Barrie, Ontario’s Home Prices are Expected to fall by 15% in 2023

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Homeowners in one Ontario city are bracing for a dramatic decline, with an anticipated decrease of over $114,000 in average home prices by next year.

 

Barrie is expected to see an average 15% decline in home prices over the next year. The current average price between January 1st and October 31st 2022 was $763,109 but RE/MAX’s Housing Market Outlook predicts this amount will have dropped significantly by 2023 to a figure just shy of $650K ($648,642.65).

 

In 2023, Barrie’s housing market is predicted to take a hit as home sales are projected to decrease by 10%. On the bright side, this will bring an influx of new homes and more variety for potential buyers.

 

The city’s housing market is poised to be influenced heavily by first-time buyers in the coming year. Hoping for an affordable and attainable way into homeownership, many of these new players will likely move toward co-ownership or rental units as their options.

 

According to Elton Ash of RE/MAX Canada, Across Canada, market activity is expected to return to a “more-regular pace” in the second half of 2023 as economic conditions stabilize.

 

Homebuyers will likely be able to snag residential properties at a discounted rate in 2023 – with average sale prices projected to drop by 3.3% across the country!

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Barrie 12 Months Median House Price Trend

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Vik Palan

Vik Palan

Chief Editor - Ratestead.ca

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