Canada Mortgage and Housing Corporation

Canada Mortgage and Housing Corporation

May 20, 2010 15:17 ET

Barrie Housing Market to Grow in 2010

TORONTO, ONTARIO--(Marketwire - May 20, 2010) - Single-detached homes will continue to make up the majority of all new construction in the Barrie Census Metropolitan Area (CMA) this year and next, but other housing types will account for a significant proportion according to the Barrie Housing Market Outlook, Spring 2010 edition released today by Canada Mortgage and Housing Corporation (CMHC). Reports are also available for other major metropolitan areas across the country.

Highlights of the Barrie Housing Market Outlook report include:

  • An improving economy will drive existing home sales and new listings higher in 2010 - sales will reach 4600 units this year before moderating in 2011.
  • The resale market will favour sellers early in 2010 with the average price reaching $279,000 for the year.
  • Balanced markets by 2011 will temper price increases.
  • Starts will rise and reach 570 units in 2010, while the average price of a new single-detached home will move up to $460,000.

"Many first-time and move-up buyers took advantage of favourable market conditions to enter homeownership in early 2010," said Edgard Navarrete, CMHC's Barrie Market Analyst. "Later this year and next year, as many from this group will have completed their purchases, the market will cool off" added Navarrete.

Trends in the Barrie CMA housing market generally mirror expectations for the rest of the province. "Higher mortgage carrying costs, increasing supply pressures and declining first time buyer demand will temper Ontario housing activity later this year and into 2011," said Ted Tsiakopoulos, CMHC's Ontario regional economist. "This transition in housing activity should be orderly thanks to improving job markets, historically low interest rates and further gains in household incomes," added Tsiakopoulos.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.

Contact Information

  • Barrie:
    Canada Mortgage and Housing Corporation
    Edgard Navarrete
    Market Analyst
    (416) 218-3329
    enavarre@cmhc.ca
    or
    En Francais:
    Canada Mortgage and Housing Corporation
    David Lan
    Market Analyst
    (519) 873- 2426
    dlan@schl.ca
    or
    Ontario:
    Canada Mortgage and Housing Corporation
    Ted Tsiakopoulos
    Regional Economist for Ontario
    (416) 218-3407
    ttsiakop@cmhc.ca
    or
    Canada:
    Canada Mortgage and Housing Corporation
    Charles Sauriol
    (613) 748-2799
    Mobile: (613) 316-2949
    csauriol@cmhc.ca