2019 wrap up
As we reach the end of the decade, it’s hard not to look back and reflect on everything that’s changed over the past 10 years! We’ve seen economic struggles and recovery, market growth, and numerous changes to the mortgage process. We’ve also seen our little city continue to grow with more and more people relocating to Barrie.
But before we move on to 2020, let’s take a look back at all that’s changed over the last year and decade. Here is our 2019 wrap up!
Our 2019 year in review
2019 was an eventful year both for the Barrie market as well as for changes to my mortgage business. I recently welcomed Kristen Mancini, certified mortgage agent, to the team. This will help to ensure that customer service is our number one priority. Kristen brings terrific energy to the table and will be working alongside me and our first time home buyers. Her recent home purchase gives her first-hand experience of the anxious excitement that first time home buyers experience!
Throughout the year, our team has worked to provide value for our clients and the Barrie community. We strive to help people understand their mortgage and financial options. Our team has placed a large emphasis on providing free educational content every week. We cover a variety of mortgage and finance-related topics. My goal is to remove stress from the mortgage and homeownership process. Our content is designed to help you learn about the many ways mortgages tie into your financial picture. You can learn about a variety of mortgage and financial related topics at my blog!
We saw growth in Barrie
In terms of the Barrie market over the past year, we saw balanced market conditions and high demand for housing. Low rates continue to keep things afloat despite the introduction of the mortgage stress test. The stress test continues to be a bit of a thorn in the side of all homebuyers, with first-time homebuyers being hit the hardest. Despite this, I’ve seen numerous young homebuyers overcome this through proper budgeting and planning in advance. In addition, taking advantage of co-signers and gifts from family has helped with down payments. 2019 also saw a large seller’s market in Barrie with relatively limited supply and multiple offers a regular occurrence. Competition was certainly a theme in 2019!
A decade of helping Barrie come home
Looking back to 10 years ago, 2010 was a drastically different time as the economy recovered from the recession. Housing prices were low and the city struggled to deal with the financial uncertainty. Despite that, we’ve seen major recovery and market growth since then. Home prices and sales are rising annually, especially during 2016/2017. We’ve also seen numerous rule and regulation changes that we’ve proudly helped our clients navigate at every stage. These include minimum down payment changes, amortization reductions, the stress test coming into effect, and the First-Time Home Buyer Incentive.
Personally, the decade has been an exciting time. I’ve been incredibly fortunate to have the opportunity to work with clients and their families. Throughout all of the rule changes and market fluctuation, I’ve been able to help clients turn their dreams of homeownership into a reality. I’ve also enjoyed helping clients create much needed breathing room through refinancing and other forms of debt consolidation. It’s truly been a privilege meeting clients as first time home buyers and watching them move into their dream homes.
As we look down the road to 2020 and the decade ahead of us, it’s easy to get excited about what the future holds. The outlook for next year forecasts balanced market predictions, with demand being driven by move-up and first-time homebuyers. The average residential sale price for Barrie in 2020 is expected to increase by five per cent due to similar market conditions and demand levels experienced in 2019.
We could also see rate drops in early 2020, with the potential of multiple before mid-year, but a lot can change before then! Although things may continue to prove difficult for first-time homebuyers, it further highlights the need moving forward for partnering with a mortgage broker who can provide unbiased advice for you and your family.
I’m personally looking forward to continuing to work with clients and the Barrie community to help residents achieve their dreams of homeownership and find sensible mortgage solutions! I want to say a huge thank you to everyone who has helped make this year and decade a success. It’s been an incredible experience being able to grow with the Barrie community.
Now that we’re through the 2019 wrap up, it’s important to remember that 2020 is a new year and a new decade. However, I promise the same trusted mortgage advice! If you’re looking for more information, please give me a call at (705) 252-9445 or get in touch with me here!