New & Pre Construction Condos in Barrie
Why Should You Invest in Barrie Real Estate?
Barrie is fast gaining the reputation as one of the best locations to invest in real estate in the Greater Toronto Area, and for good reason. Not only is it close to the GTA, but it also treats residents to a beautiful and relaxing environment with Lake Simcoe in the area and a wide selection of modern conveniences, such as restaurants, waterfront trails, vast green spaces, shopping centres, and many more indoor and outdoor attractions. If you’re considering buying new and pre-construction condos in Barrie, there is no better time than now.
Here are some of the reasons why investing in Barrie real estate is the best decision you can make.
- Beautiful and strategic location
Southern Ontario, where Barrie is, has quite a high quality of life, and this is what makes it very attractive to tourists and investors. Its proximity to natural marvels such as Lake Simcoe and Kempenfelt Bay makes it a great place to place your money in to grow. In addition, Toronto is just one hour away, and the commute in between is fast and convenient.
- Low vacancy rates
Vacancy rates are key metrics for investors who are looking to purchase new and pre-construction condos for renting out or selling later. If a property is vacant for a long time, that means it’s a wasted investment. But with Barrie, where almost every property is occupied, adding more and investing in these new property structures is a sound business choice.
- Modern transport system
One of the best reasons to invest in new and pre-construction condos in Barrie is its modern transport system. GO Transit, in specific, connects Barrie to many areas in the Greater Golden Horseshoe, spanning some 11,000 square kilometres. This efficient transport spread is the reason why over 70 million people use the train for going in, out, and around. If you are investing in a Barrie condo for future rental income, this could be a great selling point to convince potential renters to stay.
- Fast-rising economy
There is no doubt that Barrie is catching up to the best cities in the Greater Toronto area, so it only makes sense for investors to want to ride this sustained growth. As the business environment grows, so do employment opportunities, thus hiking residency numbers. This is the perfect time to invest in Barrie properties to meet the demand for tenancy.
- High ROI potential
Barrie is listed in sixth place in terms of high rental market value in the country. If you are investing in a pre-construction condo in the area, there is a high potential for a fast profit. As the area continues to develop as a business and cultural hub, its tenant pool continues to evolve, as well, with more people willing to pay a premium price in exchange for the good life that Barrie offers. If your investment goal is to widen your portfolio, investing in pre-construction properties is an excellent idea.
Average Condo Price for Barrie in 2021
As of June 2021, the average price of condos and apartment units in Barrie is $535,000. This is up by 37.9% from 2020 and is expected to continue to rise into 2022. For reference, the average cost of a single-family home in Barrie is $644,000, while the average price of a townhouse is $440,000.
Because of Barrie’s fast evolution into a business and lifestyle centre, it is considered the go-to place for people who want to get out of the big cities in favour of quieter environments that still have the best of modern amenities. The job market is robust in Barrie, and people are rarely without an opportunity to live better and grow.
Accessibility / Getting Around
There are ways to get in, out, and around Barrie. It has three bus services that take you into the city, such as the GO Bus, Ontario Northland, and Hammond. You can also go by the LINX route, and Barrie has four. If you want to go by car, there are plenty of rental car service providers you can book, same with limousines and private plans (if you’re feeling fancy). Barrie also has the Lake Simcoe Regional Airport for the jet setters.
Are you thinking of investing in pre-construction condos in Barrie or any other type of real estate? Here are three of the most asked questions.
Why should I invest in a pre-construction condo in Barrie now?
Barrie has an incredibly fast-growing real estate market, and all the attention of property buyers are on the city right now. It would be smart to get on this trend to snap up pre-construction condo deals while they are still priced lower. With the robust outlook on Barrie’s real estate market and the high demand for rentals and homes, buying Barrie properties now is a wise choice.
Do I need a real estate agent to buy a pre-construction condo in Barrie?
Real estate agents are highly trained professionals who know the ins and outs of Barrie real estate. They can take care of all the nitty-gritty of paperwork and documentation, so you can have peace of mind from knowing that your investment is pushing forward seamlessly. An agent will also serve as your dedicated guide for everything there is to know about Barrie, so you won’t have to ask many people or waste time researching irrelevant matters.
Should I also purchase a parking slot with my pre-construction condo?
That’s entirely up to you, but do know that parking slot prices are also a lot cheaper at this time. The decision to buy parking depends on what your plan for your condo is. Do you see yourself living in Barrie in the next ten years, and do you think you would need a car? Are you planning to have your unit rented out and, if so, would your customer profile be someone with a vehicle? Another perspective to take is to have your parking slot rented out when the property has been built because some tenants or condo owners will probably have two or more vehicles.