The Barrie Real Estate Market is expanding and GTA is becoming an increasingly attractive area for new homeowners because of its proximity to the GTA. It is located on the beautiful Lake Simcoe and is booming with restaurants, indoor and outdoor attractions, festivals, events, and a waterfront trail. You can certainly enjoy a wonderful lifestyle in Barrie and you and your family will be happy to call it home. The average house price in Barrie is relatively affordable compared to other houses in the GTA, making it an ideal location for new homeowners.
Currently, the Barrie Real Estate Market is considered a sellers’ market because of the high rate with which house prices are skyrocketing. Detached homes in the area have recorded the highest rates of price appreciation. Home prices increased to around $500K in 2020, a 10% increase from last year. Because of Barrie’s proximity to the GTA, house prices are likely to continue to increase. This is also because of the affordability difference to the houses in the GTA, whose price ranges between $900K and $1 Million.
Because of the reduced supply of houses in Barrie, houses are currently being sold above the selling price, making the market very profitable for sellers. However, Barrie is not just a seller’s market. Buyers are also encouraged to buy houses in Barrie because the price appreciation is likely to continue for the foreseeable future. As a result, buyers are likely to make massive profits from their investments. Go Transit services are also available to and from Barrie for those individuals who need to commute to work.
Benefits of Investing in Barrie Real Estate Market
Low Vacancy Rates
Both Barrie, Ontario, and Niagara Real Estate Markets have very low vacancy rates. For investors, the vacancy rate is an important factor to consider before buying real estate property. The vacancy rate affects the amount of revenue generated from a property because no money is realized when a property is vacant. Moreover, the higher the vacancy rate, the more time it takes for the investor to recover their initial investment before starting to make any profits.
Due to Southern Ontarios’ high quality of life, both visitors and residents are attracted to Barrie. Barrie’s proximity to scenic natural features such as the Kempenfelt Bay and Lake Simcoe makes it a favorable area to invest in. Moreover, Barrie is only an hour away from Toronto, which is an easy commute for people working in either of the two locations. The proximity to Toronto also provides recreational and cultural facilities for residents.
Barrie’s Growing Economy
Barrie has a strong economy and statistics show that growth is likely to continue in the future. It is a great place to develop a career because of the booming business environment that provides numerous job opportunities. If you want to live outside of Greater Toronto but still want to reap the benefits of living in a city, Barrie is the place for you. In previous years, Barrie was the fastest growing city in North America, and it is still growing to date. It provides a great real estate market for both local and foreign investors.
High Potential for Return on Investment
Barrie is ranked as the sixth most expensive rental market in all of Canada. Investors can make a large profit in this market. There is a strong tenant pool consisting of people willing to pay high rents for well-maintained houses. As an investor, you will enjoy having your rental income rising every year. Because of Barrie’s strong economy, Barrie residents earn high wages.
The Barrie Real Estate Market is one of the fastest-growing markets in Canada. Investors are guaranteed high returns on their investments. If your investment goal is to diversify your portfolio, investing in Barrie is a great idea. You will not have to worry about rising inflation rates affecting your investment.