Continued GTA Price Increases Making Barrie Waterfront Property Attractive

Wow!   What an exciting week it must have been for my fellow Realtors in the GTA! There were 3 homes owned by the Toronto Community Housing Corp.(Low income, assisted housing) listed and sold for a combined $602,000 over the asking price! According to an article in the Toronto Star this past weekend, there were some 72 offers registered on the 3 properties on Crawford Street, quite “run down” street and definitely not a prime location. The sales and the frenzied demand for what were considered to be well priced but dilapidated properties needing major renovations sent a buzz through Toronto’s real estate network Friday afternoon.

As an example, one 3 bedroom semi-detached home on a 43 by 110 ft lot with mould issues was listed at $549,000 and sold for $770,000! The most amazing sale was a 3 storey, 6 bedroom home listed at $995,000 and sold for $1,111,000. The Realtor who sold it said ” it will require a total gutting”. The Toronto Community Housing Corp is hoping to sell all of its 675 detached or semi-detached homes in many of the up and coming neighbourhoods to raise the necessary funds for much needed renovations on its multi-unit assisted housing buildings. At those prices, it won’t take too long! Said one Realtor, Brian Prashad ” It basically shows that there is a lack of supply on the market and until that changes, prices are going to continue to rise”

I don’t think we will experience anything like that in the Barrie real estate market or the surrounding area. One might wonder how the listing price was established in the first place? Our market is, at this point in time fairly balanced and has a good supply of listings in both the lower and higher end properties. If you are considering making a lifestyle change, there are currently 2 lovely Barrie area waterfront properties in Innisfil with 50 ft of frontage on Lake Simcoe listed on the Barrie MLS system at $749,900 & $769,900. Imagine….. Paying the same price for a total reno (and who knows what’s behind the walls) in downtown Toronto, or owning your own little piece of paradise on Lake Simcoe. Hmmm. Of course there are many reasons people would prefer to stay in the GTA, but with the addition of a second GO station, and the summer season just around the corner, maybe it’s time you took a look at owning your own waterfront or luxury home in Barrie!

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Krista Alkerton has been an accomplished, result driven Barrie real estate agent for over 15 years now, specializing in luxury homes and waterfront property in the Barrie and Lake Simcoe areas