Barrie 2024 year in review!
It’s time for our 2024 year in review here in Barrie! With another year almost done, let’s take this opportunity to reflect on how our city’s real estate market performed over the past 12 months. Plus, we’ll take a look at what buyers and sellers should consider if they are thinking about entering the market in the new year!
Bank of Canada movements
The Bank of Canada was in the news several times throughout the year as it had a busy year of interest rates adjustments! At the start of 2024, the overnight lending rate in Canada was five per cent. For many Canadians, this was the highest rate in memory, as the last time the overnight rate reached five per cent was back in 2001. The BoC has performed a series of aggressive rate hikes in an effort to curb inflation in Canada. As a result, Canadian homeowners experienced increases to their mortgage rates that caused periods of financial stress. However, the Bank of Canada has brought rates back down to 3.25 per cent, a large decrease over the course of the year. Canadians will enter 2025 with a sense of relief that they have experienced peak mortgage rates for a while.
Housing market in Barrie
How did Barrie perform in the housing market this year? Housing prices experienced a 7.4 per cent increase over the course of 2024, with the average price currently sitting at around $720,000. However, this is actually a lower price on a monthly and quarterly basis, showing a 3.2 per cent and 0.2 per cent decrease respectively. While the housing market was pretty steady, the market is much more balanced today than in previous years where sellers held the power. The Barrie market has a 97 per cent listing to selling price ratio, meaning homes are selling for just under what they are listed for. December data shows homes take an average of 31 days to sell, and of 601 new listings over 28 days, 221 have sold. If these trends continue into 2025, buyers will be in good shape to enter the market.
*All data from Zolo
Preparing to buy or sell in 2025
Are you hoping to buy or sell a home in the new year? You can take this time to start preparing yourself so you are ready to go once we reach January. If you are a buyer, you will enjoy lower mortgage rates than you would have done one or two years ago. However, your timing in the market will also impact your experience. If you plan to buy a home in the winter, the market will be slower, with fewer buyers and fewer sellers. This means you will have less competition, but also fewer properties on the market that meet your needs. On the other hand, buying in the spring or summer will provide you with many more listings to browse, but you will also be competing against many more buyers. If you are a seller, you will also need to consider these factors. No matter which side of the market you are on, be sure to discuss your options with your real estate agent to decide the best path for you.
Thank you for a great year!
Finally, I want to thank you for another excellent year! Working with clients like you, and helping homeowners find the perfect mortgage product, is incredibly rewarding. I love being able to find the right solution for you in today’s market, and look forward to another great year of working together. Have a safe and happy holiday season, and we will see you in the new year!
If you have any questions about your mortgage, get in touch with me!