Barrie Real Estate Market Update – August 2014

Barrie Real Estate Market Update -  August 2014

Overall Canada’s Residential Real Estate Market  : Canadian Real Estate Association (CREA) boosts annual forecast as August home sales surge

According to The Globe and Mail, “Low mortgage rates have driven Canadian home sales close to an all-time high, catching many economists by surprise. Sales of existing homes have risen for seven months in a row, according to data released Monday, Sep 15 2014 by the Canadian Real Estate Association (CREA), which represents Realtors and tracks the market by way of the Multiple Listing Service. August’s sales level was the highest since January, 2010, and just six per cent below the record peak in February, 2007.” Over all, August’s sales were 1.8 per cent higher than July’s on a seasonally-adjusted basis, CREA said.

Bank of Montreal has once again lowered its five-year fixed mortgage rate to 2.99 per cent, from 3.29 per cent, a move that could cause more downward pressure on rates at a time when they’re already defying expectations.

 

 

august 2014Summary of Barrie & District Real Estate Market

Home Sales Activity 437 homes (increase 10%)

Average Price of  $339,807  (increase 6.6%)

House on Market 1,459 (increase 3%)

 

Summary of Barrie Real Estate Market

Home Sales Activity 266 homes (increase13%)

Average Price of  $319,416 (increase 6%)

 

 

 

“August was another strong month for home sales in Barrie and surrounding areas, with sales hitting the highest level for the month of August in seven years and running not far off the record for the month set a decade ago,” said Jerry Hay, President of the Barrie and District Association of REALTORS®. “While supply has risen in recent months, the market remains historically tight. As a result, price gains continue to run well ahead of inflation.”

 

Residential property sales recorded through the MLS® System of the Barrie & District Association of REALTORS® Inc. numbered 437 units in August 2014. This was an increase of 10 per cent from last August.  Within the City of Barrie sales activity was up 13 per cent from a year earlier.  The City of Barrie saw 266 residential sales in August.

 

The year-to-date average price for all homes sold via the Association’s MLS® System in August 2014 was $339,807 , up 6.6 per cent from August 2013. The year-to-date average price figure for homes sold within the City of Barrie was  $319,416. This was a 6 per cent increase compared to the average selling price in August 2013.

 

Overall supply remains below levels seen in most of the past decade but has ticked higher in recent months. Active residential listings on the Association’s MLS® System numbered 1,459 units at the end of August 2014, increase 3 per cent from year-ago levels.

Comments are closed.