The Barrie and Discrict Real Estate Board gathers local statistics on mortgage, housing and employment trends. Their results are summarized below with some additional commentary from myself.
In January and February of '09, the Board reported a declining trend in the area's resale housing market. Specifically, sales are down 22.8% from the previous time last year. The result is a very balanced market between buyers and sellers right now which has stunted year over year price gains. Housing value are up .8%. So, this shows us that even in the toughest of economic environments, the Barrie and Orillia housing markets are very resilient. While housing prices are sinking across the country due to the moderating economy and the weakest housing season (the winter months), we still see growth in prices in Barrie and Orillia. Given that mortgage rates are at all time lows - with rates at 3.75% for 5 years (or lower!), it certainly looks like a very enticing market to buy in. Over the long term, the area should continue to fare extremely well as Barrie and Orillia and the region is consistently ranked as the hottest housing market in Ontario.
Employment in Barrie was down almost 1% over the winter, mainly due to layoffs in manufacturing. This said, the area is faring well in contrast to markets such as Windsor and other cities in Ontario where employment is down 8-10%. As the economy recovers, jobs in the areas of retail trade, transportation and warehousing and finance industries should continue to flourish.
Given low mortgage rates and one of the strongest housing and economic environments in Canada, Barrie and Orillia are well positioned for strength as we move into the Spring and Summer housing season and as the economy begins to stabalize.
Comments