KITCHENER-WATERLOO REAL ESTATE-HOMES & CONDOS FOR SALE

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A Big Year For Kitchener Waterloo Home Sales in 2017


Happy New Year!

It was a Huge year for Home Sales in 2017 here in Kitchener Waterloo with total residential sales volume surpasses 3 billion. There were 6,549 homes sold in Kitchener-Waterloo and area last year through the Multiple Listing System (MLS® System), just one percent behind last year’s record smashing results.

The year ended strong with 301 home sales in December, which is a slight one per cent above December of 2016, and 13 per cent above the previous five year average.
There was a definite push by some buyers to purchase a home prior to the new mortgage stress test kicking in January of 2018. While we appreciate the intent of these additional
changes, ultimately they will make it harder for some consumers to purchase the home they want. Picking up on the momentum from 2016, the first half of 2017 was characterized by an unparalleled number of home sales. Then in the latter half of the year, on the heels of the Ontario government’s announcement of the Fair
Housing Plan, the pace of sales began to decrease while still remaining above the previous five year’s averages.
There is almost universal agreement that the introduction of the Ontario Fair Housing Plan, which included a tax on non-residents who purchase homes in the Greater Golden Horseshoe (GGH) did contribute to the decline in home sales in the last half of the year, however that was mostly due to the psychological impact it had on buyers and sellers in the marketplace. For Waterloo Region these impacts were not yet as acute as in other areas of the GGH, but we are certainly concerned that any additional restrictions will further impede consumer affordability for homes.
Total residential sales in 2017 included 4,005 detached (down 4.2 per cent), and 1,461 condominium units (down 2.9 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 545 semi-detached homes (up 27.6 per cent) and 467 freehold townhouses (up 10.9 per cent).

The consumer demand we experienced in 2017 was certainly strong enough to have outnumbered 2016 home sales, however the continued tight supply of listings last year served to tamp down unit sales and drive up prices. While the number of homes that were put up for sale was in keeping with previous years, inventory tracked low all
year long as buyers continued to snap up properties at a terrific rate. The average days it took to sell a home in 2017 was 19 days, compared to 43 days if you were to average out the previous 10 years.

Dollar volume of all residential real estate sold last year increased 19.5 per cent to just over three billion ($3,061,739,723) compared with 2016, reflecting the strong price gains realized in 2017 and marking the first time sales have surpassed the three billion dollar milestone. The average sale price of all residential properties sold in 2017 increased 20.7 per cent to $467,513 compared to 2016. Detached homes sold for an average price of $549,046, an increase of 21.5 per cent compared to 2016. During this same period, the average sale price for an apartment style condominium was $271,940 for an increase of 18.3 per cent. Townhomes and semis sold for an average of $353,692 (up 23.6 per cent) and $378,275 (up 25.9 per cent) respectively.
The median price of all residential properties sold last year increased 21.1 per cent to $429,900, and the median price of a detached home during the same period increased 22 per cent to $495,000. With the continued influence of GTA buyers migrating to Waterloo region last year, 2017 was a great year if you were selling your home, but not so fun for those who were in the purchasing position. The quality of life enjoyed living in Waterloo Region has always been at the top compared to many other communities, even though our historical home prices have been relatively affordable. I think this secret is out now, and the activity of buyers from the GTA last year certainly demonstrates this.
While the frenzied buying activity has cooled under the multitude of newly-imposed government regulations, looking ahead we expect the demand to continue to be greater than the supply. While the balance is shifting, we do not believe there will be any decreases in property values and if anything, the correction for Waterloo Region was watching it increase. Of course, this will continue to put pressure on affordability for many would-be homebuyers.

The new stress test that just came into effect on January 1 is going to push some buyers out of the market and force others to purchase homes at a lower price point than they want as it reduces their ability to borrow.

If you have any questions on our local real estate market or if you are thinking of buying or selling a home or condo in 2018 please don’t hesitate to give me a call at 519-497-4646 or email to kevinbakerrealestate@gmail.com   We can grab a coffee and discuss how I can help.

Have a fantastic 2018!

Kevin

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Solid Home Sales for Waterloo Region in September


Happy Thanksgiving to you and your family. I hope you are able to spend some time together during this festive season and wonderful weather.

I wanted to give you a quick update on the Waterloo Region housing market so here are some latest stats and thoughts. A total of 470 residential properties changed hands in September. This was a decrease of 12.8 percent compared to the record number of sales in September of 2016, but still ahead of the previous 5-year September average of 437 sales.

On a year-to-date basis 5,357 residential units have sold compared to 5,239 during the same period in 2016, an increase of 2.3 per cent. We are seeing strong demand continue into the autumn. Residential listing inventory  to the end of September totalled 843, which is ahead of September of last year, but represents just half the number of listings that were on the market in the previous five years (2011-2015) for September.

September’s sales included 285 detached homes (down 14.2 per cent), and 105 condominium units (down 19.2 per cent). Sales also included 38 semi-detached homes (up 22.6 per cent) and 37 freehold townhouses (up 12.1 per cent).

The average price of all residential properties sold last month increased 12 per cent to $455,079 compared to September 2016. The average sale price for an apartment style condominium was $261,337 for an increase of 6 per cent. Townhomes and semis sold for an average of $359,448 (up 20.9 per cent) and $372,226 (up 19 per cent) respectively. Detached homes sold for an average price of $513,873 in September for an increase of 10 per cent compared to a year ago. Our local residential real estate market continues to show solid price growth and unit sales even though year-over-year price appreciation peaked in April of this year when the average price of a detached home increased 40 percent to $594,108. Today, on a year-to-date basis, the price of a detached home has averaged $553,029, an increase of 24.7 percent compared to 2016.

Last month 32% of all residential transactions were in the $300-399,999 range; compared to just 15.6% in April.  We also saw more transactions in the higher price ranges during the heat of the spring market. There were 20 sales that occurred over the one million dollar mark in April, compared to only 5 in September. The average days on market in September was 36, compared to 57 days a year ago. On a month to month basis, it took ten additional days on average from list to sale date in September compared to August.  The feverish spring conditions have given way to a saner playing field, however an increase in listings would be a welcome shift for homebuyers who would benefit from increased selection across the more affordable price ranges.

If you have any questions or would like to sit down and discuss buying or selling a property please give me a call and we can work out a plan that best works for your families needs.

Happy Thanksgiving!

Kevin


Over 800 Homes Sales in May Sets Record For Kitchener Waterloo


I hope you and your family have been doing well and enjoying the wonderful weather we have been having over the past month!! Summer certainly seems to be here.

Well May was another record setting month here in Waterloo region. There were 816 Residential properties sold through the  MLS® System in May, an increase of 8.2 per cent compared to May 2016, and a 6 per cent increase compared to the previous month. This is the second consecutive month unit sales have hit an all-time high.

Home sales in May included 493 detached homes (up 3.8 per cent compared to May 2016), 180 condominium units (up 7.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 64 semi-detached homes (up 39.1 percent) and 70 freehold townhouses (up 22.8 per cent).

With the persistent buyer demand that we’ve been experiencing these past several months, it was great to see that spike in residential listings. It certainly helped to give buyers more choice. There were 1,271 residential properties listed in K-W and area last month, a 38.6 per cent increase compared to May of 2016, and a 29 per cent increase compared to the previous month. It’s the first time in two years that the number of new listings put on the market has exceeded the 1,000 unit mark. The five-year average for new listings in May is 989.

While more homes were listed in May, it continues to be a seller’s market in Waterloo region and across the Greater Golden Horseshoe (GGH) as inventories remain tight at near or less than one month of inventory.

The average sales price of all residential sales increased 31 per cent to $496,664 compared to May 2016. Detached homes sold for an average price of $594,047 an increase of 35.3 per cent, while the average sale price for an apartment style condominium was $293,158, an increase of 25.8 per cent. Townhomes and semis sold for an average of $361,198 (up 30 per cent) and $383,819 (up 29.3 per cent) respectively. Ongoing demand for homes in Waterloo region has resulted in a shorter sales cycle.

The average days on market in May was 12, compared to 24 days a year ago. On a month to month basis, it took two additional days on average from list to sale date in May compared to April.

Looking at the Fair Housing Plan that was announced by the Ontario government in April, we think it is still too soon to know if the measures will have the intended cooling effect on the market.  For now, home sales are still booming, and prices are going strong. While we continued to see big year-over year price gains in May, the overall residential average price did dip 3 per cent compared to April. Keep in mind that one month does not make a trend but the spike in listings last month may have contributed to the flatter prices. Looking forward to the summer will help gauge where the market is headed going into the last half of this year.

If you have any questions or are thinking of buying or selling a home in the next few month feel free to give me a call  at 519-497-4646 or email to baker_kevin@rogers.com and we can sit down and discuss some options that best suit your families needs.

Have a great June!
Kevin


April was showered with Home Sales in Kitchener Waterloo


I hope you and your family have been doing well and enjoying the wonderful weather we have been having over the past month despite all the rain.

It was another incredible record setting month for home sales as 766 residential transactions were recorded through MLS®  of the Kitchener-Waterloo Association of REALTORS®. That’s an  increase of 14.3 percent compared to April 2016.

Residential sales in April included 492 detached homes (up 14.7 percent compared to April 2016), 161 condominium units (down 1.2 percent). Sales also included 52 semi-detached homes (up 30 percent) and 53 freehold townhouses (up 60.6 percent). What that says is that Home buyers are out in full force!

One very encouraging sign was that we saw more listings coming onto the market last month than we’ve seen in quite a while. There were 985 residential properties listed in K-W and area last month, a 17.8 percent increase compared to April of 2016, and the first time the number of new listings put on the market in a single month has come so close to the 1,000 unit mark in two years.

However, with inventory continuing to sit at or below one month of inventory for the ninth consecutive month, there continues to be a lot of pressure on prices. By the end of April, there were only 652 residential listings still active,  that’s 48.8 percent fewer than the 1,274 available listings that were on the market at the end of April 2016.

The average sales price of all residential sales increased 39.7 percent to $512,656 compared to April 2016. Detached homes sold for an average price of $594,453 an increase of 40.1 percent, while the average sale price for an apartment style condominium was $267,455, an increase of 18.3 percent. Townhomes and semis sold for an average of $377,531 (up 39.3 percent) and $415,709 (up 47.7 percent) respectively.

Vigorous demand for homes in Waterloo region meant homes were snapped up quickly. The average days on market in April were 10, compared to 33 days a year ago. On a month to month basis, it took four fewer days from list to sale date in April compared to March.

To address the growing concern around housing affordability, the province recently announced 16 measures for home buyers and renters, called Ontario’s Fair Housing Plan.  It’s still too soon to say what kind of impact these change will have on the market, but i think its a good first step to help get more supply of homes to the market.

If you are thinking of selling or buying in this market,  it is a great idea to have a strategy and plan in place. If you would like to sit down and discuss options just give me a call at 519-497-4646 or email to kevinbakerrealestate@gmail.com

Have a fantastic May!

Kevin


Kitchener Waterloo Has a Frenzy of Home Sales.


It was another very strong month of home sales in the Waterloo Region. There is seemingly no end in sight  in this brisk early spring market.

There were 474 residential sales in February through the Multiple Listing System, an increase of 4.2 percent compared to February 2016. With the nice weather in February, we experienced  volume well above what we would normally see for a typical February. That being said, the sales volume could have been much higher still if there were more listings on the market. The shortage of listings and demand continue to push up prices across the region.

Residential sales in February included 299 detached homes (up 5.7 percent compared to February 2016), 107 condominium units (up 3.9 percent) which include any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 32 semi-detached homes (down 3 percent) and 31 freehold townhouses (up 3.3 percent).

A lack of listings to satisfy the strong consumer demand is fueling multiple offers often resulting in sale prices above the actual asking price, which pushed the total residential average sale price in February up 27.5% compared to the same month last year to $463,355. Detached homes sold for an average price of $549,691 an increase of 30.7 percent, while the average sale price for an apartment style condominium was $246,736, an increase of 8.8 percent. Townhomes and semis sold for an average of $388,721 (up 20.6 percent) and $369,624 (up 31 percent) respectively.

Last month there were 427 active listings on the KWAR’s MLS® System, compared to 1,226 in February of last year. The average days on market in February were significantly shorter than a year ago: 18 days, compared to 39 days. On a month to month basis, the market was in a real frenzy in February, with it taking four fewer days from list to sale date last month compared to January.

Even though it is a challenging time to be selling or buying a home, the dream of home ownership is still very much alive and well in the region. With historically low interest rates there are still properties that are affordable for the average buyer.

If you ever have any questions on buying a home in this competitive marketplace or you are thinking of selling your home please give me a call and I would be happy to sit down and discuss the best strategy that works for you and your families situation.

Have a great day

Kevin

 

 


Another Record Breaking Month for Kitchener Waterloo Home Sales


 

The trend continues here in the Kitchener Waterloo housing market as well as many other urban centers in Ontario. It was another record breaking month for homes sales in the region mostly due to the lack of inventory.

Home sales through the Multiple Listing System (MLS® System)  totaled 535 last month, an increase of 27.1 percent compared to November of 2015, marking another record breaking month for residential properties sold. November’s sales included 352 single detached homes (up 34.4 percent compared to November 2015) and 118 condominium type units (down 22.9%) which include any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 32 semi-detached homes (up 45.5 percent) and 28 freehold townhouses (down 20 percent).

Record breaking sales are also being tallied on a year-to-date basis with 6,352 residential transactions compared to 5,341 during the same period in 2015, representing an increase of 18.9 percent. “Year-to-Date Sales to the end of November have now exceeded any previous end-of-year totals on record.

In 2007, sales to the end of the year exceeded 6,000 units for the first time, and haven’t hit that high-water mark again, until now, an entire month earlier. Inventory levels on the other hand, remain stubbornly low. In their October release, the Canadian Real Estate Association stated that, “the tight balance between housing supply and demand in Ontario’s Greater Golden Horseshoe region is without precedent (including the GTA, Hamilton-Burlington, Oakville-Milton, Guelph, Kitchener-Waterloo, Cambridge, Brantford, the Niagara Region, Barrie and nearby cottage country).” As of the end of November, the KWAR’ MLS® System only had 565 active residential listings on the market, down 23.1 percent compared to the previous month, and 60.8 percent below the same period last year.

The average price of all residential properties sold in November was $411,602 a 15.5 percent increase over 2015. Detached homes sold for an average price of $473,104, an increase of 13.9 percent compared to November 2015. During this same period, the average sale price for an apartment style condominium was $209,360, a decrease of 8 percent. Townhomes and semis sold for an average of $310,151 (up 14.8 percent) and $330,534 (up 27.7 percent) respectively.

With a notable shortage of inventory, many properties are selling above list price and  this is because you have many buyers competing for fewer properties, and this is pushing up the average price. The median price of all residential properties sold in November increased 18 percent to $377,500, and the median price of a detached home during the same period increased 16.4 percent to $425,000.

In my opinion those are some staggering numbers and there is no sign of it slowing down in the near future.

If you have any questions on the information or are thinking of buying or selling your home now or in the spring please give me a call and we can sit down and discuss the best options and strategies for you and your family.

 

Have a wonderful December and Holiday Season!

Kevin


The Strong Housing Market Continues here in Kitchener Waterloo


 

It was another healthy month here in Waterloo region for home sales with prices continuing to rise and many Buyers being left to wonder if they will ever be able to finally buy that elusive home. The Multiple offers continue to show up everywhere. Demand is certainly far outweighing supply at this point. A strong appetite for home ownership combined with slimmer inventory levels means it’s a sellers market and its here to stay for the foreseeable future.

Here are some stats:

Last month a total of 577 residential properties sold in KitchenerWaterloo and area though the Multiple Listing System (MLS®), an increase of 24.4 percent compared to October of 2015, and an all-time high for the month. October’s sales included 359 single detached homes (up 18.9% compared to October 2015) and 130 condominium type units (up 28.7%) which include any property regardless of style. Sales also included 41 semi-detached homes (down 105 percent) and 39 freehold townhouses (up 2.6 percent).

Record breaking sales are also being tallied on a year-to-date basis with 5,818 residential transactions compared to 4,920 during the same period in 2015, representing an increase of 18.3 percent. Conversely, inventory levels are low with only 729 active residential listings on the market to the end of October, a decline of 11 percent compared to the previous month, and 53.9 percent below the same period last year.

The average price of all residential properties sold in October was $408,067 a 12.7 percent increase over 2015. Detached homes sold for an average price of $478,685, an increase of 14.3 percent compared to October 2015. During this same period, the average sale price for an apartment style condominium was $225,221, an increase of 5.6 percent. Town homes and semis sold for an average of $307,294 (up 17.6 percent) and $329,966 (up 23.9 percent) respectively.

The median price of all residential properties sold in October increased 17.2 percent to $375,000, and the median price of a detached home during the same period increased 16.8 percent to $438,000.

New measures by the federal government which introduced a mortgage rate “stress test” on all new insured mortgages took effect on October 17, 2016. While the overall impact of these changes is yet to be fully understood, It is likely that some first-time homebuyers rushed to purchase prior to the stress test coming into effect.

If you have been thinking of selling or have any questions on things give me a call  and we can  sit down  and discuss some different options and strategies for your family to be competitive in the new housing market that we are experiencing.

You can contact me at 519-497-4646 or  email direct to kevinbaker@kwhometeam.ca

Thanks and enjoy the fall weather.

Kevin