Answers for all of your Real Estate Questions
Tammy Wigley – One Percent Realty
I have worked in the real estate industry for the past 10 years. In this time, along with my husband and daughter we have sold 100’s of homes and help many families realize their real estate dreams. In fact in 2008 we were the number one team at Sutton Group Incentive Realty in residential sales.
I have a strong passion for real estate and enjoy working with Sellers and Buyers helping people achieve their dream of home home ownership or moving on to their next home or property.
I have joined One Percent Realty because I truly believe people need and are looking for an alternative to high real estate fees and looking for ways to put more of their equity in to their pockets. I am here to help my clients move on and save.
Call or Text Tammy: (705) 790-1340
Good news is coming down the pipeline for those wanting to buy a home in Barrie: the real estate market is finally stabilizing.
A recent study by Century 21 Canada found that the price per square foot (PPSF) of a detached house in Barrie is $283. According to the study, the most expensive area in Canada was downtown Vancouver with a PPSF of $1,345. The least expensive was Moncton, New Brunswick at $101.
“It has been an unpredictable year in Ontario housing prices, with the price per square foot rising and falling from community-to-community and even suburb-to-suburb,” said Brian Rushton, executive vice president of Century 21 Canada.
The nationwide study revealed that the PPSF of downtown Toronto rose more than 10 per cent in the last year and continues to top Ontario home prices, while prices rose and fell turbulently in suburbs and other communities in the province.
Many local experts predict a trend toward home prices leveling off across the county.
When the Government introduced new stress test rules in Jan 1, 2018, there has been a noticeable drop in both home sales and home prices. First Time Home buyers were the hardest hit segment of the market.
The new mortgage stress test rules, in place federally since Jan. 1, require that mortgage lenders now have to qualify all conventional mortgages using the Bank of Canada’s five-year benchmark rate. Buyers will need to qualify not only for the rate negotiated as part of their mortgage contract, but also at their current rate plus two per cent, or the bank’s average five-year posted rate, whichever is higher.
In October, the average detached family home in Barrie sold for about $486,900. There has been a modest increase in the prices of town homes and condominiums, as the higher priced detached homes are out of the reach of most younger buyers.
The annual survey of data on the price per square foot (PPSF) of properties gathers and compares sales data from its franchises across Canada from Jan. 1 to June 30 of each year. This year’s survey looks back 20 years in some markets to 1998 prices, as well as comparing 2017 prices with this year’s results.
The PPSF of a condo in downtown Toronto rose to $903 from $819 last year, making Toronto Canada’s second most expensive city for homes after Metro Vancouver.
Meanwhile, the PPSF for a detached house in Markham and Richmond Hill each fell 24 per cent to $379 and $445 respectively, while condos in Peterborough rose to $255. House prices in Ottawa and Guelph were more stable, rising 4.65 per cent to $225 and 4.5 per cent to $397, respectively.