This Ontario city's home prices are expected to nosedive by $114k in 2023

The average home prices in one Ontario city are expected to fall by more than $114,000 in the coming year.

According to RE/MAX Canada’s Barrie Housing Market Outlook 2023, the average home price in the city will drop to $648,642.65 next year, a 15% decline from the $763,109 average experienced between January 1, 2022, and October 31, 2022.

Average home sales in Barrie are expected to fall by 10% in 2023, but the softer demand will lead to an increase in supply as new units spring up at a rapid rate.

First-time buyers will have a marked effect on the city’s housing market next year, the report noted. In their search for affordability and an entryway into homeownership, many will set their sights on co-ownership and rental units.

RE/MAX Canada

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The conditions will lead to a balanced housing market for Barrie. The city is in good company, with 40% of Ontario markets finding balance in 2023, including Toronto, London, and Oakville.

Across Canada, market activity is expected to return to a “more-regular pace” in the second half of 2023 as economic conditions stabilize, said Elton Ash, executive vice president of RE/MAX Canada.

Nationally, the average residential sale prices will fall by 3.3% in 2023.