It has been no secret that the Canadian Housing market has been on an upward rise since the fall but does the age old saying “what goes up must come down” apply? This saying will hold true for us but don’t worry! Understanding how this trend will affect our future decisions will help us navigate the market more efficiently. Let’s get into the nitty gritty of how the burst of the Housing Bubble will affect the Barrie Real Estate Community.
The housing bubble – an ominous name for multiple different factors that halt the rise of our current housing market. This bubble will theoretically pop; reaching its maximum potential and embark on a potential slow decline. What is the cause of this bubble bursting? Some would argue that a lack of either a supply or demand therefore creating an unsuccessful imbalance. Others would argue that an eventual maximum price is reached and most buyers will hold out. Not only this, but with the Ontario government promising to announce affordability measures soon within Toronto, we will soon see the affects trickle down onto neighboring cities and towns.
Barrie has one of the hottest real estate markets in Ontario. According to new information provided by Barrie & District Association of Realtors, the cost of a detached residential property rose 36 per cent, when compared to April 2016. There has currently been more inventory available in Barrie which has created competition for sellers and therefore more opportunity for buyers.
Also with that, there has been a recent slight cooling of the Barrie Real Estate market, which may be a great opportunity for buyers to take advantage of. Due to the recent ripple of the 15% Foreign Buyers Tax, there will be some buyers sitting on the sidelines waiting to see how it plays out.
With Georgian College and Royal Victoria Hospital (RVH) as prominent places to work and attend within Barrie, these employees and students need places to live. Landlords need houses to rent out to these people. Therefore you will see many housing developments popping up all over the city – housing developers are taking advantage of this market. Even Simcoe County has been evolving into a hot place to buy and sell, perfectly situated between the city and cottage country.
This might seem overwhelming to some but don’t fear! There will always be different avenues that you can take to survive the burst of the housing bubble and navigate Barrie’s housing Market. Whether you want to find houses to buy in Barrie or are looking to sell you need to have a trusted, compassionate Real Estate agent to guide you. It is possible for buyers to succeed in their home ownership journey, they just need to be informed. Whether you need help negotiating, understanding the process or have questions, Seller with Weller’s expert experience and no pressure attitude can help you find your dream home. Buying or selling a home can be a complicated and stressful process but Michelle will walk you through the entire process with ease. Contact her today to explore your options and ask any questions you may have!