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Barrie Real Estate News Roundup

March 2, 2018 | By Scott Cooper


BARRIE'S AFFORDABLE HOUSING EFFORTS AHEAD OF SCHEDULE

The city’s target of 840 new affordable housing units by 2024 is already more than halfway acheived, and well ahead of schedule, Mayor Jeff Lehman reported this week.

Affordable housing has been one of city council’s top priorities, and the number of units created now sits at 441, Mayor Jeff Lehman said during a news conference at the Holly Community Centre. The goal is already two years ahead of where he thought it would be.

One of the main reasons behind the progress, in particular, is the creation of more second suites around the city, as well as more highrise and townhouse proposals coming to city hall from developers.


CANADIAN MORTGAGE ARREARS FALLING 

Despite soaring home prices and rising debt levels in households across Canada, the rate of mortgages in arrears in Canada has actually fallen to it's lowest level in more than a decade.

Just 0.24 percent of mortgages were three months past due as of November of 2017, according to the Canadian Bankers Association.

The report can be read here, and indicates that the level of compliance is due to the record low mortgage rates that have been available for the last ten years, coupled with the mortgage tightening rules and stress tests introduced in 2016, which has helped to ensure owners can actually handle their debts.


SWIPE RIGHT....FOR A HOUSE?

A Toronto based developer has introduced a mobile app that will incorporate the swiping culture of the online dating world into real estate sales.

While the developer says the app will not replace agents, but can be useful in streamlining property searches and provide more tools for house hunters.