KITCHENER-WATERLOO REAL ESTATE-HOMES & CONDOS FOR SALE

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Home Sales Continue to Slow in Waterloo Region


I hope you and your family enjoyed a great Halloween. Even with the rain I heard there were plenty of little ones out having fun! Fall is certainly here and the leave piles are growing although we really can’t complain about the weather, its been so nice out lately. 

The latest housing stats are out for Waterloo Region,  lets take a look at what the numbers have to say…

There were 491 residential homes were sold last month, a decrease of 39.7 per cent compared to October 2021 and 36.2 per cent below the previous 5-year average for the month.

Total residential sales in October included 310 detached (down 38.2 per cent from October 2021), and 84 townhouses (down 45.1 per cent). Sales also included 64 condominium units (down 36.0 per cent) and 31 semi-detached homes (down 47.5 per cent).

The pace of home sales continued to slow in October after the Bank of Canada’s sixth straight interest rate hike in September.  Faced with higher borrowing costs, some buyers have had to re-assess what they can afford. As these buyers get moved to the sidelines, sellers question if now is the best possible time to sell.

In October, the average sale price for all residential properties in Waterloo Region was $763,630. This represents an 8.4 per cent decrease compared to October 2021 and a 1.6 per cent increase compared to September 2022.

  • The average price of a detached home was $860,568. This represents a 10.6 per cent decrease from October 2021 and a decrease of 0.3 per cent compared to September 2022.
  • The average sale price for a townhouse was $635,197. This represents a 9.0 per cent decrease from October 2021 and a decrease of 0.4 per cent compared to September 2022.
  • The average sale price for an apartment-style condominium was $488,277. This represents an increase of 3.9 per cent from October 2021 and an increase of 7.3 per cent compared to September 2022.
  • The average sale price for a semi was $624,999. This represents a decrease of 10.8 per cent compared to October 2021 and a decrease of 1.9 per cent compared to September 2022.
october 2022 average sales price by property type 2
MLS® Home Price Index Benchmark Price
 Kitchener-WaterlooCambridge
Benchmark Type:October 2022Monthly % ChangeYr./Yr. % ChangeOctober 2022Monthly % ChangeYr./Yr. % Change
Composite$723,200-0.2-8.8$730,700-2.3-9.8
Detached$807,900-0.0-10.1$751,800-2.1-11.6
Townhouse$603,700-1.3-3.2$663,100-2.41.8
Apartment$494,400-0.16.5$520,100-6.67.3
October 2022 HPI Stats Chart for Kitchener Waterloo Cambridge

While there is uncertainty in the minds of consumers about current market conditions, one thing is for certain, Waterloo region’s housing supply remains one of the tightest in the country.  Buyers may be on the sidelines for now due to affordability, but the underlying demand for housing remains strong.

There were 827 new listings added last month, a decrease of 3.3 per cent compared to October of last year and a 14.3 per cent decrease compared to the previous ten-year average for October.

The total number of homes available for sale in active status at the end of October was 928, an increase of 134.9 per cent compared to October of last year and 34.9 per cent below the previous ten-year average of 1425 listings for October.

The number of months of inventory is up 160.0 per cent compared to October of last year, but still historically low at 1.3 months. Between 2009 and 2015, October’s average months of inventory was 3.6 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.  

The average number of days to sell in October was 22, compared to 10 days in October 2021. The previous 5-year average is 19 days. 

Average Sales Price – Municipality

October-2022-average-sale-price-by-municipality

Average Sales Price – Township

October 2022 average sale price by township

Monthly Sales By Property Type

October 2022 sales by property type

Monthly Supply of Homes for Sale

October 2022 Months Supply

Monthly Median Sales Price – By Property Type

October 2022 median sales price by property type

Monthly Average Sales Price – By Property Type

October 2022 average sale price by property type

If you are thinking of buying or selling this fall,  wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com

Enjoy the great weather while its here!

Kevin

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Home Sales Decline but Prices Hold Steady in Kitchener Waterloo and Cambridge


Happy Thanksgiving! I hope you and your family are able to spend a wonderful holiday together. The weather looks great for the rest of weekend and with the leaves starting to turn fall is certainly here. 

The stats are out for September and sales were down considerably over last year and the 5 year average,  but prices are starting to hold these levels and have been relatively flat the last 2 months. 

There were 518 residential homes were sold last month, a decrease of 25.3 per cent compared to September 2021 and 30.8 per cent below the previous 5-year average for the month.

Total residential sales in September included 313 detached (down 18.9 per cent from September 2021), and 94 townhouses (down 39.0 per cent). Sales also included 60 condominium units (down 37.5 per cent) and 51 semi-detached homes (down 8.9 per cent).

Interest rate hikes have continued to put pressure on the housing market as a whole. The property type that saw the biggest decline in sales was the townhouse segment followed closely by condos, which could indicate there are fewer entry-level buyers in the market due to the higher borrowing costs. 

In September, the average sale price for all residential properties in Waterloo Region was $752,421. This represents a 4.7 per cent decrease compared to September 2021 and a 0.1 per cent increase compared to August 2022.

  • The average price of a detached home was $862,435. This represents a 7.4 per cent decrease from September 2021 and an increase of 1.3 per cent compared to August 2022.
  • The average sale price for a townhouse was $638,284. This represents a 2.7 per cent decrease from September 2021 and an increase of 4.4 per cent compared to August 2022.
  • The average sale price for an apartment-style condominium was $455,262. This represents a decrease of 8.5 per cent from September 2021 and a decrease of 2.3 per cent compared to August 2022.
  • The average sale price for a semi was $637,205. This represents a decrease of 6.5 per cent compared to September 2021 and a decrease of 2.8 per cent compared to August 2022.
MLS® Home Price Index Benchmark Price
 Kitchener-WaterlooCambridge
Benchmark Type:September 2022Monthly % ChangeYr./Yr. % ChangeSeptember 2022Monthly % ChangeYr./Yr. % Change
Composite$724,600-1.3-6.7$748,000-0.4-3.7
Detached$807,700-0.9-8.4$768,1000.4-5.3
Townhouse$611,600-1.11.8$679,300-5.05.8
Apartment$493,800-3.99.7$556,600-3.816.5
September HPI

While sales were down last month, we seem to be moving towards a more balanced market; buyers now have more inventory to choose from, yet sellers can still expect their properties to sell within a reasonable timeframe. We’re also observing that sale prices are shifting closer to the asking price. Furthermore, the sales-to-new listings ratio of 56.4 per cent in September compared to 70.8 per cent in August. (According to CMHC, a sales-to-new-listings ratio above 55 per cent is associated with a sellers’ market, while an overheating market corresponds to the upper range of a sellers’ market, with a ratio exceeding 70 per cent).

There were 918 new listings added last month, a decrease of 3.6 per cent compared to September of last year and a 15.9 per cent decrease compared to the previous ten-year average for September.

The total number of homes available for sale in active status at the end of September was 978, an increase of 108.5 per cent compared to September of last year and 35.4 per cent below the previous ten-year average of 1515 listings for September.

The number of months of inventory is up 180.0 per cent compared to September of last year, but still historically low at 1.4 months. Between 2009 and 2015, the average number of months of inventory for September was 3.7 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.  

The average number of days to sell in September was 23, compared to 10 days in September 2021. The previous 5-year average is 20 days. Average Sales Price – Municipalit

Average Sales Price by Municipality

Average Sales Price – Township

Monthly Sales By Property Type

Monthly Supply of Homes for Sale

Monthly Supply of Homes for Sale

Monthly Median Sales Price – By Property Type

Monthly Average Sales Price – By Property Type

Monthly Average Days on Market

If you are thinking of buying or selling this fall,  wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com

Enjoy the fall colors and have a wonderful Thanksgiving with your family.

Kevin


March Homes Sales up but Prices Dip in Waterloo Region


I hope you and your family are doing well. Looks like spring is here and Easter is just around the corner.  The March stats are out and home sales are up over February,  but prices have taken a small dip from the february average as well. Lets take a look at the numbers…

There were 725 residential homes sold in March 2022 is a decrease of 27.1 per cent compared to March 2021, which continues to hold the record for most home sales in a single month. On a month-over-month basis, sales in March were up 19.4 per cent compared to February 2022. The previous ten-year average number of residential sales for March is 599.

The skyrocketing prices of the last two months took a bit of a breather in March, with the overall average price dipping five per cent compared to what we saw in February. While it is too soon to draw conclusions from just one month of home sales, I know many will be comforted to see a leveling off on the average price, no matter how incremental.

Total residential sales in March included 416 detached (down 29.7 per cent from March 2021), and 114 condominium units (down 9.5 per cent). Sales also included 64 semi-detached homes (down 17.9 per cent) and 131 townhouses (down 33.8 per cent).

In March, the average sale price for all residential properties in the Kitchener-Waterloo area was $960,181. This represents a 25.5 per cent increase over March 2021 and a 4.6 per cent decrease compared to February 2022.

    • The average price of a detached home was $1,132,637. This represents a 25.9 per cent increase from March 2021 and a decrease 6.4 per cent compared to February 2022.

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $960,100 in March. This represents a 29.6 per cent increase over March 2021 and a 1.5 per cent decrease compared to February 2022.

    • The benchmark price for a detached home was $1,046,200. This represents a 28.1 per cent increase from March 2021 and 4.0 per cent decrease compared to February 2022.

Even though the average price decreased across all property types on a month-to-month basis, the MLS® HPI showed continued monthly gains for both townhouse and apartment property types. As the province feels its way out of the pandemic, we are beginning to see some very preliminary signs of a potential cooling. We are not seeing quite as many multiple offers and some offers are coming in with conditions. Of course, when we say cooling, we’re talking about a market that has been scorching hot which is why we are pleased to see this happening.

There were 1,131 new listings added last month, a decrease 16.8 per cent compared to the record topping number of listings added in March of last year, and a 28.0 per cent increase compared to the previous ten-year average for March.

The total number of homes available for sale in active status at the end of March was 441, an increase of 1.1 per cent compared to March of last year, and 59.0 per cent below the previous ten-year average of 1,072 listings for March.

The number of months of inventory nudged up to 0.7 months in March from 0.5 months in February. Inventory has been under the one-month mark since October 2020. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in March was 8 days, the same as it was in March 2021. The previous 5-year average is 16 days.

Historical Sales By Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Average Days on Market Chart

If you are thinking of buying or selling this spring, wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com

Enjoy the nicer weather and have a wonderful Easter with your family!

Kevin


HOME SALES CONTINUE TO HUM ALONG IN JULY IN KITCHENER WATERLOO


Hope you and your family are enjoing your summer. The weather this weekend has been beautiful so i hope you have been able to get out and enjoy it.

The Real estate market here in Waterloo region continues to show incredible strength with low invetory and strong demand which is keeping prices humming in July.

The was a total of 611 residential homes sold last month, a decrease of 17 per cent compared to the record-setting results of July 2020, but still an above-average number of sales for the month of July.    

Total residential sales in July included 339 detached (down 27.1 per cent from July 2020), and 91 condominium units (up 30 per cent). Sales also included 46 semi-detached homes (down 4.2) and 135 townhouses (down 11.8 per cent).  

In July, the average sale price for all residential properties in the Kitchener-Waterloo area was $755,681. This represents a 18.2 per cent increase over July 2020 and a 0.6 per cent decrease compared to June 2021.

    • The average price of a detached home was $907,192. This represents a 21.9 per cent increase from July 2020 and a decrease of 1.4 per cent compared to June 2021.
    • The average sale price for an apartment-style condominium was $429,630. This represents an increase of 6.7 per cent from July 2020 and a decrease of 3.6 per cent compared to June 2021.
    • The average sale price for a townhouse was $623,732. This represents a 33.8 per cent increase from July 2020 and an increase of 5.4 per cent compared to June 2021.
    • The average sale price for a semi was $667,570. This represents an increase of 28.6 per cent compared to July 2020 and an increase of 2.9 per cent compared to June 2021.

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $748,700 in July. This represents a 30.5 per cent increase over July 2020 and a 0.4 per cent increase compared to June 2021.

    • The benchmark price for a detached home was $822,300. This represents a 31.1 per cent increase from July 2020 and 0.2 per cent increase compared to June 2021.
    • The benchmark price for an apartment-style condominium was $385,900. This represents a 19.5 per cent increase from July 2020 and a 3.3 per cent increase compared to June 2021.
    • The benchmark price for a townhouse is $564,500. This represents a 40 per cent increase from July 2020 and a 0.4 per cent decrease compared to June 2021.

The housing market took a bit of a breather last month and July is typically a quieter month with families taking vacation, and with the region coming out of lockdown there were certainly more staycations happening.  But we do anticipate the market will pick up steam again and it will be another busy fall.

There were 675 new listings added to the MLS® System in KW and area last month, a decrease of 24 per cent compared to July of last year, and a 14.4 per cent decrease compared to the previous ten-year average for July.

The total number of homes available for sale in active status at the end of July was 281, a decrease of 52.7 per cent compared to July of last year, and 79.1 per cent below the previous ten-year average of 1,346 listings for July.

The number of months of inventory was 0.4 in July, a decline from 0.5 months in June. Inventory has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in July was 11 days, compared to 17 days in July 2020 and a previous 5-year average of 22 days. 

Historical Sales By Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Average Days on Market

If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca. 

Have a wonderful rest of the weekend and stay safe!

Kevin


Record Breaking Home Sales for March in Kitchener Waterloo


Hope you and your family have been doing well and everyone is staying safe. Unfortunatley lockdowns are back for the next 4 weeks so i hope that things will get back to some kind of normal at some point this year.



As for the Real estate market it is still going exceptionally strong and we broke a total sales record in March! Even though everyone is saying there is no inventory that is not the case. There is lots of inventory but the buyers still out number the sellers with all the GTA buyers coming to scoop up properties. 



Lets look at the stats from March…



March posted the highest number of monthly home sales in the board’s history. There were 993 residential homes sold, an increase of 72.7 per cent compared to March 2020, and an increase of 66 per cent compared to the previous month. The previous 10-year average number of residential sales for March is 552.

Total residential sales in March included 593 detached (up 69.4 per cent from March 2020), and 124 condominium units (up 82.4 per cent). Sales also included 79 semi-detached homes (up 216 per cent) and 197 townhouses (up 49.2 per cent).  

In March, the average sale price for all residential properties in the Kitchener-Waterloo area was $765,393. This represents a 30.8 per cent increase over March 2020, and a 1.5 per cent increase compared to February 2021.

    • The average price of a detached home was $899,460. This represents a 32.3 per cent increase from March 2020, and a decrease of 1.4 per cent compared to February 2021.
    • The average sale price for an apartment-style condominium was $423,470. This represents an increase of 12 per cent from March 2020, and an increase of 1.6 per cent compared to February 2021.
    • The average sale price for a townhouse was $622,258. This represents a 35.9 per cent increase from March 2020, and an increase of 2 per cent compared to February 2021.
    • The average sale price for a semi was $652,669. This represents an increase of 32.5 per cent compared to March 2020, and a decrease of 4.8 per cent compared to February 2021.

On a year-over-year basis we continued to see huge price increases in the average price in March, however compared to February we are seeing some signs that perhaps prices may be starting to stabilize a bit.

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $738,200 in March. This represents a 33.4 per cent increase over March 2020 and a 4 per cent increase compared to February 2021.

    • The benchmark price for a detached home was $817,000. This represents a 34.4 per cent increase from March 2020 and 3.6 per cent increase compared to February 2021.
    • The benchmark price for an apartment-style condominium was $358,700. This represents a 14.9 per cent increase from March 2020 and a 5.1 per cent increase compared to February 2021.
    • The benchmark price for a townhouse is $554,900. This represents a 38.3 per cent increase from March 2020 and a 5.4 per cent increase compared to February 2021.

In addition to the record number of sales in March, we also had a record number of newly listed properties come on the market. The number of new listings last month was the most of any month, and the highest number since May of 2017 when there were 1,271 new listings.

There were 1,359 new listings added to the MLS® System in KW and area last month, an increase of 56.2 per cent compared to March of last year, and a 63.9 per cent increase compared to the previous ten-year average for March.

The total number of homes available for sale in active status at the end of March was 434, a decrease of 23.5 per cent compared to March of last year, and 63.5 per cent below the previous ten-year average of 1,188 listings for March.

The number of months of inventory was 0.7 in March and has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in March was 8 days, compared to 16 days in March 2020 and a previous 5-year average of 21 days. 

Historical Sales By Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Average Days on Market Chart





If you are thinking of buying or selling in the coming months, wonder what the neighbor sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca. 

Have a wonderful weekend and stay safe!

Kevin


Blackberry and what it means for Kitchener Waterloo Real Estate – Re/max Twin City


I have been getting a lot of questions on how the state of Blackberry is going to affect the local Real Estate Market here in Kitchener Waterloo. Have a look at the video to hear my thoughts on what the future holds.


Mortgage Pre-Approvals VS Approvals and why they are different. Kitchener Waterloo homes and condos


Thinking of buying a home?  A great first step is to talk to the bank or a mortgage broker to find out how much you can afford. Keep in mind though that getting pre-approved is very different then getting actually approved.  Have a look at this video where I explain the differences.


Kitchener Waterloo Real Estate Market Update for 2013 –


I listened to Craig Alexander, Chief Economist for TD Bank speak yesterday on where he see’s the Real Estate market going for 2013. Have a look at the video to hear my thoughts on what he had to say.


Hiring a Realtor and What To Look For – Kitchener Waterloo Remax Twin City Realty Sales Rep


With availability of information, mobile phones and websites it is even more important to hire a Realtor based on what they can do for you to get the home sold quickly, efficiently and for the most amount of money. Have a look at this video to hear my thoughts on what you should be looking for when interviewing your Realtor.


Mortgage Plus Improvments and How It Works – Kitchener Waterloo Homes for sale


If you are in the market for a new home and are having trouble finding something that suits or have found something but it needs a bit of work and you may not have the extra money out-of-pocket, then you can get a mortgage plus improvements type product to help make that home a possibility. Have  a look at the video to hear how the product works.


Why Are Status Certificates So Important When Buying Your Next Condo – Kitchener Waterloo Condos and Lofts


Are you in the market for your next Condo or Loft space? Make sure if you are making an offer on a unit that you make it conditional on getting a status certificate reviewed by your lawyer. To hear how you can save yourself thousands of dollars by doing this one step, have a quick look at this video.


The Commission Free Way May Not Be The Best Way. – Kitchener Waterloo Real Estate


If you have been thinking of selling your home yourself  here is a great video on one families experience and how they ended up using a Realtor to get the home Sold.


Assessment Value vs Market Value – Kitchener Waterloo Homes for sale


The new assessments are out in the Kitchener Waterloo Region and i am getting the question is that what my house is worth? Have a look at the video to why assessment value is different from market value.


How Long Will My House Take to Sell? – Kitchener Waterloo homes for sale


How long will my house take to sell? That is one of the most asked questions I get from consumers. It depends on several variables. Have a look at the video to hear my thoughts on Kitchener Waterloo average days and why.


Pricing your Kitchener Waterloo Home or Condo Properly – Kevin Baker Remax Twin city


Coming into a fall market it is more important than ever to price your home properly get maximum dollar and so that it doesn’t become stale in the buying public eyes. Have a listen to hear my thougths as to some things to look for when setting a price for you next home sale.


New Mortgage Rules and how they affect you – Kitchener Waterloo Homes for sale


Last week the government mortgage rule changes came into effect. There were 2 major changes that are going to effect people and the amount that they will be able to borrow. Have a listen to the video to hear my thoughts.


Resale vs Condo Conversion vs New Construction


If you are thinking of buying a condo there are 3 types to choose from. Here I talk about the differences between new construction condo’s vs condo conversions and the resale condo market.


Mulitple Listing Service (Mls) vs Exclusive or Selling Privately – Kevin Baker Kitchener Waterloo Realtor


I shot this video over a year ago and i think its does a good job of explaining the differences between listing “exclusively” or “Privately” vs the MLS system. Have a look to hear my thoughts on my experience with both.


Market Value, Appraised Value and Assessed Value… What do they all mean? – Kitchener Homes for sale


The value of your home is different depending on who is looking at it. Have a look at the video I shot to explain the differences between the 3 very different types of values for your home.


Know Your Closing Costs and Planning For Them! – Kitchener Waterloo Homes for Sale


Closing Day is fast approaching and one of the most important things is to make sure you have planned for all the closing costs that come up when you are buying or selling a home. Have a look at the video I did to learn why this is a very important step in the process.


Make Sure Your Read and Understand the Closing Paperwork – Kitchener Waterloo Homes For Sale


It is vitally important that you understand the paperwork that you are signing when meeting with your lawyer prior to closing. Click on the video link to hear why.


Do a Final Walk Through Before Closing and Why its so Important – Kitchener Homes for sale


So Closing day is only days away, the packing is still going on, you have boxes filling every room in the house. Your agent calls and asks if you would like to do a final walk through of the home. Even though you are crazy busy it is still a necessary and important part of the process. Have  a look at the video to why…


Do a Home Inspection on Every House You Buy – Kitchener Waterloo homes for sale


Please make sure that when you are doing your offer to purchase with your Realtor that you include a clause that allows you the right to do a home inspection. Have a look at the video to hear why this is in important part of any offer.


Kitchener Waterloo Real Estate Market Prediction for 2012- Kevin Baker


Hey Everyone, I attended a CMCH housing forecast last week and then on Tuesday of this week I listened to Craig Alexander, Sr. V.P. and Chief Economist for TD Bank give his predictions on where the housing market is going for 2012. Have a listen and hear my brief synopsis on the info I gathered.