KITCHENER-WATERLOO, ON (Oct 5, 2010) –Home sales to the end of the third quarter of 2010 are ahead of last year by 4.5 percent. There were a total of 5,113 home sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Real Estate Board (KWREB) during the first nine months of the year, compared with 4,892 during the same period of 2009.
“This is the first time since 2007 that sales to the end of the third quarter have increased on a year over year basis”, says Ted Scharf, President of the KWREB. “It was also our third best September on record. ”
Sales last month brought the dollar volume to $1,477,077,951, an increase of 14.1 percent compared to one year ago.
The most popular price range year-to-date has been for homes selling between $225,000 and $250,000, with nearly 15 percent of sales happening in that bracket. This is down slightly from 2009, when the percentage was 16 percent.
The number of residential sales increased in every price category above $250,000, with the biggest jump occurring in the most expensive homes. 62 homes sold to the end of September for more than $750,000, compared to only 24 last year at this time, a jump of 158 percent.
Stronger demand for high-end homes has contributed to the 10.2 percent increase in the average sale price of all detached homes sold year-to-date. The average price of a detached home to the end of the third quarter was $329,063, compared to $298,626 to the end of September 2009.
The average price of all residential properties sold year-to-date was $288,887, a 9.1 percent increase relative to 2009 results.
Scharf says the local residential real estate market should remain strong for the balance of the year. The local economy is both diverse and dynamic, and our region is highly regarded as a perfect place to make roots and invest in a home.
The question that I get most frequently is How is the Market?
It is important for buyers and Sellers to know what is happening in today’s market place and in their specific community.
Here is what the Kitchener/Waterloo market did in August:
HOME SALES EASE IN AUGUST, UP ON YEAR-TO-DATE BASIS
KITCHENER-WATERLOO, ON (Sept 3, 2010) – Home sales eased in August, but remain stable when you consider the exceptionally strong spring market experienced in Kitchener-Waterloo and area.
There were a total of 475 home sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Real Estate Board (KWREB) in August, compared with 586 sales the same month one year ago, a decrease of 18.9 percent.
“It’s important to remember that 2010 got off to an exceptionally strong start”, says Ted Scharf, President of the KWREB. “In anticipation of the HST, and in response to tougher mortgage rules implemented in the spring, prospective homebuyers came out in droves in February and March. “
Despite the summer slowdown, on a year-to-date basis, the number of residential transactions is up 5.6 percent to 4,616 units compared to last year, making this the second best year on record to-date.
Though demand softened somewhat last month, the overall average price of all residential properties sold through the MLS® System of the KWREB increased 9.4 percent in August to $280,493 on an annualized basis.
Scharf reminds consumers to use caution when looking at averages. The average sale price is based on the total dollar volume of all residential properties sold. In August, there was a 38.5 percent increase in homes selling for more than $400,000, 61 compared to only 44 in August of 2009, which helped to bump up the average residential sale price.
According to the president of the KWREB, a growing population, a diverse local economy, and the availability of low interest rate mortgages should continue to maintain the affordability of homes.
“Waterloo region is a great place to live, and invest in real estate,” says Scharf. “And we’ve had many reminders of that lately” he said, noting the federal funding announcements for the region’s rapid transit project, and news earlier in the month from the Real Estate Investment Network naming Waterloo region the best place in Ontario for real estate investment.
To get more specific information on local pockets of the region ie specific neighborhoods etc feel free to call or email to kevinbaker@kwhometeam.ca
So you are thinking of getting your home up on the market but do you list it now or do you wait till the fall? Even though the summer is traditionally slower and you are thinking September or October might be better, you might want to rethink that. Watch the video to hear my thoughts on why.
It has been a fantastic first 6 months of 2010 here in the Kitchener/Waterloo Real Estate Market. The market has been extremely busy with both first time buyers competing in multiple offers and higher end homes selling well.
Here are some stats:
Total residential sales were up 16% in the first 6 months and we broke the 1 Billion mark for the first time ever by the end of June.
There was 2093 sales over the $250,000 price range which is up 45% over last year.
For homes over the $500,000 there was an 84% increase in units sold with a total of 205 units.
The average sale price for all residential sales for June was up 8.8% and up 10.7% year to date. Now even though the residential sales volume for June was down 12.1% over the previous year it was still on par with the May 2010.
Average sale prices for Kitchener/Waterloo
Single family home $331,841 up 10.2%
Semi detached $240,747 up 12.0%
Free hold Town home $259,514 up 11.0%
Condo $202,931 up 10.3%
Overall there were a total 634 residential homes sold on the Kitchener/Waterloo board for the month of June.
It has been an outstanding year so far and the trend is looking good for the remainder of 2010. If you ever have any questions on the Kitchener/Waterloo Market or are looking to sell or buy please feel free to give me a call at 519-579-4110. or email to baker_kevin@rogers.com
Stats taken from the Kitchener Waterloo Real Estate Board dated July 6th, 2010.
From Kitchener Waterloo Real Estate Board
DEMAND FOR PRICIER HOMES PUSHING UP AVERAGES IN KITCHENER-WATERLOO AND AREA
KITCHENER-WATERLOO, ON (June 3, 2010) – Increased demand for more expensive homes pushed the average price of detached homes up 11.2 percent to $338,209 on a year-over-year comparison.
There was a 50.7 percent increase in the number of homes selling for more than $400,000, with a total of 98 transactions through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Real Estate Board (KWREB) in May compared to 65 transactions in the same month last year.
Meanwhile, the Canadian Real Estate Association recently announced its revised forecast for national activity. The average home price is expected to climb 1.6 percent for homes across Canada, reaching a record $325,400. To date in 2010, the average price of all homes sold in Kitchener-Waterloo and area has increased 10.3 percent to $ 283,423.
Last month, there was a total of 703 sales of all property types, a solid May, according to the President of the KWREB, and evidence of continued strength in the local real estate market.
May’s residential sales included 432 detached homes, 114 condominium units, 58 semis, and 44 townhouses.
“2010 is poised to be a record breaking year for home sales,” said, Ted Scharf, President of the Kitchener-Waterloo Real Estate Board. “Since January, sales have been posting well ahead of all previous years on a year-to-date basis.”
With the Bank of Canada’s recent decision to raise its overnight lending rate by 25 basis points to a half a percent, experts are predicting that interest rates will rise, but slowly, keeping home financing within reach for many consumers.
May’s activity brings the total number of residential sales on a year-to-date basis to 3,095, a 25.5 percent increase over 2009.
This is just another sign that social media and social networking is not a passing fade but is here to stay. The Waterloo Region School Board http://www.wrdsb.ca/ announced that this coming September they will be implementing Facebook as part of teaching aids to help students learn better. Good or bad? Have a look at the video to see my thoughts.
University Downs is a family orientated neighbourhood on the east side of Waterloo. Being right off the expressway it has easy access to the entire city of Kitchener/Waterloo.
Close to Rim Park, University of Waterloo http://uwaterloo.ca/and Laurier University http://www.wlu.ca/, this community has lots to offer prospective home buyers and investors alike. With great community atmosphere, good schools and parks for the kids, University Downs should definitly be a stop on your next home search.
To get more information on University Downs visit http://universitydowns.org/cms/ . Check out the video to get the sales stats from January 1st, 2010 until now. If you have any questions please feel free to let me know.
The City of Waterloo is reviewing the Rental Housing licensing Program. If you are a Investment property owner of a lodging house with (4) or more persons living in it or some Duplex’s, you may want to take a minute to check out the link below.
“City Of Waterloo is currently undertaking a Rental Housing Licensing Review. This may affect the City’s current programs such as the Lodging House Licensing Program and/or The Two Unit Residential Occupancy Inspection Program. The owner should be advised that the outcome of the review may affect the ability of this or any other property to be used for, or licensed for, rental housing purposes.”
“There are approximately 1,150 lodging house licenses in the City of Waterloo, and the City requires all Lodging Houses with four (4) or more unrelated lodgers be licensed. All license owners have until April 30th to renew their license(s) as stipulated in the City’s Lodging House License By-law.”
Eastbridge is a newer subdivision of Waterloo. With fairly new schools, close to Rim Park, hiking trails, the Grey Silo golf course http://www.greysilo.com , this neighborhood boasts many high end homes and leads the way as one of the higher priced neighborhoods in Waterloo. Check out my video on the sales results since January 1, 2010. Also go to to see more on Eastbridge http://www.eastbridge.info/
Westvale is a much sought after comunity located on the west side of Waterloo, Ontario. With great community spirit, fantastic schools including french emersion http://www.wrdsb.ca/ and close to shopping this neighborhood boasts one of the best resale communities in Waterloo. Feel free to check out the video post that I did giving an overview of the sales year to date. To see more on westvale visit http://www.westvale.org/
If you are out looking for a new home this year and have experienced the pre-spring market, you will undoubtedly understand my views on what is happening out there.
We are definitely in a seller’s market once again. Everyday there seems to be buyers competing for lower than usual real estate inventory levels. With buyers flocking to new listings the same day they hit the market, the sellers out there seem to be enjoying the fact that there are too few of them to choose from.
I showed a home yesterday that came on the market the day before. By the time we managed to get through it and on the next one, I received a phone call from the listing agent letting me know that there were currently 2 offers being presented on the property in 3 hours. The buyer seemed a little shaken by this news and being a first time buyer just wasn’t ready to compete for the house.
My advice I would give to anyone that is in the process of looking for their next home would be as follows:
When you find a house that fits the needs and wants of your family… BUY IT! Don’t wait … talk to your realtor, come up with a fair market value and do the offer. If you wait too long you will be disappointed
Don’t be afraid of the list price when it comes to multiple offers. When there is more than one offer on the home at the same time, buyers end up competing for the house. The list price no longer becomes a factor and now you are competing with the other buyer and not the seller. If the other buyer(s) really want the home they could easily go over list price by as much as they deem fit. I have seen lately as much as $5,000 over the list price. So talk to your realtor, come up with fair market value and offer accordingly.
Time will tell how long this seller’s market will last, but while it is here, buyers need to understand the steps necessary to beat out their competition. Best of luck out there and happy hunting!
Real Estate inventory levels across the country are dropping and Kitchener Waterloo is no exception. Unlike last February the market has done a complete 180 degree turn. There are buyers getting into the market that wouldn’t normally move this soon for several reasons.
the threat of higher interest rates is ever looming and at some point they are going to start to go up.
the announcement last week by Minister Jim Flaherty tightening the lending criteria for banks and financial institutions
the H.S.T. is just around the corner and it will bring with it a slight increase in the cost of buying a home.
Watch my video for my thoughts on how this is all going to play out and please leave your comments or thoughts.
KW Real Estate Life 