Barrie Real Estate Market Report February 2021

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BARRIE REAL ESTATE MARKET REPORT

FEBRUARY 2021 RECIPIENT OF ROYAL LEPAGE’S BROKERAGE OF THE YEAR AWARD FOR ONTARIO

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OVERVIEW A STRATOSPHERIC JUMP IN SALES AND AVERAGE SALE PRICES

RECORD YEAR-TO-DATE SALES VOLUME OF $348,085,882 Up 88% from 2020’s $185,548,477, with units of 496 up 38% from 2020’s 360. New listings of 685 up 27% from one year ago, with the sales/listings ratio of 72% up 5%.

RECORD FEBRUARY SALES VOLUME OF $240,643,251 Up 101% from last February’s $119,516,379. Record February units of 340 up 48% from last year’s 230. New listings of 491 up 61% from a year ago, with the sales/listing ratio of 69% down 6%.

RECORD YEAR-TO-DATE AVERAGE SALE PRICE OF $701,786 Up 36% from last year’s $515,412. Average days-on-market of 11 down 21 days.

BARRIE MARKET REPORT: FEBRUARY 2021

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OVERVIEW (cont’d) THE DEMAND FOR LISTINGS IS GREATER THAN THE SUPPLY The Barrie market had a very high 111.3% sale/list price ratio in February. Homes sold in just 8 days on average, down 17 days from a year ago. And there is now just one month of inventory. All that, and February’s 72% sales/listings ratio – which is relatively high for the month – add up to a strong sellers’ market.

Graph 1: Barrie MLS® Sales 2019 vs. 2020 vs. 2021 (Volume) $400,000,000

$348,085,882

$350,000,000 $300,000,000 $250,000,000

$185,548,447

$200,000,000 $150,000,000 $100,000,000

$98,282,363

$50,000,000 $0

2019

2020

2021

Graph 2: Barrie MLS® Sales 2019 vs. 2020 vs. 2021 (Units) 600

496

500

400

360

300

230 200

100

0

2019

BARRIE MARKET REPORT: FEBRAURY 2021

2020

2021

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THE MARKET IN DETAIL Table 1: Barrie MLS® Residential Sales And Listing Summary 2019 vs. 2020 vs. 2021

2019

2020

2021

2020-2021

$98,282,363

$185,548,477

$348,085,882

+88%

Annual Unit Sales

210

360

496

+38%

Annual New Listings

474

539

685

+27%

64

34

18

-47%

44%

67%

72%

+5%

$50,691,154

$119,516,379

$240,643,251

+101%

February U nit Sales

106

230

340

+48%

February New Listings

237

305

491

+61%

36

12

2

-83%

45%

75%

69%

-6%

February Average Sale Price

$478,218

$519,636

$707,774

+36%

Annual Sales: Under $250K

5

1

0

-100%

Annual Sales: $250K - $399K

47

61

24

-61%

Annual Sales: $400K - $549K

114

163

70

-57%

Annual Sales: $550K - $699K

35

110

142

+29%

Annual Sales: $700K - $849K

7

19

158

+732%

Annual Sales: $850K - $999K

1

5

80

+1500%

Annual Sales: $1M+

1

1

22

+2100%

34

32

11

-66%

$468,011

$515,412

$701,786

+36%

Annual Volume Sales

Annual Expired Listings Annual Sales/Listings Ratio February Volume Sales

February Expired Listings February Sales/Listings Ratio

Annual Average Days-On-Market Annual Average Sale Price

NOTE: All MLS® sales data in this report comes from the Barrie & District Association Of REALTORS® and refers specifically to residential sales as of March. 3, 2021.. While deemed to be reliable, Royal LePage Locations North assumes no responsibility for errors and omissions.

BARRIE MARKET REPORT: FEBRUARY 2021

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THE MARKET IN DETAIL (cont’d) The 2021 Barrie market has picked up where 2020 left off – and then some! As Graph 3 shows, following on a big record January, February sales – usually slow – skyrocketed to a new all-time monthly record, up 9% from last July’s prior benchmark. On the units side, Graph 4 shows a similar pattern. However, February’s 340 sales were the second best monthly total ever after last July’s 381.

The biggest story though is the huge shift in sales by price range. A year ago, 63% of sales were in the Under-$550K range and just 7% were in the $700K+ range. In 2021, just 19% of sales are in the Under-$550K range while 52% are in the $700K+ range. Not surprisingly, Barrie’s year-to-date average sale price is doing very well. It’s up 70%, 43%, 46%, 50% and 36% from 2016-2020 respectively.

Graph 3: Barrie Monthly MLS® Sales 2019 vs. 2020 vs. 2021 (Volume) $300,000,000

2019 2020

$250,000,000

2021 $200,000,000

$150,000,000

$100,000,000

$50,000,000

$0

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Graph 4: Barrie Monthly MLS® Sales 2019 vs. 2020 vs. 2021 (Units) 450

2019

400

2020

350

2021

300 250 200 150 100 50

0

BARRIE MARKET REPORT: FEBRUARY 2021

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

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THE MARKET IN DETAIL (cont’d) As Graph 5 shows, 2021 unit sales are up from 2020 in four price ranges and down in three. The $550K-$699K, $700K-$849K, $850-$999K and $1M+ ranges are up 29%, 732%, 1500% and 2100% respectively. The Under-$250K, $250K-$399K and $400K-$549K ranges are down 100%. 61% and 57% respectively. More generally, the Under-$400K bracket – which accounts for 5% of 2021’s sales – is down 61% from 2020. The $400K-$699K bracket – which accounts for 43% of all sales – is down 22%. And the $700K+ bracket – which accounts for 52% of all sales – is up 940%.

Graph 5: Barrie MLS® Sales By Price 2019 vs. 2020 vs. 2021 (Units) 180

2019

160

163

2020

158

140

2021

142

120 114

100

110

2019

80

2020

80

2021

70

60

61 47

40

35

20

24 5

0

1

7

0

Under $250K

$250K-$399K

$400K-$549K

$550K-$699K

BARRIE MARKET REPORT: FEBRUARY 2021

19

$700K-$849K

1

5

$850-$999K

22 1

1 $1M+

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SALES BY PROPERTY TYPE Graph 6: Barrie MLS® Sales By Property Type 2019 vs. 2020 vs. 2021 (Dollars and Units)

2021

2021 IN DETAIL 2021

2021

DOLLAR SALES : $272,686,300 $40,248,752 UP 98% from 2020

$40,248,752

$35,150,830

$35,150,830

69

UNIT SALES: 351 UP 45% from 2020

76

AV. DAYS-ON-MARKET: 8 DOWN 18 days from 2020

$272,686,300

351 Single Family

Single Family Condominium

2020

Townhouse

2020

2020

Townhouse

52

$137,910,757

242

Single Family

Single Family

Condominium

Condominium

2019

$11,028,121

Single Family

Condominium

2020 Townhouse

CONDOMINIUMS $25,815,600

$21,822,120

DOLLAR SALES: $35,150,830 UP 36% from 2020 UNIT SALES: 76 UP 15% from 2020

66

Townhouse

$272,686,300

AV. SALE PRICE: $776,884 UP 36% from 2020

Condominium

$21,822,120

$25,815,600

SINGLE-FAMILY HOMES 2021

2019

2019

Townhouse

$8,570,038

23

AV. DAYS-ON-MARKET: 25 $137,910,757 DOWN 22 days from 2020 AV. SALE PRICE: $462,511 Single Family UP 18% from 2020

2019

Condominium Townhouse

$8,570,038 TOWNHOUSES

$11,028,121

DOLLAR SALES: $40,248,752 UP 84% from 2020

31

UNIT SALES: 69 UP 33% from 2020 $78,684,204

156

Single Family

Single Family

Condominium

Condominium

Single Family Townhouse

Condominium

BARRIE MARKET REPORT: FEBRARY 2021

Townhouse Townhouse

$78,684,204

AV. DAYS-ON-MARKET: 7 DOWN 12 days from 2020 Single Family

AV. SALE PRICE: $583,315 Condominium UP 39% from 2020 Townhouse www.locationsnorth.com

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BARRIE AVERAGE SALE PRICES: 2010-2020 BIG GAINS GENERALLY AND ALSO RELATIVE TO INFLATION Barrie’s average sale price for single-family homes in 2020 was $619,832: that’s up 15%, 20%, 15%, 39% and 122% from 2019, 2018, 2017, 2016 and 2010 respectively. 2020’s average condo price of $409,021 was up 10%, 13%, 19%, 46% and 91% from 2019, 2018, 2017, 2016 and 2010 respectively.

In 2010-11 Barrie’s average single-family home price increased at about the inflation rate. From 2012-17 it rose to 74% above inflation, before dipping in 2018-19 and then reaching 90% above in 2020. The condo average sale price rose at roughly the inflation rate until 2015 before rising to 90% above inflation in 2020.

$700,000 $600,000 $500,000 $400,000 $300,000

$200,000 $100,000

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Single-Family Home Average Sale Price: 2010 > 2020 Canada’s Inflation Rate Based On Barrie’s 2010 Single-Family Home Average Sale Price Condominium Average Sale Price: 2010 > 2020 Canada’s Inflation Rate Based On Barrie’s 2010 Condominium Average Sale Price

BARRIE MARKET REPORT: FEBRARY 2021

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