Balanced market expected in 2020, prices to rise 5%
The RE/MAX Barrie Housing Market Outlook for 2020 is calling for balanced market conditions, which characterized market activity in 2019 as well. The average residential sale price expectation for Barrie in 2020 is an increase of five per cent, due to similar market conditions and demand levels experienced in 2019.
Housing affordability continues to be the region’s main draw, attracting homebuyers from pricier parts of the Greater Toronto Area. New development projects in land annexed south of Barrie and upcoming condominium projects are expected to have an impact on the housing market ahead. An automotive innovation industrial employment project has also been approved in Oro, which will lead to job creation and a boost is market activity.
Additional factors that are expected to have an impact in the local housing market include potential changes in interest rates, additional GO Train service for commuters, demand and inventory levels.
Move-up buyers and first-time buyers are expected to drive demand in 2020, which has historically been the case for Barrie’s housing market. Popular neighbourhoods to watch in 2020 include southwest Barrie (Holly and Ardagh), City Centre and the Hanmer Street area.
From a national perspective, RE/MAX anticipates a leveling out of the highs and lows that characterized the Canadian housing market in 2019, particularly in Vancouver and Toronto, as we move into 2020. Healthy price increases are expected, with an estimated 3.7-per-cent increase in the average national residential sales price, according to the RE/MAX 2020 Housing Market Outlook Report.
Most individual markets surveyed across Canada experienced moderate price increases year-over-year from 2018 to 2019. However, some regions in Ontario continue to experience higher-than-normal gains, including London (+10.7 per cent), Windsor (+11 per cent), Ottawa (+11.7 per cent) and Niagara (+12.9 per cent).
“Southern Ontario is witnessing some incredibly strong price appreciation, with many regions seeing double-digit gains,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada. “Thanks to the region’s resilient economy, staggering population growth and relentless development, the 2020 market looks very optimistic.”
Click to read the full RE/MAX 2020 Housing Market Outlook Report.