Simcoe County’s housing market is moving on up — just ask many local real-estate professionals.
The Barrie and District Association of Realtors (BDAR) has released its latest set of monthly statistics, which show 557 residential units were sold across the county in February, up 37.5 per cent compared to the same month last year. Sale prices also hit $839,675, up 3.4 per cent over that time.
There were 1,283 new listings across Simcoe, down 17.1 per cent from February 2023. The number of active listings also declined by 6.3 per cent to 1,424.
In Innisfil specifically, there were 54 units sold last month, up 31.7 per cent from February 2023. However, the average price actually dipped to $812,194, down 4.4 per cent over that time. There were 160 new listings, 180 active listings and 3.3 months of inventory on the market last month, all down by double-digit percentages compared to February 2023.
Bradford, meanwhile, saw 42 sales last month, up 31.3 per cent from a year ago. The average sale price passed $1.1 million, a jump of 5.4 per cent. Eighty-four new listings entered the market, equal to February 2023. But the number of active listings (62) and months of inventory (1.5) both declined — by 13.9 and 34.4 per cent, respectively.
"The February market statistics are a testament to (the) county's vibrant real-estate sector,” BDAR chair Lindsay Percy said in a statement. “The significant sales increase, coupled with a steady rise in average prices, reflects the robust demand and confidence in our market. The growth in new listings is particularly promising, ensuring a balanced market conducive to both buyers and sellers.”
Here’s how three other municipalities within the county fared last month:
- Barrie — Overall, 184 homes sold in February, up 29.6 per cent from the same month the year prior. The average sale price was $771,374 last month, a 3.6-per-cent increase from one year ago. New listings dropped 26.3 per cent to 364 over that span, though active listings did climb 6.3 per cent to 339. There is 1.8 months’ worth of inventory left on the city’s market, down 18 per cent from a year ago.
- Essa — Twenty-two units sold (a 4.8 per cent increase) for an average of $718,314 (a 14.2-per-cent decline). New listings rose 5.6 per cent to 57, active listings jumped 11.6 per cent to 48, and there were 2.2 months of inventory, up 6.6 per cent from February 2023.
- Orillia — Twenty units sold (a 9.1-per-cent drop) for an average of $604,503 (down 8.1 per cent). New listings fell 28.6 per cent to 50, active listings increased 42 per cent to 71, and there were 3.6 months of inventory available, up 56.2 per cent from February 2023.
Locally, population growth and a strong economy have sustained the housing market, even when set against the backdrop of higher borrowing costs, Percy said.
As well, figures released by the Canadian Real Estate Association (CREA) Monday show Ontariowide home prices stabilized in February, ending a five-month fall that began last summer.
On a year-over-year basis, the average single-family home in the province sold for $947,000 last month, up 2.5 per cent from the $923,800 they sold for in February 2023.
The CREA numbers are seasonally adjusted and do not take inflation into account.
Inflation, depending on what measure you choose, is running at between 3.4 and 3.7 per cent.
“It’s looking like February may end up being the last relatively uneventful month of the year as far as the 2024 housing story goes,” CREA senior economist Shaun Cathcart said in a news release. “With so much demand having piled up on the sidelines, the story will likely be less about the exact timing of interest rate cuts and more about how many homes come up for sale this year.”
On a provincewide basis, prices for condos in a year-over-year comparison were essentially unchanged, at a .02 per cent decrease, and townhouses were up 2.5 per cent, similar to single-family houses.
“After two years of mostly quiet resale housing activity there’s a feeling that things are about to pick up,” said CREA chair Larry Cerqua.
On a national level, the number of transactions came in 19.7 per cent above February 2023, but CREA cautioned sales in that month were exceptionally low.
Within Ontario, sales in the north continued to show much stronger growth than those elsewhere in the province — single-family homes in Sault Ste. Marie, for example, were up 8.8 per cent year-over-year, and those in Sudbury climbed 15.5 per cent.
In the Greater Toronto Area, single-family house prices were up 2.7 per cent last month, condos were essentially unchanged, down 0.4 per cent, and townhouses were up three per cent compared to February 2022.
BDAR represents 1,600 realtors throughout the region. For more details on the organization, visit bdar.ca.
Use the interactive below to explore your region.
— With files from Patrick Cain
