A steady trend of growth has made Barrie the fourth most expensive urban market for rental units nationwide, according to a freshly released June report by PadMapper.com
The study, which looked at rent prices in Canada’s 25 largest cities, found that the average cost of a one-bedroom apartment in Barrie increased by 4.5 per cent over May 2017 figures, going up to $1,150.
Meanwhile, average rent for a two-bedroom apartment in the city went up by 1.4 per cent in the same time frame (up to $1,410), CTV News Barrie reported.
Vancouver continues its reign as the priciest rental market in Canada, with one-bedroom apartments going for an average of $1,950 and two-bedroom units for $3,150. Toronto and Victoria closely come at second and third.
Barrie has recently been deemed by the Real Estate Investment Network as a promising housing hub, chiefly because of its diversifying economy that is focusing on GDP, employment, and population growth.
Helping the city’s chances as a premier destination for strategic real estate investors in the future is its infrastructure, along with its business-friendly policies and proximity to downtown Toronto.
“Barrie has become a city with strong economic roots,” REIN senior analyst Don R. Campbell stated. “It has all of these fundamentals lined up in support of a bright future, which are ideal conditions for a stable and growing real estate market.”
Another factor that might magnetize investment funding is Barrie’s small-town feel despite its status as a major urban centre, “making it an ideal location for young families seeking relative affordability.”
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