Well, there is finally a bit of positive news to report in the residential market. After months of delivering less-than-encouraging updates, it was starting to feel like I was bringing nothing but bad news.

March, along with the arrival of spring, brought a modest increase in home sale activity. Barrie experienced a healthy jump in home sales compared to February, while Essa and Springwater also saw gains in sales volume. Innisfil, Oro-Medonte, and Orillia remained relatively steady, with sales activity in line with the previous month. That’s the good news.

On the pricing side, however, the story is a bit more mixed. Average sale prices declined across most areas, with Barrie and Orillia being the exceptions, both seeing price increases.

Looking a little deeper, it’s clear that the majority of activity is centered around more modestly priced homes. The higher-end market continues to lag, with both Barrie and Springwater recording only five sales each above the $1 million mark last month. The luxury segment remains under pressure.

Inventory levels are currently sitting in what would be considered balanced market territory, offering opportunities for both buyers and sellers.

When compared to the same time last year, sales volumes are quite similar. However, average sale prices were notably higher last year in most areas, with the exception of Orillia and Oro-Medonte, where prices have actually increased this March.

Looking back two years, the contrast is even more pronounced. March 2024 saw significantly stronger results in both sales volume and average sale price.

There was also some encouraging news on the policy front. The Federal and Provincial governments jointly announced plans to remove the 15% HST on newly built homes. In theory, this could have a positive ripple effect on the resale market, as buyers who choose new construction will likely need to sell their existing homes.

While the announcement is promising and could help stimulate activity, it’s important to note that, at this stage, it remains just that—an announcement. The legislation has yet to be formally enacted, and until it is, the real impact on the market remains to be seen

Barrie
Homes Sold. 90
Average Sale Price. 751,378
Average Days on Market. 30
Percentage of Asking Price. 97%

Innisfil
Homes Sold. 37
Average Sale Price. 798,778
Average Days on Market. 41
Percentage of Asking Price. 98%

Orillia
 Homes Sold. 19
Average Sale Price. 622,047
Average Days on Market. 19
Percentage of Asking Price. 97%
 
Oro-Medonte
 Homes Sold. 14
Average Sale Price: 1,090,571
Average Days on Market. 44
Percentage of Asking Price. 96%
 
Springwater
 Homes Sold. 24
Average Sale Price. 853,208
Average Days on Market. 32
Percentage of Asking Price. 97%
 
Essa
 Homes Sold. 11
Average Sale Price. 759,864
Average Days on Market. 35
Percentage of Asking Price. 97%

*All stats are based on listings sold with the Toronto Regional Real Estate Board

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