Simcoe County house prices shatter records and dreams of hopeful homebuyers

Housing prices across Simcoe County are shattering records and the hopes of many first-time homebuyers.

According to the Barrie & District Association of Realtors (BDAR), over the last 12 months, 3,033 homes were sold in Barrie at an average sale price of $963,554.

Over that same period, 9,082 homes were sold in Simcoe County, with the average price above $1 million.

"Can we continue a 36 per cent growth year over year? Probably not, and we probably shouldn't," said 2022 BDAR President Luc Bouillon.

Bouillon noted that Simcoe County is in a seller's market, with some homes selling hundreds of thousands above the asking price.

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RE/MAX Hallmark Chay realtor Bill Burton said he has seen surges in the market in his three-decade career in the Barrie area but said many buyers had been left out since 2020.

"You get one happy buyer but six or seven people who have to start from square one and search for another home," said Burton.

The realtor noted that some buyers are looking outside the city and the region for a home.

"For first-time buyers, they're the ones greatest affected because their money, if they're shopping in a 60-day window is running out on them in that 60 days," said Burton.

For two years, Kevin and Jennifer MacGillivray have been trying to break into the Barrie market but said that time after time, the initial price of the houses skyrocketed, leaving them out of the running.

"It's defeating because that $699,000 price range literally means nothing," said Kevin MacGillvray.

The couple says, unlike some families, leaving the city isn't an option for them because they own a business and need to be nearby.

"We do manufacturing. I have to be at the office. Working remotely is not a choice, so having the business here, I can't just pick up and move the business, so living in Barrie is pretty much the only option," said Kevin.

He added that they would continue to rent and wait for a property to become available in their price range.

Another Barrie-resident said they had to move in with their partner's parents to save for the five per cent down payment.

"With the rising house costs, we are nowhere near where we need to be," said Megan Woodman.

"I would commute to my job, of course, because I love it, but I want to stay in Barrie, but that goal seems to be going further and further away."

According to BDAR, buying in Simcoe County and Barrie now comes at a similar price as single-family homes in the Greater Toronto Area.

BDAR said townhomes and condos might be the only option to stay in the region unless the market changes.