‘Just because the number of units sold could potentially increase, it does not mean that prices will automatically rise,’ says columnist
Condominium sales in Barrie have remained low as we move through the second quarter of 2025.
In May, there were 33 condos that sold, which was down 34 per cent from May of last year.
There could be a possibility that condo sales may start to increase since the Bank of Canada held the prime lending rate at their last announcement. This rate hold could indicate the beginning of a more stable market and may boost buyer confidence.
That said, just because the number of units sold could potentially increase, it does not mean that prices will automatically rise.
These are two separate elements of the overall picture. There are a lot of condominiums currently listed for sale and before we see prices start to go up, there needs to be fewer price adjustments happening and the days on market to sell properties must come down first.
Last month, there were 22 condo apartments that sold in Barrie with an average sale price of $561,359. Although prices have fluctuated over the past year, this was a five per cent increase year-over-year for the month of May. The average days on market that was recorded was 37 and the sale-to-list ratio was 97 per cent.
Sales in the condo-townhouse sector have been down this year, too. Unfortunately, this is not unusual in a declining market. Freehold houses have become much more affordable over the recent months and, as a result, many buyers have chosen to shift their focus toward freehold townhouses or semi-detached homes rather than focusing on condo townhouses.
Although the sale price might be slightly higher, there are no monthly maintenance fees, making this property type direct competition for any condo-townhouse seller.
In May, there were 11 condo townhouses that sold in Barrie with an average sale price of $496,136, which was down 3.5 per cent from the same time last year. The average days on market was 34 and units were selling for 97 per cent of their list price.
Things to consider when buying in a slower, more balanced real estate market:
- View as many properties as possible before making a decision. There are a large variety of condo units for sale in Barrie right now in various condominium complexes. Get a feel for each community and make sure the lifestyle is a good fit.
- When you are ready to put in an offer, make sure to add conditions that protect your best interest. Purchasing real estate is one most expensive purchases you will ever make, so make sure to cover all your bases.
- Choose a Realtor wisely. Not all agents know what each condo complex has to offer and how they differ from other buildings. With inventory being the highest that it has ever been, now is the time to get out and view properties as there is a good variety to look at and some great opportunities for buyers.
Things to consider when selling in a slower, more balanced real estate market:
- Be one step ahead of your competition. This means being mindful of how others are priced — especially if there is a chance that they may need to adjust their asking price. If you’re serious about selling, thoughtful pricing from the start can help position your condo competitively and attract the right buyers.
- Do everything you can to make your condo unit stand out. Painting, staging and decluttering can be a lot of work, but remember, you only have one chance to make a great first impression.
- Interview multiple Realtors. The condominium market in Barrie is quite different from the freehold housing market, so it would be wise to choose to work with a local agent who understands condo living and the unique trends in the condo market.
There are 293 condominiums for sale in Barrie, including 209 condo apartments, 75 condo townhouses and nine life-lease units. This is the most inventory that the Barrie condo market has had for sale at a given time. In June 2024, there were approximately 195 condos for sale in Barrie.
