Strong Housing Market Performance Ahead in Barrie

TORONTO, ONTARIO--(Marketwired - Oct. 26, 2015) - According to Canada Mortgage and Housing Corporation (CMHC) Fall Housing Market Outlook report for the Barrie Census Metropolitan Area (CMA), sales of existing homes will continue to perform well in 2016 and 2017 supported by the housing demand spill-over from the Greater Toronto Area (GTA). After a sharp drop in 2015, housing starts will increase in 2016 and 2017 as additional land for residential construction becomes available. Home prices will continue to rise, but at moderate pace in 2017.

"The Barrie housing market continues to attract migrants from the GTA who want to take advantage of the housing price differential between the Barrie CMA and the GTA. In addition, the opening of the annexed land from Innisfil for development and the launching of the Barrie waterfront residential project will prompt a major boost to housing starts in 2016 and 2017 ", said Abdellah Massaoudi, CMHC Market Analyst for the Barrie area. "Weak employment prospects for youth aged 15 to 24 and rising rents will mean the vacancy rate will rise above two per cent in both 2016 and 2017."

As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.

For more information, visit www.cmhc.ca or call 1-800-668-2642. CMHC Market Analysis standard reports are also available free for download at CMHC Housing Market Information.

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