The Canadian Real Estate Assocation says house prices continued to climb in 2014.
Robert Turcic Construcion business owner Roger Turcic says people have no problem spending money on their house.
“We have a lot of work booked up ahead which is different than it been in years past,” said Turcic. “It basically tells me that people are willing to spend money on their homes and get the renovations they want to make their home exactly what they want and be comfortable in it.”
The average house price, which was over $413,000, rose 5.7% compared to this time last year.
In Collingwood, the average price is $348,000 and in Barrie it is $371,000.
While those prices rise, the bank of Canada has said the housing market could be between 15 and 30% overvalued, and that is concerning because of the amount of debt the average Canadian has.
Oil prices have created uncertainty in the Canadian economy.
Jason Ruttan, a real estate broker in Wasaga Beach, says the concerning numbers are only because of markets in big cities like Toronto and Vancouver.
“We think there is great value for what you can get, bigger bang for your buck, in our area compared to other areas in the province,” said Ruttan. “Our prices might be a little less than average, but I think if you were to compare square footage, features, and quality of construction, I think you would find that there is great value in our area.”
In southern Georgian Bay the number of homes worth between $800,000 and $1,000,000 increased 90% from last year.
