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.
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