Here is a quick Simcoe County Real Estate Market Update March 2021.
Spring finally feels like it’s here to stay in Simcoe County making snowy property showings a thing of the past (at least for a little while). The market continues to be hot with listings netting record sales prices and not sitting on the market for an extended period of time. Generally, we are still seeing houses being listed under market value and holding offer dates to increase the competition and drive up the price if listed under $1,000,000 (although there are definitely outliers not opting for that strategy).
We have heard rumbles of the stress test being increased to quell the market, which will put some pressure on buyers, making it more difficult for them to qualify. The current minimum stress test is 4.79%. The proposed new stress test rate is 5.25%. This amounts to about 4% less in purchasing power. In this super hot market this can make or break a buyer! This is currently a proposal. Final decisions will be announced by May 24, 2021 and in force by June 1, 2021.
The new stay-at-home order that went into effect today is bound to have an impact on the market, but only time will tell if that calms it or fans the flames.
See what happened in the Simcoe County Real Estate Market in March – A ‘quick read’ infographic is below or you can read the full report from the Barrie & District Association of Realtors® (below the infographic).
The March 2021 sales information is in, and residential property sales recorded through the Matrix™ System for the Barrie and District Association of REALTORS® (BDAR) region showed a little over double the number of sales transactions from the same time last year. This was not only due to strong March 2021 sales numbers but also the downturn in the Canadian real estate market during March 2020, which arose due to the beginning of the COVID-19 restrictions. Average price also rose more than 40% since March 2020. The Housing Price Index (HPI) showed a month-over-month increase of 4.0% from February 2021.
Month-Over-Month (March 2021 vs February 2021) Residential Homes
Simcoe County
1,325 residential units were sold in Simcoe County last month—a 58.3% increase from February 2021. During the same time a year ago (February 2020 to March 2020), there was a 4.7% increase in the number of units sold.
The average price of residential units sold last month was $757,449 —a 1.6% increase from February 2021. This increase was more than the month-over-month change in average price a year ago which increased 0.7% from February to March.
City of Barrie
500 units were sold last month within the City of Barrie, which was 45.8% more than the number of units sold the month prior. A year ago, the number of units sold between March and February increased 8.3%.
The average price of units sold within Barrie during March 2021 was $714,654. This was 0.8% greater than the average price during February 2021. In comparison, the average price of units sold between March 2020 and February 2020 increased 3.7%.
City of Barrie – Apartments & Condos
53 apartment and condo units were sold in Barrie last month—15.2% more than the number of units sold in February 2021. The average price of apartment and condo units sold in the City of Barrie this month was $464,014—0.3% less than the average price in February 2021.
Simcoe County Excluding Barrie
In Simcoe County Excluding Barrie last month, 825 units were sold. This was 67.0% more than the number of units sold during February 2021. At the same time a year ago, there was a 2.6% increase in the number of units sold outside of Barrie.
The average price of units sold in the areas outside of Barrie last month was $783,385. This was 1.7% more than the month before. Between March 2020 and February 2020, the average price of units sold outside of Barrie decreased 1.0%.
Innisfil
95 residential units were sold in Innisfil last month—a 61.0% increase from February 2021. During the same period a year ago (February 2020 to March 2020), there was a 13.8% decrease in the number of units sold. The average price of residential units sold in Innisfil last month was approximately $851,881— a 2.2% decrease from February 2021. This contrasted the growth from last year when the average price increased 10.7% from February to March.
Orillia
95 residential units were sold in Orillia last month—a 37.7% increase from February 2021. During the same period a year ago (February 2020 to March 2020), there was a 6.1% decrease in the number of units sold. The average price of residential units sold in Orillia last month was approximately $644,369— a 4.0% increase from February 2021. The average price a year ago increased 11.1% from February to March.
Essa
In Essa last month, 64 residential units were sold. This was 64.1% more than February 2021. During the same period a year ago, there was a 75.0% increase in the number of units sold. The average price of residential units sold in Essa last month was $774,664– a 0.4% increase from February 2021. This time last year, the average price decreased 8.1% from February 2020 to March 2020.
Year-To-Date (YTD) (March 2021 YTD vs March 2020 YTD) All Residential Homes
Simcoe County
2,629 residential units were sold in Simcoe County during March 2021 Year-To-Date (YTD) (January 1st, 2021 – March 31st, 2021). This was 58.8% more than what was sold during the same timeframe last year (January 1st, 2020 – March 31st, 2020). The average price of residential units sold during March 2021 YTD was $750,301. This was 41.8% greater than the average price during the same timeframe last year.
City of Barrie
1,002 units were sold in the City of Barrie during March 2021 YTD. This was a 64.5% growth from the same timeframe last year. This growth was more than the increase in total Simcoe County (+58.8%). The average price of units sold within the City of Barrie during March 2021 YTD was $708,801. This was 35.0% more than the same timeframe last year. This growth was less than what was seen in the total Simcoe region (+41.8%). During March 2021 YTD, Barrie accounted for 38.1% of residential properties sold. This was 1.3 share points more than the same timeframe during 2020.
City of Barrie – Apartments & Condos
129 apartment and condo units were sold in Barrie during March 2021 YTD—34.4% more than the number of units sold in March 2020 YTD. The average price of apartment and condo units in the City of Barrie this year so far was $463,128. This was 19.5% more than the average price during the same timeframe last year.
Simcoe County Excluding Barrie
1,627 residential units were sold in the areas outside of Barrie during March 2021 YTD. This was 55.4% more than the number of units sold during March 2020 YTD. This growth in number of units sold was less than the growth seen in the total Simcoe region (+58.8%).
The average price of units sold during this time was $775,860. This was 46.0% greater than what was seen during March 2020 YTD. This growth was greater than that of total Simcoe (+41.8%). During March 2021 YTD, Simcoe County Excluding Barrie accounted for 61.9% of residential properties sold. This was 1.3 share points less than the same timeframe during 2020.
Innisfil
194 residential units were sold in Innisfil during March 2021 YTD. This was 36.6% more than what was sold during the same timeframe last year (January 1st, 2020 – March 31st, 2020). The average price of residential units sold in March 2021 YTD was $845,449. This was 57.3% greater than the average price during the same timeframe last year. During this time, Innisfil accounted for 7.4% of sales in Simcoe County—down 1.2 share points from the same timeframe last year.
Orillia
203 residential units were sold in Orillia from the beginning of 2021 to March 31st, 2021. This was 57.4% more than what was sold during the same timeframe last year (January 1st, 2020 – March 31st, 2020). The average price of residential units sold during March 2021 YTD was $615,685. This was 47.9% greater than the average price during the same timeframe last year. During March 2021 YTD, Orillia accounted for 7.7% of sales in Simcoe County, 0.1 share points less than that of March 2020 YTD.
Essa
126 residential units were sold in Essa during March 2021 YTD. This was 55.6% more than what was sold during the same timeframe last year (January 1st, 2020 – March 31st, 2020). The average price of residential units sold in March 2021 YTD was $776,778. This was 38.5% greater than the average price during the same timeframe last year. During this time, Essa accounted for 4.8% of sales in Simcoe County—down 0.1 share points from the same timeframe last year.
Year-Over-Year (March 2021 vs March 2020) All Residential Homes
The Housing Price Index (HPI) showed a 36.0% year-over-year increase between March 2021 and March 2020.
Simcoe County
1,325 residential units were sold in Simcoe County last month—103.5% greater than the same time last year. As well, the average price of residential units sold was $757,449, which was 41.0% greater than that of March 2020.
City of Barrie
500 residential units were sold during March 2021 within Barrie. This was 100.8% more than the number of units sold during March 2020. This growth was less than that of total Simcoe County (+103.5%). The average price of residential Barrie units sold during March 2021 was $714,654—32.6% greater than the average price of units sold during March 2020. This growth was less than the average-price growth of total Simcoe County (+41.0%). Sales in Barrie accounted for 37.7% of residential sales in Simcoe County last month. This was 0.5 share points less than the same time last year.
City of Barrie – Apartments & Condos
53 apartment and condo units were sold in Barrie during March 2021 — 76.7% greater than the number of units sold in March 2020. The average price of apartment and condo units in the City of Barrie in March 2021 was $464,014. This was 22.1% more than the average price during the same time last year.
Simcoe County Excluding Barrie
825 residential units were sold outside of Barrie during March 2021, and this was 105.2% more than the number of units sold during March 2020. This growth was greater than the 103.5% growth seen in the total Simcoe region. The average price of units sold in Simcoe County Excluding Barrie last month was $783,385. This was a 46.2% increase in the average price, year-over-year. This growth was greater than what was found in total Simcoe County (+41.0%). Residential property sales outside of Barrie accounted for 62.3% of sales in Simcoe County last month. This was 0.5 share points more than the same time last year.
Innisfil
95 residential units were sold in Innisfil during March 2021, and this was 69.6% more than the number of units sold during March 2020. This was less than the 103.5% growth seen in the total Simcoe region. The average price of units sold in Innisfil last month was approximately $851,881. This was a 55.6% increase in the average price, year-over-year. This growth was greater than what was found in total Simcoe County (+41.0%). Sales in Innisfil accounted for 7.2% of sales in Simcoe County during March 2021. This was 1.4 share points less than Innisfil’s share of sales during the same time last year.
Orillia
95 residential units were sold in Orillia during March 2021, and this was 106.5% greater than the number of units sold during March 2020. This growth was greater than the 103.5% growth seen in the total Simcoe region. The average price of units sold in Orillia last month was approximately $644,369. This was a 42.1% increase in the average price, year-over-year. This growth was slightly greater than what was found in total Simcoe County (+41.0%). Orillia’s sales made up 7.2% of sales in Simcoe County. This was 0.1 share points more than the same time last year.
Essa
64 residential units were sold in Essa during March 2021, and this was 52.4% more than the number of units sold during March 2020. The average price of units sold in Essa last month was approximately $774,664. This was a 43.5% increase in the average price, year-over-year. Sales in Essa accounted for 4.8% of sales in Simcoe County during March 2021. This was 1.6 share points less than Essa’s share of sales during the same time last year.