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Housing Trends and Growth in Barrie
In recent years, Barrie has been one of the fastest growing urban communitites in Ontario. With a strong and diversified economy, close proximity to the recreational opportunities of Lake Simcoe, cottage country, and a short commute to the biggest city in Canada, Barrie is ideally situated for continued growth. Barrie's real estate stands to benefit as the city continues to grow into an important centre for the southern Ontario economy.
Home prices continue to rise in Barrie, partly due to the fact that it offers an affordable alternative to Toronto. In 2013, the average home price in Barrie was roughly $200,000 less than the average home price in Toronto. This discrepancy has increased signifantly over the past 5 years. This large difference in prices continues to attract people in search of affordable housing who still want easy access to the Greater Toronto Area (GTA).
Some people who work in the GTA have also chosen to make Barrie their home. This is feasible, because it only takes about an hour at commute.
Changes in the local job market have also contributed to Barrie's booming real estate market. Job growth in Barrie has been steady, and the economy is gradually diversifying, resulting in the creation of high paying jobs in finance and technology, while manufacturing continues to provide other employment opportunities.
Barrie, also offers a wide variety of housing types, running the gamut from small new trendy condos to stately mansions and historical homes. This means that whether you're a young urban professional, a family with multiple children, or a retiree, there are plenty of suitable options available in Barrie.
The growth trend for Barrie real estate remains intact for the foreseeable future, as people have begun to recognize the appeal of the city's location, and the local economy continues to grow at a steady pace.