Have you been looking for ways of saving money on your hydro bills? Here is a great article on some simple ways to do just that. How to cut your Hydro bill without even trying…
JANUARY’S DEEP FREEZE SLOWS OVERALL HOME SALES
CONDO SALES UP IN JANUARY
With most of the country still locked in the DEEP FREEZE, Kitchener waterloo still remains strong on pricing even though sales are slipping a little. The warm weather approaching soon(i hope), I would expect that the market will kick into high gear with strong sales.
If you have any questions on the market in general or specific pricing of your home please don’t hesitate to give me a call.
See below to read the excerpt from the Kitchener Waterloo Real Estate Boards stats.
KITCHENER-WATERLOO, ON (February 5, 2014) –– Homes sales through the Multiple Listing System (MLS®) of the
Kitchener-Waterloo Association of REALTORS® (KWAR) in January were down 5.3 percent compared to January
of last year.
A total of 319 residential properties were sold compared to 337 the same time last year. Residential sales in
January included 207 single detached homes (down 13.4% from last January), 17 semi-detached (down 29.2%),
18 townhomes (down 28%) and 74 condominium units (up 54.2%).
“Coming off a strong 2013, the pace of home sales slowed down somewhat in January,” stated Lynn Bebenek,
President of the KWAR. “The weather didn’t help much either; the extreme cold and heavy snow made
January a less than desirable month to be out looking at houses.”
January’s deep freeze didn’t hamper sale prices however, single detached homes sold for an average price of
$375,009 an increase of 5.7 percent compared to last year. The average sale price for a condominium was
$214,921 an increase of 1.5 percent, while townhomes and semis sold for an average of $263,679 (down 0.9%)
and $254,807 (up 3.5%) respectively. The average sale price of all residential sales through the KWAR’s MLS®
System increased 1.1 percent to $323,533 compared to January 2013.
“The winter months can be hit or miss depending on the weather,” says Bebenek. “Buyers and sellers will be all
the more eager once spring hits, and we are expecting a strong spring market.”
Gas furnaces are relatively easy to operate and maintain, but they do require regular maintenance to stay in good condition. Gas furnaces can be dangerous if they are in need of maintenance and you neglect them; for instance if there is a gas leak it could be very dangerous if not addressed early. This article will take a look at 10 maintenance tips for gas furnaces.
1.Check for gas leaks
Gas leaks on gas furnaces are easy to spot, you can tell from gas build up on the floor or from the smell of gas around the furnace area. Gas leaks require a professional to fix the furnace to ensure the safety of the unit.
2.Thermostat working properly?
Have you noticed the house is either really warm or really cold, but the thermostat is set at a comfortable temperature? When a thermostat is not working properly the furnace will not heat the house properly, which makes the unit very inefficient.
3.Control valve turned open?
Is your furnace producing no heat and you can’t figure out what’s wrong? A common problem when getting a gas furnace to run properly is that the control valve is turned off, if the valve is turned off the furnace will not produce heat.
4.When have you changed the air filter?
Regularly changing the air filter is an important part of gas furnace maintenance that should be addressed regularly. Air filters can be purchased at almost any hardware store, and they are not expensive. A dirty air filter will make the gas furnace produce less heat and make it incredibly inefficient.
5.Does your gas furnace need cleaning?
Cleaning is a regular task for proper gas furnace maintenance. Click here for a step by step guide to properly cleaning a gas furnace.
6.When was the last time you checked the tension belt?
If your gas furnace is running loudly and you can’t seem to figure out why the tension belt may be a possible cause.
7.Have you checked the pilot light?
If the pilot light is out the furnace will not work, therefore make sure the pilot light is lit and working properly. The pilot light should be a deep hot blue, but if it is another color then it is not working properly.
8.When was the last time you oiled the motor?
Oil is necessary for proper maintenance on a gas furnace; all you have to do is add a couple of drops, nothing too much. Oil should be added to the motor every season, and when you think the motor needs it.
9.Check the venting regularly
The venting that is hooked up with the gas furnace should be checked regularly for blockages and debris. If the ventilation is blocked it could pose a variety of health hazards including carbon monoxide poisoning.
10.Shutting the system off post cold season
Gas furnaces do need to be shut off after the winter season, and ideally they should be cleaned and the air filter should be replaced. All the above tips should be applied at the beginning of every season for a proper working gas furnace.
Your home may be the biggest investment you’ll ever make. That means you want to be smart with your mortgage. Although we can’t say for sure what mortgage rates will do – or how the housing market will shift – we have compiled our top tips for the year ahead; sensible strategies for today’s homebuyers and owners.
Variables are back. Several lenders are offering strong “prime minus” rates that could save you thousands in interest. And the Bank of Canada is still holding their key “overnight rate” very steady and very low… making variable-rate mortgages a sensible option right now. Fixed versus variable has always been a challenging mortgage decision. Let us help you decide which financing option best meets your needs.
Don’t sleepwalk through your mortgage renewal. Don’t miss out on an opportunity to save thousands on your mortgage. When your lender sends you a letter saying it’s time to renew… then it’s time to get an expert second opinion. We’re independent and we have access to over 50 lenders. If there’s a better deal, we’ll find it.
Pay your phone bill on time! Paying your bills on time has always been the most important credit habit. Equifax recently started to include phone companies on credit bureau reports – so your lender can see if you have any delinquencies with your phone bills. Look like a good borrower.
Keep other good credit habits. Don’t let your credit accounts exceed 30 per cent of your limit. Don’t cancel an old credit card without getting advice. And don’t sign up for store cards: they often have crazy interest rates, and the application triggers a credit inquiry (you don’t want a lot of those).
Mortgage versus total debt. Do you have high-interest debt outside your mortgage that you won’t be able to pay off in the next few months? Then think about rolling that debt into a new low-rate mortgage. This one, smart strategy could save you thousands… and boost your monthly cash flow. We can analyze your situation to see if you qualify.
What’s the prepayment penalty? Don’t let anyone tell you prepayment penalties are “all the same”. They’re not. If you ever need to get out of your mortgage early, the right mortgage could save you thousands. Not all lenders calculate penalties the same way, and the differences can be substantial. It helps to know which lenders have the most fair prepayment penalties. With access to dozens of lenders – we’ve got that information at our fingertips.
If one of you wants to keep the marital home. If you are going through a separation or divorce and one of you wants to keep the marital home, we’ve got some great mortgage options, including a mortgage to 95 per cent. Your home can be the asset that gives you both a fresh start!
A paydown will pay it forward. Take every opportunity to beat down your mortgage principal using any prepayment privileges! Use tax refunds, bonuses, whatever. Or switch to weekly or bi-weekly payments. Every dollar you pay down on principal means every future payment goes further.
Thinking renovation? We see what you see. Your reno will add value to your home. That’s why we have a special “Refinance Plus Improvements” mortgage that lets you refinance up to 80 per cent of the new, post-reno value of your home. Cool deal.
Come in for a checkup. Your mortgage needs an annual checkup. Really. Life doesn’t stand still, which means your needs may have changed. Even a minor tweak can pay big dividends.
The Stats are in and it was another GREAT year for the Waterloo Region housing market.
More homes were sold in 2013 than in the previous two years, and the 6,366 residential sales processed through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) this past year were above the 10-year average.
In a year when troubling news concerning one of the region’s largest employers dominated not only headlines, but the hearts and minds of many, the Kitchener-Waterloo housing market fared remarkably well.
“Throughout last year we saw the fate of Waterloo region called into question by those who didn’t fully grasp the depth of our region’s overall economy,” said Lynn Bebenek, President of the KWAR. “While the strength of our housing market is only one economic indicator, this past year demonstrated the confidence buyers and sellers have in Kitchener-Waterloo’s real estate market.”
Sales of homes got off to a slow start in 2013 before heating up in May and stayed strong through to the end of the third quarter. In December, following two months of slower activity, a total of 279 residential properties sold, representing an increase of 3 percent over the same month last year.
The dollar volume of sales in 2013 increased 6.5 percent over last year, totalling $2,057,707,041 and surpassing the “2 billion” dollar mark for the first time in the KWAR’s history.
Close to half of all residential properties (47%) sold above $300,000 in 2013 compared to 43% in 2012. The average price of all residential properties sold in 2013 increased 4 percent to $323,335. Single detached homes sold for an average price of $366,907 in 2013, an increase of 3.7 percent. In the condominium market the average sale price in 2013 was $216,866, an increase of 1.5 percent compared to the previous year.
Home sales in 2013 included 4,241 detached homes (up 4.2 percent from 2012), 1,151 condos (down 3.9 percent), 505 semis (up 3.7 percent), and 399 townhouses (down 0.3 percent)
Do you find that all those, computer, phone, monitor cords etc are a real pain to look at everyday? Do you wish you had a great idea to hide them from sight?
Well here is a great blog post I found on how just to do that. Have a look and have fun with the project
HOME SALES DOWN IN NOVEMBER, UP ON YEAR-TO-DATE BASIS
KITCHENER-WATERLOO, ON (December 4, 2013) –– Homes sales through the Multiple Listing System (MLS®) of the
Kitchener-Waterloo Association of REALTORS® (KWAR) in November were down 8.2 percent compared to
November of last year. Residential sales have totalled 6,080 on a yearly basis which represents a 2.3 percent
increase over last year, and also a year-to-date record for total units sold since 2007.
A total of 459 residential properties were sold compared to 500 the same time last year. Residential sales in
November included 295 single detached homes (down 9.2% from last November), 41 semi-detached (up
20.6%), 30 townhomes (up 7.1%) and 90 condominium units (down 15.1%).
“Looking back on 2013 as it winds down, we’ve had a strong and stable year of homes sales” says Lynn
Bebenek, newly elected President of KWAR. “The strength of our local economy and low interest rates continue
to support housing demand in Waterloo Region.”
Single detached homes sold for an average price of $370,068 an increase of 3.0 percent compared to last
year. The average sale price for a condominium was $214,932 an increase of 3.4 percent while townhomes and
semis sold for an average of $268,194 (up 2.3%) and $240,645 (up 1.7%) respectively. The average sale price of
all residential sales through the KWAR’s MLS® System increased 3.1 percent to $320,591 compared to November
2012.
“November’s housing sales demonstrate that Waterloo region continues to be a desirable place to live and
work,” says President Bebenek, “With local job creation expected to outpace losses next year, and barring any
drastic changes in lending rates, Waterloo region should continue to enjoy a healthy housing market in 2014.”
A new Bill has passed. Nearly five years after a Woodstock family was killed by carbon monoxide poisoning, provincial politicians have passed a bill that mandates all Ontario homes have CO detectors. I think this is a fantastic idea.
KITCHENER-WATERLOO, ON (November 5, 2013) –– Residential property sales through the Multiple Listing System
(MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in October were down 4.0 percent
compared to October of last year.
A total of 481 residential properties were sold compared to 501 the same time last year. Year-to-date sales are
up 3.3 percent with 5,620 homes trading hands so far this year. That stands 2.2 percent above the 5-year
average and up 3.2 percent from the same time in 2012. Residential sales in September included 313 single
detached homes (down 2.8% from last October), 44 semi-detached (down 8.3%), 36 town homes (up 9.1%) and
85 condominium units (down 7.6%).
“On a monthly basis the number of sales in October was in line with the average of the past 5 years,” says
Dietmar Sommerfeld, President of KWAR. “Looking at year-to-date figures, homes sales are the highest they’ve
been compared to the last five years.”
Sommerfeld says he is confident about the local economy and the region’s housing market, pointing to a
recent Canadian Mortgage Housing Corporation (CMHC) report (Fall 2013) that states steady mortgage rates
combined with stable/increasing employment in the Region will continue to keep housing demand strong
moving into early 2014.
Single detached homes sold for an average price of $352,807 an increase of 3.6 percent compared to last
year. The average sale price for a condominium was $214,226 a decrease of 0.7 percent compared to
October of last year. The average sale price of all residential sales through the KWAR’s MLS® System increased
3.3 percent to $312,785 compared to October 2012.
If you ever have any questions on the information provided or specific pricing of your home feel free to give me a call to discuss. I am always happy to help.
When the time is right for you to buy a home, make sure you are financially fit and eligible for the best possible mortgage rates. Here are our top five tips to boost your “financial fitness”:
1. Whip it. Whip your credit rating into shape: pay your bills on time… every time. Keep your oldest credit card for its history, and make sure it’s always paid on time. Try not to apply for any new credit.
2. Follow the 33% rule. Never run up a credit card or line of credit past 33% of its available limit. If you’ve got a $3,000 limit, then $1,000 is your absolute ceiling.
3. Cash is king. Gather up the maximum down payment possible. The more money you put down on a home, the better.
4. Be prepared. Put together a file folder with the following: pay stubs, or proof of self-employment income, list of debts and assets, and current bank statements. We can advise what you’ll need.
5. Start a dialogue. Talk to us about your plans. Find out if you can pre-qualify, and ask about how you might qualify for the best possible rate.
The process of qualifying for a mortgage begins long before you decide to buy a home! But if you make a plan to improve your financial fitness… you’ll have no shortage of lenders willing to compete for your business. For more information or a connection to a great Broker just give me a call. I am happy to help.
Here is a great resource for trying to figure out what is the best mortgage product out there to fit your needs. This article gives you 63 different things too look for when trying to secure the best mortgage possible. As always if you have any questions or need any Real Estate Related advice feel free to give me a call or email.
Mortgage rates on the rise? No need to panic; what you need is some smart strategies to prepare. Here are our top 5 tips:
1.Don’t take the money. If you’re buying a new home, don’t be tempted to borrow the maximum amount your lender will allow.
2.Do more than the minimum.If you have a variable-rate mortgage, build in some wiggle room by setting your payments higher than required.
3.Plan to pre-pay. Find out what your pre-payment privileges are and pay whatever you can.
4.Conduct a reality check.Find out what your mortgage balance will be at renewal and use our online mortgage calculator to project what your payments could be if you renewed at a higher rate. Start to ease up to your new payment level so at renewal, it’s like a merge lane!
5. Watch your bad debt. Be cautious about any credit card or other high-interest debt.
Getting prepared for higher rates is not about panicking, it’s about being prudent.Give me a call if you have any questions.
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.
If you’re buying your first home, take advantage of the Home Buyers Tax Credit (HBTC).
The credit is designed to assist first-time home buyers with the extra costs associated with buying a home, like legal fees, disbursements and land transfer taxes. The $5,000 non-refundable HBTC amount provides up to $750 in federal tax relief. You qualify if neither you nor your spouse (or common-law partner) have owned and lived in another home for the past five years*. If you have a disability – or are purchasing the home for a relative with a disability – you may also qualify for the program, even if you are not a first-time buyer.
Today in Stephen Poloz’s first policy decision since he replaced Mark Carney as the Bank Governor he has kept the prime rate or the benchmark rate unchanged. This rate has held steady at 3% since September of 2010.
Today’s announcement noted that there will be a continuation of steady rates “as long as there is significant slack in the Canadian economy, the inflation outlook remains muted, and imbalances in the household sector continue to evolve constructively.”
The prime rate for most lenders should stay at 3%, great news for variable rate holders. In regards to fixed rates, that market is in a state of flux. With bond prices dropping of the past month that has put upwards pressure on yields which in turn raise interest rates. If you have any questions on what to do or who to call to get a great rate locked in before your next home purchase please give me a call and I am happy to help.
HOME SALES HEAT UP IN MAY
KITCHENER-WATERLOO, ON (June 4, 2013) –– Residential property sales through the Multiple Listing System (MLS®
System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in May were up 16.1 per cent compared
to the same time last year. Led by strong sales of single detached homes, it’s the first time sales have surpassed
the 700 unit mark in the Month of May since 2007.
A total of 765 residential properties were sold in the month of May compared to 659 the same time last year.
Comparing the 5-year average for the month of May shows a 16.3 per cent jump in activity this past month.
Year-to-date sales are practically on par with the same time last year nudging up by six residential sales.
“Waterloo region’s residential real estate market was alive and well in May, says Dietmar Sommerfeld, President
of KWAR. “On a year-to-date basis, we are seeing sales activity that is right in line with last year’s results and a
little above the 5 year average.”
May’s sales included 528 single detached homes (up 17.9 % from last year) 122 condominium units (up 2.5 %),
59 semi-detached (up 20.4 %) and 45 freehold townhouses (up 18.4 %). Year-to-date residential sales were 3.5
per cent above the 5-year average with a total of 2,860 units to date.
The average sale price of all residential sales through the KWAR’s MLS® System increased 6.9 percent last month
to $333,288 compared with May 2012. Single detached homes sold for an average price of $378,473 an
increase of 7.4 per cent compared to last year. The average sale price for a condominium was $212,638, an
increase of 3.8 percent compared to May 2012.
“The spring home buying season was in full swing in May,” says President Sommerfeld. “This was reflected in the
strong price gains and is a sign of the confidence that homebuyers have in the local housing market and
Waterloo region as a great place to live and invest.
The Bank of Canada is keeping the key policy rate unchanged in the last rate announcement under outgoing Governor Mark Carney. The Bank said that Canadian “growth in the first quarter was stronger than the Bank projected” and that looking ahead “consumer spending is expected to grow at a moderate pace, business investment to grow solidly,” and inflation to remain subdued. The Bank also noted that “growth in total household credit is slowing.”
As we’ve seen in previous announcements, the Bank indicated that our historic low rates “will likely remain appropriate for a period of time” as a result of continued weakness in the economy, but hinting that any future rate move will likely be a modest rate increase.
The prime rate for most lenders should stay at 3%, exactly where it has been for almost three years, since September 2010.
The Bank’s next rate decision is scheduled for July 17.
If you have any questions on rates or the Real Estate market in Waterloo Region feel free to give me a call.
KITCHENER-WATERLOO, ON (May 6, 2013) –– Residential property sales through the Multiple Listing
System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in April were
identical compared to April last year.
Home sales in April were 1.9 percent above the 5-year average for the month. There were a total of
683 residential properties sold in the month of April compared to 683 the same time last year. In
comparison to March, residential sales grew 11.6 percent, continuing the trend of increasing home
sales since the beginning of 2013.
“Low interest rates and a strong local economy continue to make it favourable for people to invest in
homes in the Region,” says Dietmar Sommerfeld, President of KWAR. “This April set a record for dollar
volume of sales compared to the last 10 years.”
April’s sales included 471 single detached homes (up 3.5 % from last year) 117 condominium units
(down 7.9 %), 47 semi-detached (down 14.5 %) and 41 freehold townhouses (down 2.4 %). Year-todate residential sales were only 1.1 percent below the 5-year average with a total of 2,085 units to date.
The average sale price of all residential sales through the KWAR’s MLS® System increased 6.2 percent
last month to $334,777 compared with April 2012. Single detached homes sold for an average price
of $378,936 an increase of 6.1percent compared to last year. The average sale price for a
condominium was $216,209, a decrease of 0.7 percent compared to April 2012.
With a lower growth forecast, the Bank of Canada is once again keeping its key policy rate unchanged, noting that our historic low rates “will likely remain appropriate for a period of time, after which some modest withdrawal will likely be required.” With a weaker second half of 2012, the bank projects that growth in Canada will regain some momentum through 2013, with the economy “reaching full capacity in mid 2015 – later than anticipated.”
The prime rate for most lenders should stay at 3%, now unchanged since September 2010.
The Bank’s next rate decision is scheduled for May 29.
As for fixed rates, we continue to enjoy historically low rates for those looking to purchase or refinance, perfect for the spring market!
Some of the Best Rates out there give me a call and I can connect to you to a great Mortgage Broker!
Terms
Posted Rates
Our Rates
6 MONTHS
4.00%
3.95%
1 YEAR
3.00%
2.65%
2 YEARS
3.04%
2.69%
3 YEARS
3.70%
2.65%
4 YEARS
4.64%
2.85%
5 YEARS
5.24%
2.84%
7 YEARS
6.35%
3.49%
10 YEARS
6.75%
3.69%
Rates are subject to change without notice. OAC E&OE
Here is the latest report on how the market is doing in Kitchener Waterloo and the region of Waterloo. As always if you have any questions or need any advice as to when a good time to buy or sell is please give me a call at 519-579-4110 or email kevinbaker@kwhometeam.ca
KITCHENER-WATERLOO, ON (April 4, 2013) –– Residential property sales through the Multiple Listing
System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were in keeping
with the 10-year historical average for the first quarter.
During the first quarter of 2013, there were a total of 1,397 home sales, 7.6 percent below last year’s
total for the same period.
“Home sales have been affected by tightened mortgage rules,” says Dietmar Sommerfeld, President
of KWAR. “First time buyers are most impacted but at the same time low interest rates should help
foster a healthy upcoming spring market.”
Home sales in the month of March totalled 607 units, 9.4 percent lower than the same month a year
ago and 1.5 percent below the 5-year average. March’s sales included 393 single detached homes
(down 12.1 %), 107 condominium units (down 12.3 %), 58 semi-detached (up 5.5) and 43 freehold
townhouses (up 7.5%).
While sales were down last month compared to the same period a year ago home sales have
increased month over month since January of this year and the average sale price of all residential
sales increased 2.9 percent to $320,229 compared with March 2012. Single detached homes sold for
an average price of $367,714 an increase of 3.4 percent compared to last year. In the condominium
market prices were up 3.6%, with the average condo unit selling for $206,298.
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.
Consumers can receive a 10% refund of their mortgage insurance premiums as well as their extended amortization surcharge if they their amortization is more than a 25 years.
Mortgage Insurance Premium Refund 25 years:
$300,000 mortgage @ 95% LTV
Premium Payable*
Standard Premium (95% LTV = 2.75%)
$8,250
Energy-Efficient Premium Refund (10%)
($825)
Total Premium
$7,425
Mortgage Insurance Premium Refund 30 years:
$300,000 mortgage @ 95% LTV
Premium Payable*
Standard Premium (95% LTV = 2.95%)
$8,850($600) surcharge refund
Energy-Efficient Premium Refund (10%)
($1425)
Total Premium
$7,425
The following chart will give you an idea in Ontario for the rating required for the year you purchased. You will need to have the rating from the builder or qualfied energy advisor.
* Depending on the closing date of your purchase, the Natural Resources Canada (NRCan) Energy-Efficiency Rating required differs:
For purchases with a closing date…
EnerGuide Rating Required
On or after January 1st, 2013
82
From April 1st, 2010 to December 31st, 2012
80
From July 27st, 2005 to March 31st, 2010
77
In order to make an application for a refund you will need to fill out one of the attached forms and send it to your insurer along with and EnerGuide report showing your house rating. The supporting documents cannot be older than five years or a new energy efficiency evaluation will be required. If you renovate your existing home to increase it’s EnerGuide rating by at least 5 points(to a minimum of 40) you can apply for the refund as well.
I have applied and received funds for those that fit the requirements when my clients have bought a house that meets the guidelines. Please contact me if you are looking to purchase an Energy Efficient Home in 2013 that is 82 or higher. At Bennett Capital, we will get you the best rate and apply for the refund for you at closing.
Information provided by Tracy Bennett of Bennett Capital. For More information please contact myself kevinbaker@kwhometeam.ca or Tracy at tracy.bennett@bennettcapital.ca January 25, 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.
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.
When the time is right for you to buy a home, make sure you are financially fit and eligible for the best possible mortgage rates. Here are our top five tips to boost your “financial fitness”:
KITCHENER WATERLOO HOMES ONLINE.com 
