Softer Market in July
Prices declined over 2% for the first time since November on a month-to-month basis in Barrie
While listings inventory is uncharacteristically below levels we normally experience (i.e. prior pandemic), inventory is trending up as the number of transactions keeps decreasing. Weaker demand with a stagnant or slightly increasing supply results into a softer market.
The good news regarding inflation don't seem to reassure the Bank of Canada and the pressure on the prime rate continues to affect variable rate mortgages along with the bond market now pushing on the fixed rate mortgages. A good conversation with a mortgage broker will help you figure out the best course of actions to manage the risks and set you up to take advantage of the rates when things will turn around... because they will.
The average price in Barrie for July was at $774,394 down 2.39% from June's $793,394 and almost at par with July 2022 with a slight decrease of 0.2%. Remember that July 2022 was free falling (-19.7%) from record average price of February 2022 then at $965,191. In retrospective, Barrie's average home price back in July 2019 was $482,519.
If you own a home for a number or years, do you still think it is not worth considering selling if this is part of your plans?
If you are a buyer, I will give you that this is challenging and frightening, however, this respite could be your opportunity to realize your goal and adopt the right strategy for you to navigate the interest rates as they will change. Keep focus on the long term and mitigate short term risks.
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Circumstances change and they should not stop you from either buying or selling and putting your plans into action. Being equipped with the right information and sound advices that are relevant to your situation is crucial.
Pricing is again all over the place; we see several price reductions while others are still under pricing properties to generate multiple offers and these are valid strategies depending on the area and type of properties. I am here to assist you establish the right strategy and cut through the fog.
Need clarity? Let's have a chat!
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