NEWS RELEASE BARRIE & DISTRICT ASSOCIATION OF REALTORS ************************* Quarter Three (Q3) Residential Real Estate Activity
Sept. 30, 2020 marked the end of Quarter Three (Q3) of 2020, and residential sales information is in with residential property sales recorded through the Matrix System for the Barrie and District Association of Realtors (BDAR).
The average price of units sold also saw a modest growth in Q3 2020 as compared to Q3 2019. Sales activity in Q3 2020 was much stronger than the same time last year. This was likely due to a rebound in the market as the economy reopens from the pandemic.
Both Barrie and Simcoe Country Excluding Barrie contributed to this growth. Average price during Q3 2020 was up 22.4 per cent as compared to Q3 2019. This was driven by a growth in average price inside and outside of Barrie.
Simcoe County There was an 55.3 per cent increase in units sold when compared to Q3 2019 (Q3 2020 with 3344 units sold vs Q3 2019 with 2153 units sold). Average price of homes in Simcoe county during Q3 2020 was $616,115. This was a 22.4 per cent growth from the same timeframe last year.
Barrie The number of sales increased 54.9 per cent in Q3 2020 (1021 units sold) when compared to Q3 2019 (659 units sold). Home prices within Barrie increased to $574,023, which was a 16.8 per cent increase from Q3 of last year.
Simcoe County Excluding Barrie The number of sales increased 55.5 per cent in Q3 2020 (2323 units sold) when compared to Q3 2019 (1494 units sold). Simcoe County Excluding Barrie had an average price of $634,586. This was a 24.7 per cent increase form Q3 of 2019.
Innisfil The number of units sold in Innisfil during Q3 2020 was 241, 56.5 per cent more than the number of units sold in Q3 2019 (154 units sold). The average price of units sold in Innisfil during Q3 2020 was $629,606. This was 32.3 per cent greater than the average price of Innisfil units sold during Q3 2019.
Orillia The number of units sold in Orillia during Q3 2020 was 251. This was 56.9 per cent more than the number of units sold in Q3 2019 (160 units sold).The average price of units sold in Orillia during Q3 2020 was $478,894. This was 12.0 per cent greater than the average price of Orillia units sold during Q3 2019.
Month-Over-Month (September 2020 vs August 2020) All Residential Homes
The September 2020 sales information is in, and residential property sales recorded through the Matrix System for the BDAR region showed a month-over-month decline in the number of units sold outside of Barrie, while the month-over-month change in average price remained the same.
Year-to-date change in number of units sold and average price showed strong growth. The Housing Price Index (HPI) showed a month-over-month increase of 2.5 per cent from August 2020.
Simcoe County
1031 residential units were sold in Simcoe County last month—a 6.7 per cent decrease from August 2020. During the same time a year ago (August 2019 to September 2019), there was a 6.9 per cent decrease in the number of units sold.
The average price of residential units sold last month was $628,403—a 0 per cent change from August 2020. This decline was around the same as the month-over-month change in average price a year ago which increased 0.1 per centt from August to September.
City of Barrie
329 units were sold last month within the City of Barrie, which was 3.8 per cent more than the number of units sold the month prior. A year ago, the number of units sold between September and August decreased 5.4 per cent.
The average price of units sold within Barrie during September 2020 was $567,916. This was 0.9 per cent less than the average price during August 2020. In contrast, the average price of units sold between September 2019 and August 2019 increased by 2.1 per cent.
City of Barrie – Apartments & Condos
52 apartment and condo units were sold in Barrie this month — 1.9 per cent more than the number of units sold in August 2020. The average price of apartment and condo units sold in the City of Barrie this month was $410,601 — 1.6 per cent less than the average price in August 2020.
Simcoe County Excluding Barrie
In Simcoe County Excluding Barrie last month, 702 units were sold. This was 10.9 per cent less than the number of units sold during August 2020. At the same time a year ago, there was a 7.6 per cent decrease in the number of units sold outside of Barrie.
The average price of units sold in the areas outside of Barrie last month was $656,752. This was 1.0 per cent more than the month before. Between September 2019 and August 2019, the average price of units sold outside of Barrie decreased 0.8 per cent.
62 residential units were sold in Innisfil last month—a 30.3 per cent decrease from August 2020. During the same period a year ago (August 2019 to September 2019), there was a 29.5 per cent increase in the number of units sold. The average price of residential units sold in Innisfil last month was approximately $605,571—a 9.4 per cent decrease from August 2020. This was a larger decline than last year, when the average price decreased by 3.3 per cent from August to September.
78 residential units were sold in Orillia last month—a 1.3 per cent increase from August 2020. During the same period a year ago (August 2019 to September 2019), there was a 14.8 per cent decrease in the number of units sold. The average price of residential units sold for Orillia last month was approximately $503,535 —a 5.0 per cent increase from August 2020. In comparison, the average price a year ago decreased by 0.3 per cent from August to September.
Year-To-Date (YTD) (September 2020 YTD vs September 2019 YTD) All Residential Homes
Simcoe County
7,001 residential units were sold in Simcoe County during September 2020 Year-To-Date (YTD) (January 1st, 2020 – September 30th, 2020). This was 23.3% more than what was sold during the same timeframe last year (January 1st, 2019 – September 30th, 2019). The average price of residential units sold during September 2020 YTD was $578,634. This was 14.7% greater than the average price during the same timeframe last year.
City of Barrie
2,260 units were sold in the City of Barrie during September 2020 YTD. This was a 28.2% growth from the same timeframe last year. This growth was greater than the increase in total Simcoe County (+23.3%).
The average price of units sold within the City of Barrie during September 2020 YTD was $550,832. This was 12.1% more than the same timeframe last year, and this growth was lesser than what was seen in the total Simcoe region (+14.7%). During September 2020 YTD, Barrie accounted for 32.3% of residential properties sold. This was 1.2 share points more than the same timeframe during 2019.
City of Barrie – Apartments & Condos
312 apartment and condo units were sold in Barrie during 2020 YTD — 22.8% more than the number of units sold in September 2019 YTD. The average price of apartment and condo units in the City of Barrie this year so far was $400,350. This was 7.7% more than the average price during the same timeframe last year.
Simcoe County Excluding Barrie
4,741 residential units were sold in the areas outside of Barrie during September 2020 YTD. This was 21.1% more than the number of units sold during September 2019 YTD. This growth in number of units sold was less than the growth seen in the total Simcoe region (+23.3%).
The average price of units sold during this time was $591,881. This was 16.0% greater than what was seen during September 2019 YTD. This growth was slightly greater than that of total Simcoe (+14.7%). During September 2020 YTD, Simcoe County Excluding Barrie accounted for 67.7% of residential properties sold. This was 1.2 share points less than the same timeframe during 2019.
520 residential units were sold in Innisfil during September YTD. This was 18.2% more than what was sold during the same timeframe last year (Jan. 1, 2019 – Sept. 30, 2019). The average price of residential units sold in 2020 YTD was $584,354. This was 16.5% greater than the average price during the same timeframe last year. During this time, Innisfil accounted for 7.4% of sales in Simcoe County — down 0.3 share points from the same timeframe last year.
529 residential units were sold in Orillia from the beginning of 2020 to September 30th, 2020. This was 23.3% more than what was sold during the same timeframe last year (Jan. 1, 2019 – Sept. 30, 2019). The average price of residential units sold during September YTD was $463,847. This was 9.9% greater than the average price during the same timeframe last year. During September 2020 YTD, Orillia accounted for 7.6% of sales in Simcoe County, equal to that of September 2019 YTD.
Year-Over-Year (September 2020 vs September 2019) All Residential Homes
Simcoe County
1,031 residential units were sold in Simcoe County last month—53.2% greater than the same time last year. As well, the average price of residential units sold was $628,403, which was 26.0% greater than that of September 2019.
City of Barrie
329 residential units were sold during September 2020 within Barrie. This was 55.2% more than the number of units sold during September 2019. This growth was greater than that of total Simcoe County (+53.2%).
The average price of residential Barrie units sold during September 2020 was $567,916—13.5% greater than the average price of units sold during September 2019. This growth was less than the average-price growth of total Simcoe County (+26.0%).
Sales in Barrie accounted for 31.9% of residential sales in Simcoe County last month. This was 0.4 share points more than the same time last year.
City of Barrie – Apartments & Condos
52 apartment and condo units were sold in Barrie during September 2020 — 67.7% more than the number of units sold in September 2019. The average price of apartment and condo units in the City of Barrie in September 2020 was $410,602. This was 9.1% more than the average price during the same time last year.
Simcoe County Excluding Barrie
702 residential units were sold outside of Barrie during September 2020, and this was 52.3% more than the number of units sold during September 2019. This growth was slightly less than the 53.2% growth seen in the total Simcoe region.
The average price of units sold in Simcoe County Excluding Barrie last month was $656,752. This was a 31.9% increase in the average price, year-over-year. This growth was greater than what was found in total Simcoe County (+26.0%).
Residential property sales outside of Barrie accounted for 68.1% of sales in Simcoe County last month. This was 0.4 share points less than the same time last year.
62 residential units were sold in Innisfil during September 2020, and this was 8.8% more than the number of units sold during September 2019. This growth was significantly less than the 53.2% growth seen in the total Simcoe region.
The average price of units sold in Innisfil last month was approximately $605,571. This was a 32.0% increase in the average price, year-over-year. This growth was greater than what was found in total Simcoe County (+26.0%).
Sales in Innisfil accounted for 6.0% of sales in Simcoe County during September 2020. This was 2.5 share points less than Innisfil’s share of sales during the same time last year.
78 residential units were sold in Orillia during September 2020, and this was 69.6% more than the number of units sold during September 2019. This growth was greater than the 53.2% growth seen in the total Simcoe region.
The average price of units sold in Orillia last month was approximately $503,535. This was a 22.1% increase in the average price, year-over-year. This growth was less than what was found in total Simcoe County (+26.0%).
Orillia’s sales made up 7.6% of sales in Simcoe County. This was 0.7 share points 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.
