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!