Barrie mortgage brokers have recently been seeing a steady increase in the amount of bidding wars occurring in the small city of Barrie, Ontario. With only 135,000 people living there, Barrie had long been seen as a place to get an affordable home for a growing family but it seems that times are changing. In fact, Barrie has recently received the label of one of the hottest housing markets in Canada, with Re/Max Spring Market Trends report showing that Barrie’s average house price rose by 39% in 2017.
Only an hour outside Toronto and on the shores of Lake Simcoe, Barrie is now feeling the ripple effects of Toronto’s bursting home market and homeowners are seeing those effects. Houses that once would have sold in a couple weeks are now selling overnight, well over asking and with multiple offers.
So is it still possible to lay your hands on a home in Barrie without breaking the bank? Our Barrie mortgage brokers at Group Mortgage Solutions think so. First, seek mortgage pre-approval before you go shopping for your new home. Mortgage pre-approval lets sellers know you’re really in the game and are coming with a guaranteed loan from a bank. This is one less hurdle to jump over when you find the home you want.
Current housing prices are showing that a detached home in Barrie will set you back about $600,000. This is almost 42% more than it was last year. While a real bummer for someone looking for those cheaper prices of the past, it’s also important to consider that this is still hundreds of thousands of dollars cheaper than buying in Toronto.
If you’re looking to buy a home in Barrie and are uncertain if you’ll still have a chance, our Barrie mortgage brokers encourage you to call Group Mortgage Solutions to get reliable and knowledgeable help so that you can better understand how far your finances will get you in fair Barrie’s suddenly booming market.