per cent more than the month before. Between May 2019 and April 2019, the average price of units sold outside of Barrie increased by 3.5 per cent.
Year-To-Date (YTD) (May 2020 YTD vs May 2019 YTD) All Residential Homes
Simcoe County
1878 residential units were sold in Simcoe County during May 2020 Year-To-Date (YTD) (January 1, 2020 – May 31, 2020). This was 2.2 per cent less than what was sold during the same timeframe last year (January 1, 2019 – May 31, 2019). The average price of residential units sold during May 2020 YTD was $541,130. This was 5.7 per cent greater than the average price during the same timeframe last year.
City of Barrie
919 units were sold in the City of Barrie during May 2020 YTD. This was a 4.4 per cent growth from the same timeframe last year. This growth contrasted the decline in total Simcoe County (-2.2 per cent).
The average price of units sold within the City of Barrie during May 2020 YTD was $522,265. This was 8.5 per cent more than the same timeframe last year, and this growth was greater than what was seen in the total Simcoe region (+5.7 per cent). During May 2020 YTD, Barrie accounted for 48.9 per cent of residential properties sold. This was 3.1 share points more than the same timeframe during 2019.
Simcoe County Excluding Barrie
959 residential units were sold in the areas outside of Barrie during May 2020 YTD. This was 7.9% less than the number of units sold during May 2019 YTD. This decline in the number of units sold was greater than the decline seen in the total Simcoe region (-2.2 per cent).
The average price of units sold during this time was $562,775. This was 6.1 per cent greater than what was seen during May 2019 YTD. This growth was slightly less than that of total Simcoe (+5.7%). During May 2020 YTD, Simcoe County Excluding Barrie accounted for 51.1 per cent of residential properties sold. This was 3.1 share points less than the same timeframe during 2019.
Year-Over-Year (May 2020 vs May 2019) All Residential Homes
The Housing Price Index (HPI) showed a year-over-year increase of 12.0 per cent between May 2020 and May 2019.
Simcoe County
445 residential units were sold in Simcoe County last month—12.4% less than the same time last year. As well, the average price of residential units sold was $552,733 which was 7.4 per cent greater than that of May 2019.
City of Barrie
212 residential units were sold during May 2020 within Barrie. This was 14.2 per cent less than the number of units sold during May 2019. This decline was slightly greater than that of total Simcoe County (-12.4 per cent).
The average price of residential Barrie units sold during May 2020 was $519,915 —5.8 per cent greater than the average price of units sold during May 2019. This growth was less than the average-price growth of total Simcoe County (+7.4%).
Sales in Barrie accounted for 47.6 per cent of residential sales in Simcoe County last month. This was 1.0 share point less than the same time last year.
Simcoe County Excluding Barrie
233 residential units were sold outside of Barrie during May 2020, and this was 10.7% less than the number of units sold during May 2019. This decline was slightly less than the 12.4 per cent decline seen in the total Simcoe region.
The average price of units sold in Simcoe County Excluding Barrie last month was $580,633. This was a 7.0 per cent increase in the average price, year-over-year. This growth was slightly less than what was found in total Simcoe County (+7.4 per cent).
Residential property sales outside of Barrie accounted for 52.4 per cent of sales in Simcoe County last month. This was 1.0 share point more than the same time last year.
TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.
The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.
The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.
CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.
However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.
Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.
This report by The Canadian Press was first published Sept. 17,2024.
OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.
On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.
CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”
The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.
The number of newly listed properties was up 1.1 per cent month-over-month.
This report by The Canadian Press was first published Sept. 16, 2024.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
