ARTICLE · 04 SEPTEMBER 2017

Barrie's Real Estate Market Struggle

Devry Smith Frank LLP

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Many home-buyers got caught in the spring real estate downturn. As a result, many homes have had delayed closings and people have even backed out of real estate deals, not caring that they will lose their deposit.

CanadaReal Estate and Construction

Devry Smith Frank LLP

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Many home-buyers got caught in the spring real estate downturn. As a result, many homes have had delayed closings and people have even backed out of real estate deals, not caring that they will lose their deposit.

Most of this stems from the buyers deciding to purchase a home in the heat of the market, placing a competitive down payment, only to realize that as their closing date approaches the value of the home has decreased significantly, sometimes more than the deposit that was made. Others have not been able to close due to the mortgage amount not meeting the purchase obligation of the home.

Peggy Hill, a real estate agent for Keller Williams said, "closings have been stalling [everywhere] since the end of June." In Barrie, even though prices are not at the level that Toronto has seen, the drop has been precipitous.

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