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Local housing market could be cooling off, says realtors group

The average price of residential units sold in Orillia last month was approximately $683,251 — a 12.0 per cent increase from April 2021
2021-05-30
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NEWS RELEASE
BARRIE AND DISTRICT ASSOCIATION OF REALTORS
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The May 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 levelling off in the number of units sold. In April, we saw a month-over-month decline in the number of units sold and this trend continued into May.

This could represent that the Simcoe County housing market is beginning to cool off and that April was not just a one-off drop.

Month-Over-Month (May 2021 vs April 2021)

Residential Homes

The Housing Price Index (HPI) showed a month-over-month increase of 0.2 per cent from April 2021.

Simcoe County

1,063 residential units were sold in Simcoe County last month—a 10.1 per cent decrease from April 2021. During the same time a year ago (April 2020 to May 2020), there was a 94.3 per cent increase in the number of units sold.

The average price of residential units sold last month was $800,516—a 3.1 per cent increase from April 2021. This growth was less than the month-over-month change in average price a year ago (6.7 per cent).

City of Barrie

366 units were sold last month within the City of Barrie, which was 0.8 per cent less than the number of units sold the month prior. A year ago, the number of units sold between May and April grew 111.2 per cent.

The average price of units sold within Barrie during May 2021 was $743,752. This was 2.3 per cent greater than the average price during April 2021. In comparison, the average price of units sold between May 2020 and April 2020 decreased 1.7 per cent.

City of Barrie – Apartments & Condos

55 apartment and condo units were sold in Barrie last month—10.0 per cent more than the number of units sold in April 2021. The average price of apartment and condo units sold in the City of Barrie this month was $503,620—0.8 per cent more than the average price in April 2021.

Simcoe County Excluding Barrie

In Simcoe County Excluding Barrie last month, 697 units were sold. This was 14.4 per cent less than the number of units sold during April 2021. At the same time a year ago, there was an 86.7 per cent 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 $830,323. This was 4.0 per cent more than the month prior. Between May 2020 and April 2020, the average price of units sold outside of Barrie increased 11.0 per cent. 

Innisfil

73 residential units were sold in Innisfil last month—a 22.3 per cent decrease from April 2021. During the same period a year ago (April 2020 to May 2020), there was a 184.2 per cent increase in the number of units sold. The average price of residential units sold in Innisfil last month was approximately $766,406 — a 7.3 per cent decrease from April 2021. This contrasted the growth from last year when the average price increased 14.2 per cent from April to May.

Orillia

72 residential units were sold in Orillia last month — a 24.2 per cent decrease from April 2021. During the same period a year ago (April 2020 to May 2020), there was a 114.3 per cent increase in the number of units sold. The average price of residential units sold in Orillia last month was approximately $683,251 — a 12.0 per cent increase from April 2021. The average price a year ago decreased 4.3 per cent from April to May.

Essa

In Essa last month, 44 residential units were sold. This was 30.2 per cent less than last month. During the same period a year ago, there was a 52.6 per cent increase in the number of units sold. The average price of residential units sold in Essa last month was $784,461— a 3.6 per cent increase from April 2021. This time last year, the average price had a nominal change from April 2020 to May 2020.

Year-To-Date (YTD) (May 2021 YTD vs May 2020 YTD)

All Residential Homes

Simcoe County

4,872 residential units were sold in Simcoe County during May 2021 Year-To-Date (YTD) (January 1st, 2021 – May 31st, 2021). This was 88.6 per cent more than what was sold during the same timeframe last year (January 1st, 2020 – May 31st, 2020). The average price of residential units sold during May 2021 YTD was $767,564. This was 44.8 per cent greater than the average price during the same timeframe last year.

City of Barrie

1,733 units were sold in the City of Barrie during May 2021 YTD. This was an 89.6 per cent growth from the same timeframe last year. This growth was slightly greater than the increase in total Simcoe County (+88.6 per cent).

The average price of units sold within the City of Barrie during May 2021 YTD was $720,106. This was 37.3 per cent more than the same timeframe last year. This growth was less than what was seen in the total Simcoe region (+44.8 per cent). During May 2021 YTD, Barrie accounted for 35.6 per cent of residential properties sold. This was 0.2 share points more than the same timeframe during 2020.

City of Barrie – Apartments & Condos

233 apartment and condo units were sold in Barrie during May 2021 YTD—83.5 per cent more than the number of units sold in May 2020 YTD. The average price of apartment and condo units in the City of Barrie this year so far was $479,005. This was 23.8 per cent more than the average price during the same timeframe last year.

Simcoe County Excluding Barrie

3,139 residential units were sold in the areas outside of Barrie during May 2021 YTD. This was 88.1 per cent more than the number of units sold during May 2020 YTD. This growth in number of units sold was slightly less than the growth seen in the total Simcoe region (+88.6 per cent).

The average price of units sold during this time was $793,764. This was 48.8 per cent greater than what was seen during May 2020 YTD. This growth was greater than that of total Simcoe (+44.8 per cent). During May 2021 YTD, Simcoe County Excluding Barrie accounted for 64.4 per cent of residential properties sold. This was 0.2 share points less than the same timeframe during 2020.

Innisfil

363 residential units were sold in Innisfil during May 2021 YTD. This was 68.8 per cent more than what was sold during the same timeframe last year (January 1st, 2020 – May 31st, 2020). The average price of residential units sold in May 2021 YTD was $824,095. This was 52.4 per cent greater than the average price during the same timeframe last year. During this time, Innisfil accounted for 7.5 per cent of sales in Simcoe County—down 0.9 share points from the same timeframe last year.

Orillia

370 residential units were sold in Orillia from the beginning of 2021 to May 31st, 2021. This was 90.7 per cent more than what was sold during the same timeframe last year (January 1st, 2020 – May 31st, 2020). The average price of residential units sold during May 2021 YTD was $627,434. This was 47.1 per cent greater than the average price during the same timeframe last year. During May 2021 YTD, Orillia accounted for 7.6 per cent of sales in Simcoe County, 0.1 share points more than that of May 2020 YTD.

Essa

234 residential units were sold in Essa during May 2021 YTD. This was 81.4 per cent more than what was sold during the same timeframe last year (January 1st, 2020 – May 31st, 2020). The average price of residential units sold in May 2021 YTD was $773,095. This was 42.2 per cent greater than the average price during the same timeframe last year. During this time, Essa accounted for 4.8 per cent of sales in Simcoe County—down 0.2 share points from the same timeframe last year.

Year-Over-Year (May 2021 vs May 2020)

All Residential Homes

The Housing Price Index (HPI) showed a 37.8 per cent year-over-year increase between May 2021 and May 2020.

Simcoe County 

1,063 residential units were sold in Simcoe County last month—73.1 per cent greater than the same time last year. As well, the average price of residential units sold was $800,516, which was 47.2 per cent greater than that of May 2020.

City of Barrie

366 residential units were sold during May 2021 within Barrie. This was 76.8 per cent more than the number of units sold during May 2020. This growth was greater than that of total Simcoe County (+73.1 per cent).

The average price of residential Barrie units sold during May 2021 was $743,752—42.9 per cent greater than the average price of units sold during May 2020. This growth was less than the average-price growth of total Simcoe County (+47.2 per cent). Sales in Barrie accounted for 34.4 per cent of residential sales in Simcoe County last month. This was 0.7 share points more than the same time last year.

City of Barrie – Apartments & Condos

55 apartment and condo units were sold in Barrie during May 2021 — 175.0 per cent greater than the number of units sold in May 2020. The average price of apartment and condo units in the City of Barrie in May 2021 was $503,620. This was 43.6 per cent more than the average price during the same time last year.

Simcoe County Excluding Barrie

697 residential units were sold outside of Barrie during May 2021, and this was 71.3 per cent more than the number of units sold during May 2020. This growth was less than the 73.1 per cent growth seen in the total Simcoe region.

The average price of units sold in Simcoe County Excluding Barrie last month was $830,323. This was a 49.5 per cent increase in the average price, year-over-year. This growth was greater than what was found in total Simcoe County (+47.2 per cent). Residential property sales outside of Barrie accounted for 65.6 per cent of sales in Simcoe County last month. This was 0.7 share points less than the same time last year.

Innisfil

73 residential units were sold in Innisfil during May 2021, and this was 35.2 per cent more than the number of units sold during May 2020. This growth was less than the 73.1 per cent growth seen in the total Simcoe region. The average price of units sold in Innisfil last month was approximately $766,406. This was a 35.4 per cent increase in the average price, year-over-year. This growth was less than what was found in total Simcoe County (+47.2 per cent). Sales in Innisfil accounted for 6.9 per cent of sales in Simcoe County during May 2021. This was 1.9 share points less than Innisfil’s share of sales during the same time last year.

Orillia

72 residential units were sold in Orillia during May 2021, and this was 60.0 per cent greater than the number of units sold during May 2020. This growth was less than the 73.1 per cent growth seen in the total Simcoe region. The average price of units sold in Orillia last month was approximately $683,251. This was a 55.4 per cent increase in the average price, year-over-year. This growth was greater than what was found in total Simcoe County (+47.2 per cent). Orillia’s sales made up 6.8 per cent of sales in Simcoe County. This was 0.5 share points less than the same time last year.

Essa

44 residential units were sold in Essa during May 2021, and this was 51.7 per cent more than the number of units sold during May 2020. This growth was less than the 73.1 per cent growth seen in the total Simcoe region. The average price of units sold in Essa last month was approximately $784,461. This was a 52.4 per cent increase in the average price, year-over-year. This growth was greater than what was found in total Simcoe County (+47.2 per cent). Sales in Essa accounted for 4.1 per cent of sales in Simcoe County during May 2021. This was 0.6 share points less than Essa’s share of sales during the same time last year.

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