Housing Prices on the Rise!
Royal LePage recently released a Housing Price Survey for Canada and prices are showing no indication of dropping this year. According to the survey, The City of Barrie’s average price for standard two-story houses went up 5.8%, and detached bungalow’s went up 11.1% in the second quarter of this year, compared to a year ago.
With prices on the rise, buyers needs to realize “You can sell for higher, just remember you still have to buy in a higher market,” says Sheila Croney, The Mark Faris Team Sales Representative. Royal LePage forecasts that overall house prices will see modest gains throughout the remainder of 2013, projecting a 3.0 percent increase for the full year when compared to 2012.
Condominiums were the only property type to show a decrease in prices in the second quarter of this year, compared to a year ago. “People are cautious regarding condo fees. The overall expense of owning a condo may end up being more money on a monthly basis. A mortgage can be amortized over 25 years, but condo fees (if they are on the rise) are still due every month,” says Sheila. Although a condo can be a great option for those searching for less maintenance, and a more active lifestyle with many buildings offering excellent amenities.
With housing prices on the increase, what does this mean for The City of Barrie and the real estate market? “As long as the increase is slow and steady, things should remain stable” Says Sheila. The Royal LePage House Price Survey is the largest, most comprehensive study of its kind in Canada, with information on seven types of housing in over 250 neighbourhoods from coast to coast. A complete copy of the survey is available on The Mark Faris Team website a twww.markfaris.ca .