Our Vision for the 2020 real estate market and beyond is: Optimistic
It is December 30 and we are in the middle of a typical winter ice storm, now the norm in Ontario. This the perfect time to sit back and reflect on the year past and more importantly share my thoughts of the year ahead.
I am a “glass half-full” kind of person; full of optimism, hope, and always expecting the best. Our team members are the same, and my wife Tanya always gives us a side of “reality” – so much in fact we gave her a de facto title, Director of Reality! It is a good mix as it keeps us all real.
Durham Region Housing Market Outlook for 2020
Over the past year, our real estate market northeast of Toronto (we affectionately call North Durham/City of Kawartha Lakes or “North of 7”) has stabilized from up and down swings in values of 2016-2018. As we embark on 2020, further stabilization to a balanced market favouring both buyers and sellers is expected for 2020. This is my favourite type of market where everyone wins and it is financially healthy and safe for everyone. It is excellent for the economy. In our suburban/rural area, real estate values will keep pace typically with inflation across the country. RE/MAX INTEGRA – Canada has put out our forecast here for Durham (I usually scale the outlook back a percentage point due the northeastern location further from the Greater Toronto Area): https://blog.remax.ca/durham-housing-market-outlook/
Kawartha Lakes and West Peterborough County
Over the past year, the Kawartha Lakes and west Peterborough County has seen increasingly good value for money as more and more people escape the city prices in search for better value. Drive further and save. We are excited for this market as we will see a more moderate price growth, after the large increases over the past 4 years, especially with the opening of Highway 407 and better commuting times to southwestern urban centres.
Planning your REAL ESTATE GOALS for 2020
Expect listing inventory in most areas northeast of Toronto to be somewhat tight as the year starts and increasing as the year progresses, typically following seasonal patterns. We like to suggest to many that if you are planning a change, now is the time to have us in to discuss and we can advise on a strategy to move forward. Planning in today’s real estate market is paramount and we like to work with you early, which will help keep stress to a minimum, and most of the time maximize value.
New Homes and New Construction in Port Perry and area
As markets stabilize, we are excited with the new housing market locally to commence. There are over 500 dwelling units to be built in Port Perry alone in the next 1 to 3 years, all of varying dwelling types and price ranges giving buyers remarkable choice that we have not seen in over 15 years. This will increase listing inventories of existing housing stock, giving way to more inventory, more choice and keeping prices in check.
Mortgage Stress Test and Interest rates for 2020
Buyers should expect continued challenges with the mortgage stress test; however, there are conversations with the government looking at some badly needed adjustments – I call it stress test 2.0. We are optimistic that this will help more buyers enter the market but keeping in check their household finances. Suggestions are to save, save and save – the more you put down, the better results and comfort you have. Remember, stay within your means. Here’s the Bank of Canada scheduled policy interest rate announcement for 2020
Closer to the office and home, we’re so proud of local government and business leaders for positioning our historic town and region as the ideal location for movie and tv filming industry. Port Perry to serve as the backdrop for the filming of American Gods series (Sept 2019 – March 2020) Port Perry is a great town to do work in, and because of this and other factors like tourism, we are attracting other investors in our area.
As for our Puckrin Latreille team, we had a successful year with lots of laughter, fun, challenges and of course hard work. It does not feel like work when you are having fun doing it. Our renovated office proved to be a wonderful workplace to enjoy what we do best… looking after you, our clients. Personally I am so proud of each and every one of our team members. Each one has grown personally, some have surpassed their personal bests, we dream big and stretch for our goals. I love that! 2020 is going to be another break out year as we are going to raise the real estate services bar higher, do it better, rise to the occasion and be the best we can be.
Watch for us North Durham/Kawarthas … it’s going to be a great year ahead in 2020!
Happy New Year to you and yours!
Brett Puckrin
#PuckrinLatreille #LivePlayInvest
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