11 Jun Monthly Real Estate Market Update May 2020
Monthly Real Estate Market Update May 2020
Last month year-over-year housing prices were up across our communities: approximately 6% in Barrie, 8% in Bradford, 6% in Newmarket, and less than 3% in the Toronto area.
Sale prices are going up in May 2020 compared to May 2019 even though transactions are down. People are more reluctant to put up their homes for sale due to COVID-19 and people are moving from the inner city to more suburban areas like Barrie and Bradford. This has resulted in low inventory which is why the sale price is a lot higher in Barrie, Bradford, Newmarket, and Toronto.
The average sale price was up in May 2020 over May 2019: in Barrie the average sale price was about $519,915, in Innisfil the average sale price was bout $767,953, in Bradford the average sale price was about $854,556, and in Newmarket the average sale price was about $863,599.
Below is a chart for 2 bedroom rental rates for the city of Barrie and Toronto year over year from 2012 to 2020. You can see that rental rates for in Barrie increased by whopping $692 in 2020 and rental rates in Toronto increased by $304.
Rental Rates – Barrie & Toronto
Below are listings vs. sales charts, as well as the average prices of homes from May 2012-2020 for the following cities: Toronto, Newmarket, Bradford, and Barrie.
Toronto Listing vs. Sales & Average Sale Price
Newmarket Listing vs. Sales & Average Sale Price
Bradford Listing vs. Sales & Average Sale Price
Barrie Listing vs. Sales & Average Sale Price