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Barrie is a city that’s growing and the housing market is thriving. The Real Estate Investment Network coined Barrie as one of the top places to invest in the entire province. Barrie ranked third behind Cambridge/Kitchener and Hamilton. Barrie has a growth strategy to implement by 2031 that will see the population rise to 210,000 and jobs to over 100,000. One of the key ingredients to Barrie's growth was the addition of the GO Train. It’s such a great mode of transportation to get back and forth from the GTA. Commuting from Barrie to downtown will increase the flow of residents moving from GTA to Barrie.
Why buying a Preconstruction homes in Barrie maybe a good idea?
Investing in the preconstruction is one of the ways to grow your assets. Investing in Barrie and pre-construction condos are on the rise. This is largely due to the new immigrants and their families who want to take advantage of Canada’s prosperity and its welcoming attitude to new immigrants. The projected population increase will lead to more demand for homes, which means that condo projects are also a great opportunity for investors looking to profit from Canada’s continued economic growth. Investing in pre-construction condos in Barrie is a very smart move.With an increasing population due to immigrants, there will be an increase in demand for housing and infrastructure will improve. Buy now and make sure you are on the ground floor of this growth spurt. Investing in a condo project in Barrie at the pre-construction stage is an excellent opportunity for any serious investor. The city's growing population and outstanding infrastructure as well as job opportunity is a magnet to residents living in Toronto and surrounding areas. The City of Barrie has a thriving economy and it is a top location for new immigrants in Canada. Recently, the long vacancy rate has dropped and the number of condo projects under construction is growing rapidly; this indicates that there are more condos needed. Over the last two years, several developers have started building new condominiums to accommodate families who have moved in and plan to stay here for many years to come.
Average Detached home prices in Barrie ( 2021)
The median sale price for single detached homes posted a large increase of 35.3% on a year-over-year basis to reach $1,076,000 in the first quarter of 2022. This was a new record for the median sale price.
The median sale price for townhouse and row units posted a large increase of 36.1% on a year-over-year basis to reach $830,000 in the first quarter of 2022. This was a new record for the median sale price of townhouse and row units.
The median sale price for apartment units posted a large increase of 37.8% on a year-over-year basis to reach $617,500 in the first quarter of 2022. This was a new record for the median sale price of apartment properties.
Source: Canadian Realestate Association
CREA STATS on BARRIE HOME sales in 2022
The average price of homes sold in May 2022 was $1,001,372, up by 22% from May 2021.
The more comprehensive year-to-date average price was $1,022,995, an increase of 29.1% from the first five months of 2021.
The year-to-date average price figure for homes sold within the City of Barrie in May 2022 was $915,993. This was a gain of 27.2% compared to the same month in 2021.
The year-to-date average price figure in surrounding areas in May 2022 was $1,134,422, a gain of 28.4% compared to the same month in 2021.
The dollar value of all home sales in May 2022 was $426.6 million, a big reduction of 22% from the same month in 2021.
The number of new listings were up by 25.8% from May 2021. There were 1,122 new residential listings in May 2022. This was the largest number of new listings added for the month of May and was also the highest number added for any month in history.
New listings were 19.9% above the five-year average and 25.5% above the 10-year average for the month of May.
Active residential listings numbered 928 units on the market at the end of May, an advance of 86% from the end of May 2021.
(Data Source : Crea https://creastats.crea.ca/board/barr )
Barrie is highly centralized, providing easy access to major cities like Toronto. The city has emerged as a high-tech hub of Ontario in recent decades. Barrie is one of the fastest-growing cities in Canada, which is a huge indication of exceptional city life. The city is diverse and vibrant, and so are its neighborhoods.
Ethnic Origins of Barrie Residents
Desirable neighborhoods in Barrie
Downtown Barrie is a very attractive neighborhood with easy access to the city’s waterfront, beach, nature trails, and playgrounds. Alongside detached homes and new high-rise condos, downtown Barrie is home to historic buildings.
Sunnidale is known for its large lots, bungalows, and open spaces. This neighborhood appeals to families who enjoy living close to scenic sunnidale park, trees, and recreational amenities.
Allandale is one of the older, charming waterfront neighborhoods in Barrie. It provides easy access to a beautiful walking and biking path, several parks, and playgrounds alongside the kempenfelt bay.
Holly is one of the fastest-growing and most desirable neighborhoods in Berrie. Residents often spend their evenings in Holly Community Center or relaxing at Ardagh Bluff.
City Center is located in the urban core of Barrie and has a plethora of attractive amenities. It overlooks the lake Simcoe waterfront from an array of downtown apartments.
Low Crime Rate
Lower Cost of Living
Green Spaces and Recreational Facilities
Mortgage rates in Barrie can widely differ depending on your lender, down payment, tenure, mortgage type, and insurance. A standard mortgage rate on a 5-year fixed mortgage is around 4.59% as of this writing in October 2022.
As for the minimum down payment,
If purchase price is less than $500,000- 5% min down payment
If purchase price is between $500,000 to $999,999- 5% min down payment on the first $500,000 and 10% on the remaining amount.
If purchase price is over$1,00,000- 20% min down payment
The property tax is subjected to the assessed value of your house/land. The assessed value is not equivalent to the market value of the property. The total residential property tax rate is 1.254822% in Barrie, which is comparatively higher than in many places. The tax amount is ultimately calculated by multiplying the tax rate by the assessed value of the property.
How much does it cost to live in Barrie?
Barrie is considered the third most affordable city in Ontario. The cost of living is significantly more rational than in the Greater Toronto Area. Rent and other household costs also vary across different areas within the city.
The average monthly expense of a family in Barrie is around C$5287 on different sorts:
Phone and Internet
Lifestyle you lead significantly alters the cost of living. Shopping and other recreational activities expenses vary from person to person. The cost of living in Barrie is cheaper than 67% of cities in Canada. Dining in restaurants from time to time is not a big difficulty although food prices are a little on the costly side.
Barrie residents usually prefer their own vehicle but owning a vehicle is a responsibility, it requires regular maintenance and insurance, which can be a bit of a hassle. Public transport in Barrie is served by the Canadian public transport agency called Barrie Transit. You can use a taxi, bus, or train at your convenience. GO Transit offers daily service to and from Greater Toronto Area(GTA) from two stations in the city.
PRESTO can also be used for cashless transactions while traveling within and between transit systems across GTHA. PRESTO fares include
$34 for adult
$22 for child
$128 for adult
$84 for child
$3.10 for adult
$2 for child
Barrie is a dynamic and a charming city. With its beach-lined waterfront setting, there are a plethora of things to see and do during your weekends. With over 90 parks, swimmable beaches, and ski opportunities, weekends in Barrie can be anything but dull. Here are some of the weekend destination recommendations for you:
MacLaren Art Center
Maclaren Art Center is a prominent art gallery and museum in downtown Barrie. The art gallery flaunts its collection of over 27,000 national and international artworks. It also hosts shows and special exhibitions throughout the year. A visit to this museum can be a great learning experience.
Barrie Centennial Park
Barrie Centennial Park is a great waterfront park to spend a relaxing summer weekend. It is a great place for swimming, jogging, birdwatching, biking, or just lounging on a lawn chair and watching the boats in the bay.
Sunnidale Park Arboretum
Sunnidale Park is the largest urban municipal park in Barrie. It is a vibrant park and a perfect choice for snowshoeing, cross-country skiing, hiking, or birdwatching. It is also a popular choice for wedding photoshoots due to its natural setting, gardens, and trees.
Flying Monkeys Craft Brewery
Flying Monkeys Craft Brewery located in downtown Barrie is leading Ontario's craft beer scene. They offer 16 draught beers and pub foods in their beautiful waterfront brewhouse. It is a perfect place to spend your weekend nights with your friends.
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