Barrie developers working to meet housing demand

Inflation and rising interest rates are on the minds of housing developers in Barrie but aren't deterring new builds.

That's according to Pratt Homes, which has been building locally for well over a century.

"So we have three active construction sites right now, and we have a new site coming out to market," said Karen Hansen, co-owner. "We've been able to ward off some of those challenges because the demand for affordable housing remains high."

Hansen said the same couldn't be said for every home builder.

"Other builders within the community and within the province, we have heard that there has been a hesitancy, that they have not felt the confidence to bring that product, that supply out onto the market," she added.

In a statement, Richmond Hill-based developer Pace Developments said it is building over 1,000 units in Simcoe County and is seeing some slowdown from buyers.

"Over the last several months, there has been a significant slow down in the real estate sales market that is most likely the result of rising mortgage rates and consumer concerns with future escalations," it said. "Government approvals and funding are key to combating the severe supply shortage in order for builders to provide affordable housing options for the masses."

The Building Industry and Land Development Association ranks Barrie near the top for municipalities regarding reducing red tape for developers.

The City's Director of Development Services, Michelle Banfield, said most of the backlogs are seen when ensuring projects are feasible.

"There is lots going on," she added. "We know those new homes are being occupied already. We know we have new residents living in those homes and communities, so we're trying to match with that rate of growth as much as possible."

City staff will present a report to council on June 27, listing the total number of units that have been approved for this year.

It'll also help give council an idea as to where growth is taking place.