The Barrie and District Association of Realtors (BDAR) reports a month-over-month decrease in the number of units sold and average sale price, but nothing to suggest the bottom has fallen out.
BDAR says there were 134 units sold in July in Barrie, which was 14.6 per cent less than the number of units sold the month prior. A year ago, the number of units sold between July and June decreased by 9.7 per cent.
The average price of units sold in Barrie last month was $775,463, which is 1.7 per cent less than the average price during June.
Year-over-year, BDAR says the number of units sold in Barrie last month was off 48.5 per cent from July 2021. However, the average price of a home sold last month was 6.2 per cent greater than a year ago at this time.
“Since January of this year, we have seen a steady increase in interest rates. These increases have been to both fixed and variable mortgage interest rates,” BDAR says in its July report released on Tuesday afternoon.
BDAR says another interest rate hike is expected following the next Bank of Canada meeting on September 7.