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In 2016, experts ranked Barrie, ON as the 8th top city in Canada to buy real estate in. With a fair average home price to income ratio and impressive 5-year price appreciation rates, Barrie is a city that offers good value and is a smart investment for homebuyers in Canada. Now in 2017, new studies and reports agree that the Barrie housing market is hotter than ever. They predict that Barrie will soon become the top performing housing market in the country, with home prices expected to increase by 8% each year over the next 5 years.
What does this mean for you, if you’re considering buying a home in Barrie?
First of all, it means you can rest assured that now is a good time to buy in Barrie. If you’re coming from Toronto or the GTA, where the average is over $1 million for a newly built GTA home, Barrie is a more affordable option, and with prices predicted to keep rising you can be pretty certain that you’ll be making a smart investment. If you decide to sell your home in the future, you should net a nice profit.
Secondly, it means that if you want to buy a home in Barrie, you’ll need to act fast when a good opportunity arises. Do your research now, clearly identify your needs, know your price range and get your mortgage pre-approval, and be ready to make a quick decision when you see a good offer. Because demand is higher than the supply of new homes available in Barrie right now, if you snooze – you’ll lose.
Thirdly, this means that you’ll want to get the best value you can, since the market is rising at unprecedented rates, and since, as I’ve blogged about before, housing prices are higher than ever. Finding affordable housing is more challenging than ever before. How can you find the best value? For starters, start small. Townhomes (like the Smart Towns I’m building in Barrie) are a great way to enter the market for first-time buyers. Buying pre-construction is another way to get a deal.
Buying a home in Barrie, ON is a great choice. The city has a ton of amenities, like major and small businesses, recreation, events and more. As well, it’s extremely accessible – my homes are conveniently close to the 400 and local transit. There’s also a nearby GO Transit station, which makes commuting to and from Barrie a breeze. Barrie should definitely be a consideration if you’re in the market for a new home for your family.