glendem4

GTA prices are down 20% from recent high in April 2017 at $920K to $730K.

http://www.seekingalpha.com/article/...ocs-hike-today


See CTV article People are walking away from real estate deals | CTV News for information on people unable to close house purchases and losing $20-50K in deposits

magnumpi

Barrie house market got hot ?

glendem4

Yes, house price rise of 20% from $450K in 2016 to $540K in early 2017 as an average according to the local press.

plasticcanuck

I don’t regard Barrie as being in the GTA.

OrangeMango

The prices were unreal anyway. Coming down, is only more or less the normal or the real price.

Aviator

The 'average price' stats are a bit misleading though from a house price perspective. They are the average selling price of properties in that period, rather than the average price of a specific size and type of property. If more lower priced properties sell in a period, the average price goes down. Does not necessarily show a downward move in property values.

glendem4

Same point can be made when house prices go up, if more high end properties are sold. What is important is the trend and the number of properties on the market. In Barrie the realtor had only 50 properties on the books in Spring. Today, the same realtor has 650 properties.

glendem4

Average house prices in Barrie dropped from $604K at the crazy peak of Spring 2017 to $543K in July and down again to $516K in August. That is almost 15% in 5 months. Another 0.25% bank rate rise in October may cool the market more and hopefully send prices down another 10% to the average of $450K last seen in 2016.
https://www.barrietoday.com/local-news/barrie-house-prices-still-up-but-more-reasonable-716744

Tirytory

Barrie is definitely not GTA... the article very much applies to Toronto. I live an hour north of Barrie and use it for the big box shops, and various sporting activities for the kids. A "nice" family home in a nice neighbourhood in Barrie is likely to be around the $750 mark. We've had the ripple affect up here from people priced out of the Toronto and Barrie market so our house has gained over a 100k in "supposed" equity in less than a year. We're pretty glad that we bought last year instead of this. The market is still strong up here though.

Personally I wouldn't live there or the Don Mills area either, they both strike me as grey, soulless and cramped but I think maybe I have got use to living in the country now.

glendem4

Barrie like London suffered from the over spill in Toronto prices in Spring this year. Original post was highlighting the down draft from the 20% drop in average Tornto prices since the crazy peak.

Barrie information is tracked using the Barrie and District Association of realtors .
https://www.bdar.ca

Tirytory

I know that, I do live here. But they are talking about an average house price... an average house price of $500 something is pretty pricey.. Barrie is commuterville to Toronto that's why house prices are high, although I've been up and down the 401 at the wrong time that I would never remotely consider it. Winter commutes in a snow belt and cottagers in summer all make it a bit of a nightmare.

MarylandNed

Neither do I. The GTA consists of Toronto, York, Durham, Halton and Peel.

OrangeMango

Barrie was never part of the GTA, it's just too far away. I would even have trouble considering Aurora or Newmarket as GTA, and that's closer.

OrangeMango

I don't know if that's really true. Many suspect that Toronto is now the biggest property bubble in the world, and that bursting would certainly have an effect on surrounding cities.

"Property market cooling" would mean to me that there are less viewings and fewer offers for one property. It could mean that sales volume in terms of fewer transactions are part of the market cooling process while at the same time, fewer but more luxurious properties exchange hands.

magnumpi

Maybe Barrie is colder now because property in the GTA has become more affordable, some prices are levelling off or even dropped a little, but still overpriced IMO, Barrie would be a long commute to Toronto and not everyone's first choice to live