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Guest | 04 Mar 2014, 06:38 AM Agree 0

Investor interest in the city of Barrie, ON., is expected to rocket if a city proposal to allow basement apartments and in-law suites is allowed.
It is hoped that this move will help lift the region’s vacancy rate which has been hovering around the two per cent rate for some time. Rents in the city are the sixth highest among Canadian metropolitan areas, with a two-bedroom apartment averaging at $1,037 monthly.
Barrie currently has a policy that restricts second suites to multi-residential units, a specific second-suite zone and residential apartment zones created before August 2009.
“We are finding that a lot of millennial first-time buyers are looking for this type of property to maximize their investment,” says Shannon P. Murree, sales representative with RE/MAX Chay Realty Inc.
She tells CREW that despite the many issues that need to be ironed out by city council officials, the change in bylaws should be implemented within the near future.
“There is a real need and demand for additional housing in Barrie” says Murree. “I believe the focus will be on duplexes and in certain areas of the Barrie so there may be certain locational restrictions.”
There are currently 771 registered two-unit properties in Barrie, many of which are located in the Georgian College neighbourhood as well as Charlboook Avenue and Daphne Crescent.
  • Igor Vujovic | 04 Mar 2014, 08:02 PM Agree 0
    Town of Innisfil, just South of Barrie, just passed the by-law. If you're looking to invest in either Barrie or Innisfil, give me a call. Igor@C21Innisfil .com 705-716-2121
  • Kim Cameron | 05 Mar 2014, 02:57 PM Agree 0
    I am a realtor that has lived in Barrie/Innisfil/Springwater since. 1967. I have lived the changes here and have the experience to help. My former Warnica and Barrie Central classmates know me as Kim Tomkinson .
    Kim Cameron SRES
    Real Estate Sales Representative
    Homelife Beach Country Realty Inc, Brokerage
    30 Elliott Ave, Barrie, Ont 705-333-0755 cell
    705-361-3339 office
  • Lincoln Farrell | 05 Mar 2014, 02:59 PM Agree 0
    A key ingredient to a bylaw change such as this will include some form of licencing fee for any non-purpose built multi-unit dwelling. If not immediately, then down the road for sure. If you are buying a house with the intention to put in an income suit, then be sure you pay close attention to direction your city council is heading on that matter. When you draw up an investment analysis for a property you're considering, include these potential fees in your thought process so that it's not such a shock to you down the road.
  • Elizabeth Espadas | 05 Mar 2014, 04:33 PM Agree 0
    Great News for Investors...
    Homelife Beachcountry in now in Barrie to help you make the move.
    705-361-3999 or 1877-661-3339.
    www.beachcountry.ca

    Elizabeth Espadas
    Broker of Record
  • Shannon P Murree | 08 Mar 2014, 06:08 PM Agree 0
    Well, outside of the solicitation on this page - it's important to note that the conversations by council are still in their infancy stages. At the moment, discussions are now moving, it's my understanding to a public hearing. The mayor is sure there will be much opposition on this. Also left up to discussion, how exactly they will proceed and how exactly to make sure there is affordable housing.

    So, readers, in whomever you choose - caution and diligence in purchasing because there's still transition. Please, do your research and ensure it's conducive to your portfolio and can do with the property what you want to do.

    So, thank you Grainne for seeking my experience on working with investors here in Barrie and appreciate our relationship.

    Everyone - happy investing!
  • Joseph Zhang | 10 Mar 2014, 03:05 PM Agree 0
    I glad to see this ball started rolling again, I have watched this process for a few years and I also researched on City's website to find out how much cost to register a legal duplex if possible. Here is the list of fees.

    Rezoning with plan amendment 11,500
    Plan of amendment 7,900
    1st Fire inspection and approve $285

    Registration
    admin fee $155
    zoning review $80
    final fire inspection $155
    building standard inspection $285

    The total fee paid to city would be $20,360.

    I don't think the bylaw will be changed soon, but will change. However, landlords are still subjected to a big fee to register his 2nd unit in the house.

    If you are looking for a mortgage for investment property, I can certainly help.

    Joseph Zhang
    Mortgage Agent
    416-822-1612
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