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Barrie Market Report For November 2022

“Although home sales are still trending well below average levels for this time of year, looking through the seasonality on a month-to-month basis we can see that activity has stabilized at slightly higher levels over the past few months after reaching a bottom in July,” said Luc Woolsey, President of the Barrie & District Association of REALTORS®.

“New listings remain at historically strong levels and have raised overall inventories to levels not seen since mid-2019. There may still be some trepidation among buyers waiting to come back into the market as we continue adjusting to a highest interest rate environment, but sellers have proven they are not shying away from listing their homes through MLS®.”

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Stats are correct as of Tuesday December 13th. Based on November 2021 v November 2022

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Barrie Market Report For October 2022

Looking through the monthly seasonality it appears that home sales have marked a small rebound in the past few months compared to the bottom they hit back in July. Where we go from here is anyone’s guess but with very few interest rate hikes left on the horizon it’s possible we might begin to see some stabilization in the market ahead,” said Luc Woolsey, President of the Barrie & District Association of REALTORS®.

“New listings have been coming in remarkably strong over the past several months, posting some of the highest levels in history. This has boosted overall supply to levels unseen since the fourth quarter of 2019 and provides ample choice for those buyers willing to wade back into the market. With the effects of higher interest rates still yet to be fully realized and the housing market bordering between buyer’s and balanced territory we will likely see a continued moderation in prices through the end of the year and into 2023.

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Stats are correct as of Thursday November 10th. Based on October 2021 v October 2022

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Barrie Market Report For September 2022

Housing market activity continues to trend well below typical levels for the month of September as higher interest rates continue to erode affordability.

On the flipside, the overall inventory of homes on the market are well up from their rock bottom levels seen earlier in the year, which is good news for anyone looking to purchase or for those who have been waiting on the sidelines for an opportunity to enter the housing market.

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Stats are correct as of Thursday October 6th. Based on September 2021 v September 2022

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Barrie Market Report For August 2022

The kids are back at school and summer is winding down, so how’s the market looking? The anticipated, yearly slow down of the market was in effect during August. As people try to make the most of the end of summer, prepare for kids returning to school and with more interest hikes, we saw a year over year decrease in sale prices for Barrie of 5%. However, year to date the average sale price has risen more than 20% to $970,175.

A huge increase in active listings of more than 200% compared to 2021 has seen buyers have many options that were lacking in the earlier parts of the year. Sellers are still holding out for the prices they saw in early 2022 but taking the Bank Of Canada interest rate increases into consideration, we’re seeing a slowing down of the market. With more interest hikes in the pipeline, it’s still a great time to find that dream home.

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Stats are correct as of Thursday September 15th. Based on August 2021 v August 2022

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Market Report For July 2022

Home sales have declined sharply since February of this year, due almost entirely to a rapid set of steep interest rate increases that have brought mortgage rates up from historical lows. There’s going to be a lot of adjustment on both sides of the market over the remainder of the year as all participants revise their expectations – buyers on what they can afford and sellers on price expectations. We’ve still got a few more rate hikes expected before year end, so we anticipate the market to continue rebalancing as supply outpaces demand for the time being.

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Stats are correct as of Thursday August 11th. Based on July 2021 v July 2022

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Barrie Market Report For June 2022

Although the average sale price went up, home sales continued to decline in June, with activity remaining slightly below what would be considered typical levels for this month. The market has been turned on its head – less than six months ago we were facing some of the tightest conditions in history, with demand outpacing supply by an extraordinary margin, and now those trends are beginning to reverse. In addition to sales dropping below average levels, new listings returned to the market at the fastest rate for any June in history. The current level of available listings on the market also popped up above 1,000 for the first time since October 2019.

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Stats are correct as of Thursday July 14th. Based on June 2021 v June 2022

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Barrie Market Report For May 2022

Recent interest rate increases have taken a bite out of demand, with more moderation expected in the face of the most recent and sizeable hike at the beginning of June. Our market is very well supplied at the moment, with the highest number of new listings in any May in history bringing some much-needed relief to the supply side and restoring balance to the market. With conditions finally appearing to move out of the unprecedented tightness of the past two years and available listings on the market rising from historical lows we might begin seeing previously sidelined buyers return to the market.

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Barrie Market Report For April 2022

Sales activity declined from last year’s astronomical record to the lower end of the average range for this time of year. New listings, on the other hand, posted a record showing for the month of April. With sales down and new listings up this meant that some much-needed supply flowed back into the market. If sales activity remains subdued compared to the red-hot activity of the past two years in the face of more interest rate increases on the horizon, we will likely see a rebalancing of the market over the remainder of the year to a point where potential buyers can finally see a more normal availability of listings from which to choose.

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Barrie Market Report For March 2022

Home sales were down considerably from last year’s unprecedented March record but still came in well above typical levels for this time of year. A substantial influx of new supply was a very welcome sight in March. Overall inventories had previously dropped to the lowest levels on record with little relief in sight, and although the market is still experiencing some of the tightest conditions in history at least we have a bit more breathing room. The resurgence of supply may be an early start to the spring market, so we’ll see how much more of this comes to market and to what extent buyer appetites absorb this new inventory.

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5 Signs Of A Rental Scam

Sadly, across Ontario and even our communities, Rental scams are becoming more and more common place. We’ve put together some information that will help you understand how the scam works and what to look out for. 

If you’re on the hunt for a new rental home, you now need to be vigilant about a new type of rental scam proliferating online. Fraudsters are finding new ways to trick would-be tenants into falling for phony online ads. This scam can bilk prospective tenants out of money and time, plus cause undue stress to owners of the properties being listed fraudulently.

How The Scam Works

Basically, these rent scammers are taking photos of properties that are already online, on housing sites like MLS or, and using those photos to create fake rentals ad. They usually offer the rental well below market rates to attract interest, making it one of those “too good to be true” scenarios. 

When curious tenants start inquiring about the ad, the fraudsters will likely give suspicious reasons why they can’t meet you in person. For example, they are “out-of-town” and unable to show you the vacancy. The fraudsters will then ask you to send them a security deposit or the first month’s rent via wire transfer. They might even pressure you by saying other applicants are interested in the property. Sometimes the scammers will entice you with a discount if you send more than the first month’s rent.

The money requests are usually to be transferred via MoneyGram, Western Union or even a gift card. But once you send that money out of the country – say goodbye because it will be virtually impossible to get back.

Rent scams on the rise

According to a 2020 report, an Ontario man had his home unknowingly put online by rent scammers using photos of his property, which was in the process of being for sale. Would-be tenants began knocking on his door asking about the property and one even said they already sent a $1,000 deposit. 

It’s all part of a disturbing trend of rental scams taking advantage of tenants looking for a home. The Canadian Anti-Fraud Centre says that Canadians have lost $1.4 million in the last three years to these online rental scams. The Better Business Bureau claims that 50% of those looking for a rental home will likely encounter these types of online scams on sites like Craigslist, Kijiji and Facebook.

5 red flags of a rental scam 

  1. The first red flag to watch for is the price. If this is a nice property, way below the market rate, it could be a scam. Of course, it could be a great deal too, but make sure you should investigate it thoroughly.
  2. The “owners” of the property say they are out of the country, or out of town. Remember: it’s highly unlikely a landlord would list a rental and then leave town.
  3. If the listing’s photos are vague, and only show the outside of the property, it could be a scam. A good landlord will post quality images of the inside and outside. And if you see a “for sale” sign in the photo, you should probably avoid it.
  4. Any requests for security deposits or first-month instalment, without a formal rental agreement, should be met with deep skepticism, especially if it’s through a wire transfer like MoneyGram or Western Union going outside the country. Gift cards are another major red flag.
  5. If the alleged owner wants to communicate with you outside the rental platform or direct you to a website asking for personal or financial information, then you should turn and run away (virtually). 

How to stay safe from rental scammers

Searching for a rental home can be challenging on its own without having to deal with scam artists trying to steal your money. Here are some tips on how you can protect yourself from these online vultures.

  • Research the property in-person, if possible, and insist on meeting the landlord at the address. Take the time to visit the rental listing and see if it’s accurate and truthful to its online ad. If you cannot see it in person, ask a friend or family to view it for you.
  • Double-check the address isn’t being used elsewhere online. Google search the address to see if it’s been used in a duplicate post, or reverse image search the photo.
  • Request a lease or contract before you consider sending a deposit. Review it thoroughly and make sure it is legitimate. 
  • Know your rights as a tenant. The Government of Canada provides information on the rental process and which provincial housing ministries you should be aware of. Also, you should contact the Canadian Anti-Fraud Centre (1-888-495-8501), the RCMP or your local police if you have information about this type of online rental scam.

Of course the safest way to find your next rental property is to contact a For Sale In Barrie agent who will be with you every step of the way!