The Canadian housing market has been in a Seller’s Market, setting record prices this 2021 and it doesn’t look like it’s going to change for 2022. Worn out people from the cities are craving for a more peaceful and greener environment in rural areas and the Government of Canada pushes for more immigrants to support economic recovery; these two occurrences are major reasons why there is high demand for housing everywhere, especially in a City like Barrie. This is excellent news if you already own a house, condo, or cottage and are considering selling it fast.
Current Real Estate Trends in the City of Barrie
The City of Barrie has been one of the fastest growing municipalities in Canada for decades. It has a growth management and strategy that plans the building of infrastructures, establishing the Downtown Barrie Urban Growth Centre, intensification of urban area designs, as well as having a mixed-used zoning to support the blend of residential and commercial spaces within a higher-density urban environment.
City Mayor Jeff Lehman however, shared in CTV News that it’s not the vision of Barrie to be like a GTA-suburban municipality. “We want to be a city on our own in central Ontario… And we want to hold on to some of the great things that make Barrie what it is – a waterfront city, a city with great older neighbourhoods, and one that still has everything that you need inside the city.”
Need Advice on Your Sale?
You may have more questions on the entire process and how much money a cash buyer may offer. You can contact our team directly and we’ll do our best to answer your questions.
When it comes to housing, Barrie & District Association of REALTORS® Inc. reports that the sales of homes were at 6.9% above the five-year average and 12.1% above the 10-year average for the month of November 2021. Given this fact, there were only 198 units of residential sales activity in November 2021 within Barrie, a 17.5% steep decrease from the same month last year. “Although not quite matching the frenzied pace of sales activity from last year, home sales are still on the rise and remain well above historical levels for this time of year… New listings have also been on the rise over the course of the fall but are well short of meeting the current pace of demand. As a result, overall inventories continue falling to new record lows and the extreme imbalance between supply and demand is pushing MLS® Benchmark Price growth further north of 30% year-over-year,” commented Chantal Godard, President of the Barrie & District Association of REALTORS®.
The MLS® Home Price Index (HPI) benchmark price this November for single-family homes was at $849,100, a significant gain of 36.9% on a year-over-year basis in November 2020. On the other hand, benchmark price for townhouse/row units increased by 35.7% from last year, at $576,100, while apartment price rose a steep incline by 36.2% at $496,300 from a year ago.
Zolo statistics show that the top five selling neighborhoods are 400 East, Painswick North, East Bayfield, Letitia Heights, and Innis-Shore, while Southshore, Bayfield, Rural Barrie Southwest, Rural Barrie Southeast, and Lakeshore, are the least selling areas in Barrie. They also note that houses last about 11 days on the market with a 111% selling to listing price ratio.
What Happens When You Miss Your Mortgage Payments?
Failing to pay your mortgages can end up with the homeowner opting to sell their property quickly. Homeowners do this to avoid the process where the mortgage lender enacts the foreclosure of the property or uses power of sale. Foreclosure is a legal proceeding where the mortgage lender takes the house, sells it, and keeps all the proceeds of the sale. The process usually takes around three to six months to a year to complete. In contrast, Power of Sale is also a legal proceeding where the mortgage lender is given the right to sell the property and only gets the amount owed while the rest of the sales proceeds goes to the homeowner. Power of sale is a lot faster than foreclosure lasting only about six months since it does not involve the courts. This is the process commonly used in Ontario, along with the provinces of Newfoundland, New Brunswick, and Prince Edward Island.
Selling Options Open to Barrie Homeowners
- Selling alone. Also known as “For Sale by Owner” or FSBO, this means the homeowner is selling the house without the help of a broker or a real estate agent. This means doing the marketing, all the paperwork and possibly with the help of a lawyer for the legal requirements of the sale.
- Selling through a real estate agent or broker. This method is the most common way of selling the house. This is an easier way for the homeowner as you have a middleman to find a buyer and help with the process. The flip side to this is the commission fee.
- Selling to a cash house buyer. This is a quick way to sell your property as this does not involve a lot of people and the long process of obtaining a mortgage loan.
Selling fast and easy to a Cash House Buyer
The option of selling to a cash house buyer is the right option for you to choose if you want to sell your house, condo, or cottage quickly. The deal can be closed in two weeks or less if all goes smoothly. There are no real estate agents involved, no commissions, and a whole lot less paperwork to fill out.
Another advantage of selling to a cash buyer is doing away with fixing your home. It doesn’t matter if your property is in poor condition; the cash home buyer will purchase your home “as-is” without the hassle of cleaning up or doing repairs. Mortgage Broker Store is a reputable cash house buyer and can be contacted for free advice.
Need to Discuss Your Sale?
The traditional mortgage or home selling process is not a good fit for everyone, and can feel overwhelming. You can contact us for a no cost consultation, and we can outline your options.
Selling a house is a huge undertaking. Doing it quickly makes it more so. But by doing your research and due diligence along with choosing the right option and people to transact with, it can be less of a pain than you think.