Jack  Davidson

Jack Davidson

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Seller’s market expected for Barrie in 2021, prices expected to rise 4%

The Barrie housing market is in store for another seller’s market in 2021, thanks to continuing challenges in housing supply, growing demand and rising prices. Low inventory has been a common trend across many Ontario housing markets, putting upward pressure on prices.

Indeed, single-detached homes in Barrie saw prices rise to an average $596,960 in 2020 (Jan. 1-Oct. 31) compared to $539,890 in 2019 (Jan. 1-Dec. 31). During the same period, the average price of condominium properties in the region increased to $399,408. Low supply and rising prices are expected to be a continuing factor in 2021 market activity. Thus, the RE/MAX outlook for Barrie real estate is an increase of 4% in average price to $569,525 across all property types, with sales also expected to see an increase of 5% over 2020 levels.

Housing inventory is very tight in Barrie, currently sitting at one to two months. This shortage that prompted a seller’s market in 2020 is likely to continue in 2021. While more housing supply is expected to come on stream, demand will far outweigh any boost in inventory. Days on market should remain on par with 2020 levels.

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