HOUSE PRICES STILL HIGHER THAN THEY WERE LAST YEAR

BUT REALTORS' ASSOCIATION SAYS RECORD HIGH NUMBER OF LISTINGS BRINGING BALANCE TO SECTOR

The number of home sales may be declining. But the properties that are being bought up are going for significantly more than they were last year.

According to the latest report from the Barrie and District Association of Realtors (BDAR), 647 units were sold in Simcoe County in May, 39.2 per cent less than the same month in 2021. The average price of residential units sold was $903,460, 13.1 per cent more

than in May 2021.

In Barrie specifically, 202 residential units were sold during May 2022. This was 45 per cent less than the number of units sold in the same month one year ago. The average price of

residential units in the city was $841,040, though, 13.1 per cent greater than in May 2021.

Supply is increasing, with a record-high 1,757 new listings last month across the county. With more than 1,500 active listings in the region, months of inventory has increased from 0.8 in May 2021 to 2.4 last month.

This data is an indication balance is being restored to the market, BDAR president Luc Woolsey said.

"Recent interest rate increases have taken a bite out of demand, with more moderation expected in the face of the most recent and sizeable hike at the beginning of June," he said.

"Our market is very well supplied at the moment, with the highest number of new listings in any May in history bringing some much-needed relief to the supply side and restoring balance. With conditions finally appearing to move out of the unprecedented tightness of the past two years and available listings on the market rising from historical lows, we might begin seeing previously sidelined buyers return to the market."

These details come as a new debt survey from Manulife indicates about 25 per cent of homeowners say they will have to sell their property if interest rates go up further.

The survey, conducted between April 14 and 20, also showed 18 per cent of homeowners polled are already at a stage where they can't afford their homes.

BDAR's January to May numbers are in line with the aforementioned yearto-year data, with 3,237 residential units sold across the county in 2022 so far, 33.6 per cent less than during the same period in 2021. The average year-to-date sale price was $954,133, up 24.4 per cent from the first five months of last year.

There were 1,085 units sold between January and May in Barrie, a 37.5 per cent decline from the same time frame last year. Here too, the price jumped 27.2 per cent to $915,608.

This is how a few other municipalities have fared so far this year:

• Innisfil — 227 homes sold from January to May (down 37.8 per cent from the same period in 2021); average home sold for $1.04 million (up 26.5 per cent).

• Midland — 131 units sold (down 17.6 per cent); average sale price was $682,750 (up 14 per cent).

• Orillia — 211 units sold (down 42.8 per cent); average sale price was $760,820 (up 21.9 per cent).

• Wasaga Beach — 260 units sold (down 22.6 per cent); average sale price was $820,211 (up 15.3 per cent).

For more, visit bdar.ca.