Hope you have been enjoying the mild winter we have been having so far even with the latest blast of snow. Spring is right around the corner along with the nice weather and very busy spring market. The stats for february are in it was another strong month of home sales here in Kitchener Waterloo.
There were 467 residential homes sold in February, an increase of 36.5 per cent compared to the same month last year, and 15.3 per cent above the previous 10-year average.
Total residential sales in February included 272 detached homes (up 52 per cent), and 62 condominium units (up 14.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 32 semi-detached homes (up 33.3 per cent) and 101 freehold townhouses (up 18.8 per cent).
The average sale price of all residential properties sold in February increased 16.3 per cent to $571,023 compared to the same month last year, while detached homes sold for an average price of $673,825 an increase of 13.2 per cent. During this same period, the average sale price for an apartment-style condominium was $371,923 for an increase of 16.4 per cent. Townhomes and semis sold for an average of $443,382 (up 12.9 per cent) and $485,831 (up 8.4 per cent) respectively.
The median price of all residential properties sold in February increased 18.2 per cent to $550,050 and the median price of a detached home during the same period increased 18.6 per cent to $630,000.
Like many other markets across the province, the story of our local housing market continues to be one of supply and demand. Market-wide, the number of homes available for sale is simply not keeping up with the number of people wanting to purchase a home in the Kitchener-Waterloo area.
There were 609 residential properties listed in KW and area last month, an increase of 7.8 per cent compared to February of 2019, and a decrease of 5.9 per cent in comparison to the previous ten-year average for February. The total number of homes available for sale in active status at the end of February was 447, a decrease of 39.4 per cent compared to February of last year, and 62 per cent below the previous ten-year average of 1,179 listings for February. The number of Months Supply (also known as absorption rate) in February was just 0.9 months, 40 per cent below the same period last year. The previous ten-year average supply of homes for February was 2.55 months, and in the past 5 years the average supply for February was 1.76 months.
With a multitude of buyers jumping on a scarcity of properties for sale, many homes are selling for more than the asking price. Using a realtor will ensure you have maximum exposure to these buyers through the MLS® System and will manage the intricate process of any multiple offers professionally.
The average days to sell in February was 17 days, compared to 26 days in February 2019.
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
Historical Sales – By Price Range
Average Days on Market
If you have any questions or have been thinking of making a move this spring, give me a call or text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca . Now is a fantastic time to get top dollar for your home so lets sit down, grab a coffee and plan out a strategy that is best suited for your families needs.
Have a great weekend
Kevin
March 7, 2020 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers, Uncategorized | Tags: advertising, brokerage, cambridge, canadian, city center, commission, condo, condos, crafts, downsizing, downtown, exclusive, facebook, fear, february, for sale, goal setting, government, home, home buying, home ownership, home selling, home values, homes, house, houses for sale, hydro, january, lawyers, loft, lofts, mansion, march, market update, market value, marketing, mls, mortgage, Mortgage Rates, mortgages, networking, new construction, ontario, opportunity, price, prices, private, rates, real estate, real estate investing, real estate market, realtor, red, region, Remax, sale, sales, selling your home, summer, tax credit, teamwork, to do list, toronto, transit, waterloo | Leave a comment
Hope you have been enjoying the mild winter we have been having so far and Valentines day is just around the corner. The January market stats are out and it seems like the trend we have been seeing in the market is continuing once again.
There were 281 residential homes sold in January, a decrease of 8.2 per cent compared to the previous month. Contrasted to previous Januarys however, home sales last month were only 3.6 per cent below the previous 10-year average, and 3.8 per cent below the previous 5-year average.
For the third consecutive month sales were down in January, which is a direct result of fewer homes being put up for sale. This is causing further price acceleration as we have enough willing and able home buyers contending for those few homes that are available.
Total residential sales in January included 153 detached homes (down 19 per cent), and 39 condominium units (up 18.2 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 21 semi-detached homes (on par) and 68 freehold townhouses (up 7.9 per cent).
The average sale price of all residential properties sold in January increased 15.7 per cent to $561,029 compared to the same month last year, while detached homes sold for an average price of $670,944 an increase of 18.8 per cent. During this same period, the average sale price for an apartment-style condominium was 382,636 for an increase of 26.1 per cent. Townhomes and semis sold for an average of $439,765 (up 20.3 per cent) and $484,190 (up 18.7 per cent) respectively.
The median price of all residential properties sold in January increased 17.3 per cent to $536,000 and the median price of a detached home during the same period increased 22.6 per cent to $650,000.
Buyer’s can’t buy what’s not there. The available number of homes for sale, or lack thereof, continued to evade home buyers in January. There is no doubt we would be reporting more sales if we had the inventory to match the demand.
There were 464 residential properties listed in KW and area last month, a drop of 21.1 per cent compared to January of 2019, and a decrease of 35.4 per cent in comparison to the previous ten-year average for January. The total number of homes available for sale in active status at the end of January was 392, a decrease of 38.7 per cent compared to January of last year, and 63.7 per cent below the previous ten-year average of 1,080 listings for January. The number of Months Supply (also known as absorption rate) in January was just 0.8 months, 38.5 per cent below the same period last year. The previous ten-year average supply of homes for January was 2.32 months, however, in the past 5 years the average supply for January was 1.96 months.
The average days to sell in January was 22 days, compared to 27 days in January 2019.
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
Historical Sales – By Price Range
Average Days on Market
If you have any questions or have been thinking of making a move this spring, give me a call or text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca . Now is a fantastic time to get top dollar for your home so lets sit down, grab a coffee and plan out a strategy that is best suited for your families needs.
Have a great Valentines Day!
Kevin
February 6, 2020 | Categories: Buyers, Local Kitchener Waterloo, Sellers, Uncategorized | Tags: assessment, basketball, blogging, brokerage, cambridge, canadian, city center, commission, condo, condos, crafts, downsizing, downtown, facebook, february, for sale, goal setting, government, home, home buying, home ownership, home selling, home values, homes, house, houses for sale, hydro, investment, lawyers, loft, lofts, market update, market value, marketing, mls, mortgage, Mortgage Rates, mortgages, networking, new construction, newspaper, ontario, opportunity, price, prices, private, rates, real estate, real estate investing, real estate market, realtor, red, region, Remax, rental, sale, sales, saving money, selling your home, summer, tax credit, teamwork, to do list, toronto, transit, waterloo | Leave a comment
Hope you had a wonderful weekend. Back to school is here and I am sure all the kids have settled in and got the new school year underway. August was another great month for Waterloo region real estate and here are the stats to keep you right up to date.
There were 459 residential properties sold through the MLS® in August, a decrease of 9.1 per cent compared to the same month last year.
Home sales in August included 267 detached (down 11.9 per cent), and 56 condominium apartments (down 13.8 per cent). Sales also included 97 townhouses (down 4.9 per cent) and 39 semi-detached homes (up 11.4 per cent).
The number of homes sold last month was below the average for August; however, we continue to see strong price gains across all property types.
The average sale price of all residential properties sold in August increased by 6.4 per cent to $524,482 compared to August 2018. Detached homes sold for an average price of $615,568 (an increase of 5.4 per cent compared to August of last year. During this same period, the average sale price for an apartment-style condominium was $324,778 for a decrease of 3.1 per cent. Townhomes and semis sold for an average of $420,239 (up 18.3 per cent) and $441,802 (up 10.2 per cent) respectively.
The median price of all residential properties sold last month increased 8.1 per cent to $495,000 and the median price of a detached home during the same period increased by 2.8 per cent to $560,000.
There were 574 residential properties in K-W and area last month, a decrease of 14.5 per cent compared to August of 2018, and a decrease of 13 per cent in comparison to the previous ten-year average for the month of August. The total number of homes available for sale in active status at the end of August totalled 734, a decrease of 17.3 per cent compared to August of last year, and well below the previous ten-year average of 1,426 listings for August. Months Supply of Homes for sale stood at 1.5 months in August, which is 16.7 percent lower than the same period last year.
The average days it took to sell a home in August was 26 days, which is two days fewer than it took in August 2018.
We’re noting differences in market balance depending on the price range, for homes priced under $600 thousand, it is still a strong seller’s market, whereas above $600 thousand, it is a more balanced situation.
One this to look at is the month’s supply of homes, also known as the absorption rate. For homes priced at more than $600,000, the months of supply stood at 3.4 in August, compared to 0.9 months for homes prices under that amount. Months supply is the inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months. The previous ten-year average months supply across all price ranges has been just over 3 months.
It all comes down to what the buyers can find in their price range, homes in Kitchener-Waterloo are definitely in high demand, and there is strong competition among buyers trying to find one that will suit them.
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
Historical Sales – By Price Range
Average Days on Market
If you have any questions or have been thinking of making a move this summer or into the fall, give me a call or text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca and lets sit down, grab a coffee and plan out a strategy that is best suited for your families needs.
Have a great September!
Kevin
September 9, 2019 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers, Uncategorized | Tags: advertising, appraisal, arrow, assessment, August, backyard, basketball, bauer, being social, blogging, board of education, brokerage, cambridge, canadian, city center, closing costs, commission, condo, condos, district, downsizing, downtown, due diligence, exclusive, facebook, fall, for sale, goal setting, government, green homes, guelph, home, home buying, home inspection, home maintenance, home ownership, home prices, home sales, home selling, homes, homes for sale, house, house for sale, houses for sale, hst, investment, january, kaufman, kitchen cabinets, kitchener, landlord, lawyer, lawyers, lexington, licensing, loft, lofts, mansion, market update, marketing, mls, mortgage, Mortgage News, Mortgage Rates, mortgages, networking, new construction, newspaper, online advertising, ontario, open house, open houses, opportunity, painting, price, prices, private, rates, real estate, real estate investing, real estate market, real estate team, realtor, realty, red, region, Remax, rental, sale, sales, saving money, september, stanley park, summer, tax credit, teamwork, tech savvy, to do list, transit, waterloo, wellesley | Leave a comment
The fall colors are just starting to come out and Oktoberfest festivities are in full swing here in KW. I hope that you have been able to get out and enjoy the beautiful weather that we have been having this Thanksgiving weekend!
The stats are out for the Waterloo region real estate market and I wanted to share the results. There were 448 homes sold in September, a decrease of 4.7 per cent compared to September of last year. On a year-to-date basis 4,558 residential units have sold compared to 5,345 during the same period in 2017, a decrease of 14.7 per cent.
The stress-test that came into force on all new mortgages at the beginning of the year has taken some of the steam out of home sales activity, meanwhile home prices continue to rise as inventory levels remain rather low. Residential sales in September included 270 detached (down 6.3 per cent compared to September 2017), and 110 condominium units (up 7.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 30 semi-detached homes (down 18.9 per cent) and 30 freehold townhouses (down 18.9 per cent).
The average sale price of all residential properties sold in September increased 10 per cent to $492,398 compared to the same month a year ago. Detached homes sold for an average price of $574,653 an increase of 11.4 per cent compared to September of last year. During this same period, the average sale price for an apartment style condominium was $325,378 an increase of 24.1 per cent. Town homes and semis sold for an average of $377,442 (up 4.7 per cent) and $386,670 (up 4.1 per cent) respectively. The median price of all residential properties sold last month was up 10.5 per cent compared to September of last year at $453,000, and the median price of a detached home during the same period increased 8.8 per cent to $520,000.
There were 824 residential properties listed in K-W and area in last month, a 10 per cent increase compared to September of last year, and 9 per cent above the historical ten-year average of 755. The number of active residential listings on the KWAR’s MLS® System to the end of September totaled 1,005, which is 18.2 per cent higher than September of last year but 522 units short of the previous ten-year average of 1,527 listings for September.
While the mortgage stress was intended to prevent home buyers in overheated markets like Vancouver and Toronto from borrowing more than they could afford, it has had the unintended consequence of putting the goal of owning a home further out of reach for buyers across all housing markets, including in Waterloo region. This is particularly impactful for first time home buyers where every penny counts.
If you have any questions or are thinking of buying or selling a property in the coming months, please give me a call at 519-497-4646 or email to kevinbaker@kwhometeam.ca and we can sit down, grab a coffee and discuss the best way to make it a smooth move for your family.
Happy Thanksgiving!
Kevin
October 8, 2018 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers, Uncategorized | Tags: arrow lofts, assessment, bauer lofts, brokerage, canadian, city center, city centre, condo prices, condos, exclusive, for sale, government, home, home buying, home ownership, home prices, home selling, house, investment, kaufman, kevin baker, loft prices, lofts, market update, marketing, mls, mortgages, new condo construction, new construction, ontario, opportunity, prices, private, rates, real estate, real estate investing, realty, Remax, remax twin city realty, sale, sales rep, sales representative, seagreams, september update, teamwork, toronto, transit, twin city, Twin City Realty, waterloo, yogi bedjicki | Leave a comment
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
March 7, 2017 | Categories: Buyers, Local Kitchener Waterloo, Sellers, Uncategorized | Tags: home buying, home ownership, home prices, home selling, homes, house for sale, house prices, house value, kitchener, Kitchener waterloo, market update, market value, real estate, real estate investing, realtor, Remax, twin city, Twin City Realty, waterloo, waterloo ontario, waterloo region | Leave a comment
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
December 2, 2016 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers, Uncategorized | Tags: Bank of Canada, condo, condo buying, condo documents, condo in kitchener, condos in kitchener, eastbridge, first time home buyer, home buying, home value, inventory levels, kevin baker, kitchener, Kitchener waterloo, kwhometeam, lofts in kitchener, market update, Mortgage News, real estate, real estate investing, Remax, sales rep, selling your home, twin city, waterloo ontario, waterloo region school board | Leave a comment
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
November 7, 2016 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers, Uncategorized | Tags: Bank of Canada, condo, condo buying, condo documents, condo in kitchener, condos in kitchener, eastbridge, first time home buyer, full time realtor, home buying, home value, inventory levels, kevin baker, Kitchener waterloo, lofts in kitchener, market update, Mortgage News, Mortgage Rates, real estate, real estate investing, Remax, sales rep, selling your home, twin city, waterloo, waterloo ontario, waterloo region school board | Leave a comment
On October 17th, the federal government set up new guidelines for qualifying for a mortgage here in Canada. The federal government says it’s responding to concerns that sharp increases in housing prices in Toronto, Vancouver and elsewhere could increase defaults in the future, should historically low interest rates finally start to climb.
One of the key changes is that homeowners will be subject to a mortgage rate stress test beginning Oct. 17. It does not matter what size of down payment they have. Before now, those with less than a 20 per cent down payment were required to pass a stress test and have mortgage insurance backed by the federal government through the Canada Mortgage and Housing Corporation.
The test measures whether the buyer could still afford to make payments if mortgage rates rose to the Bank of Canada’s posted five-year fixed mortgage rate.
That rate is usually significantly higher than what a buyer can negotiate with banks or other lenders. For instance, TD has a five-year fixed rate mortgage at 2.59 per cent, while the Bank of Canada’s rate is 4.64 per cent.
The stress test also sets a ceiling of no more than 39 per cent of household income being necessary to cover home-carrying costs such as mortgage payments, heat and taxes.
It has been said that Regulators are under intense pressure to do something because home prices are climbing fast and may be over-valued in some markets. They want to avoid any kind of catastrophe on their watch..
So is this a good thing for Canadian housing? Many markets outside of the larger centers are also experiencing a sharp increase in house prices. Here in Kitchener Waterloo, the demand for medium priced homes is literally a bidding war with many homes selling for far more than i think they should be. That being said, prices are a reflection of supply and demand so that current pricing is a direct result of many more buyers than sellers.
The new rules also mean that, beginning this tax year, all home sales must be reported to the Canada Revenue Agency. The gains from sales of primary residences will remain tax-free, but the government is aiming to block foreign buyers from purchasing and flipping homes while falsely claiming the primary residence exemption from capital gains tax.
It remains to be seen whether these steps will tighten the current market, expand or collapse it. My only advice is that if you are thinking of selling your home this fall that you take advantage of the extremely low inventory levels that we have in Waterloo region.
Give me a call and we can grab a coffee and discuss the best solution for you and your family. You can reach me at 519-497-4646 or email to baker_kevin@rogers.com
Have a great day
Kevin
October 26, 2016 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers, Uncategorized | Tags: cambridge, canadian, cmhc, home buying, home prices, home selling, house prices, kitchener, mortgage, mortgage rules, Remax, twin city, waterloo, waterloo region | Leave a comment
Hi there and hope you had a fantastic summer!
The housing market here in Kitchener Waterloo is as hot as the weather has been this past summer! There were a total of 598 home sales in KitchenerWaterloo and area though the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in August. This represents a 26.4% increase in sales compared to August of 2015. It also ranks as the most active August on record and 37.6% above the 5-year average for the month. That is simply amazing.
Year-to-date sales also climbed to new heights with 4,703 residential sales so far in 2016. Again, this is the highest on record for this period and 23.4% above the 5-year average.
We are still experiencing a lower than normal listing number with active listings almost half of what they were last year at this time. Active listings through the MLS® System to the end of August sat at 863, which is 46.6% lower compared to same period last year’s 1,616 homes that were on the market. That means we are still experiencing a very tight market in terms of availability of homes which continues to push up home prices in the region.
August’s sales included 353 single detached homes (up 19.7% compared to August 2015) and 151 condominium type units (up 36.0%) which include any property regardless of style (ie. semis, townhomes, apartment, detached etc). Sales also included 40 Semi-detached homes (up 14.3%) and 49 freehold townhouses (up 69.0%).
The average sale price of all residential sales in August increased 15.2% to $402,000 compared to August 2015. Its clear that as a result of the strong residential activity that buyers remain confident about home values here in the region.
Single detached style homes sold for an average price of $487,050 an increase of 20.9% compared to last year. The average sale price for an apartment style condominium was $233,302, an increase of 7.9%. Townhomes and semis sold for an average of $298,148 (up 10.2%) and $299,353 (up 5.5%) respectively.
Overall. the market is extremely competitive and if you are thinking of selling your home now is a great time to take advantage of the strong home prices. If you have any questions or would like to get together for a coffee and discuss how we can help with your housing needs please give me a call or text at 519-497-4646. You can also email me at kevinbaker@kwhometeam.ca
September 8, 2016 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers, Uncategorized | Tags: assessment, Bank of Canada, condo, condo buying, condo documents, condo in kitchener, condos in kitchener, first time home buyer, full time realtor, home buying, home value, inventory levels, kitchener, Kitchener waterloo, kwrealestatelife, lofts in kitchener, market update, mls, Mortgage News, real estate, real estate investing, Remax, sales rep, selling your home, twin city, waterloo ontario, waterloo region school board, westvale | Leave a comment
It is another fantastic month for Real Estate here in the Waterloo Region. The Region had another record setting month with 740 properties sold in Kitchener-Waterloo and area in the month of June. This represents a 13.1% increase compared to the June of 2015, and ranks as the most active June on record. Honestly in my 15 years as a Realtor I have not seen a market like this one.
During the first half of 2016, there were 3,519 home sales, 18.0% above last year’s total for the same period and 22.8% above the 5-year year-to-date average. That would make the highest number of home sales we have ever recorded in the first half of the year.
On a monthly basis, home sales were 29.7% above the 5-year average for the month of June. As sales continue their upward trend, active residential listings continue to remain depressed in comparison to the same time last year. Currently, the number of active residential listings on the KWAR’s MLS® System to the end of June sat at 1,199, which is 33.9% lower compared to same period last year. This translates to 51.4% fewer available listings on the market today than the same time last year. That means the market needs more sellers to keep up with the high demand of buyers that are looking in the area. With some of the prices that homes have been selling for, now is a great time to get your home up on the market.
June’s sales included 485 single detached homes (up 13.6%) and 145 condominium type units (up 2.1%) which include any property regardless of style (ie. semis, townhomes, apartment, detached etc). Sales also included 46 Semi-detached homes (up 9.5%) and 54 freehold townhouses (up 42.1%).
The average sale price of all residential sales in June increased 11.2% to $390,144 compared to June 2015. With fewer listings on the market combined with an increased interest in people wanting to live in the Region, we’re seeing upward pressure on home prices.
Single detached style homes sold for an average price of $451,289 an increase of 10.7% compared to last year. The average sale price for an apartment style condominium was $232,999, an increase of 8.0%. Townhomes and semis sold for an average of $277,672 (up 14.5%) and $296,572 (up 10.6%) respectively.
If you have been tossing around the idea of selling your home, give me a call and we can sit down and look at the best options for you and your family.
Have a great July!
Kevin
July 5, 2016 | Categories: Buyers, Local Kitchener Waterloo, Sellers, Uncategorized | Tags: assessment, Bank of Canada, banking practices, condo, condo buying, condo documents, condo in kitchener, eastbridge, first time home buyer, full time realtor, home buying, home value, inventory levels, kevin baker, kitchener, Kitchener waterloo, kwhometeam, kwrealestatelife, loft, lofts, lofts in kitchener, market update, mls, Mortgage News, real estate, real estate investing, realtor, Remax, sales rep, selling your home, twin city, waterloo, waterloo ontario, waterloo region school board | Leave a comment
All I have to say is WOW!!!! What an incredible month for the Kitchener Waterloo and Cambridge Real Estate Markets. The market is on fire with many homes selling over list price in multiple offer situations. The buyers seemed to be lined up out the door if you have a property under the 430k mark in certain neighborhoods of town.
Here are some of the stats from the past month. There were 752 properties sold in KW and area which represents a 19.6% increase compared to May of 2015, and a 27.7% increase compared to the 5-year average for the month of May.
This is the first time since 2007 that residential sales in May exceeded seven hundred units. Year-to-date sales for 2016 also hit an all-time high with 2,776 homes sold in the first five months of the year, 19.2% above last year’s total for the same period and 21.0% above the 5-year average.
Active listings however are down in comparison from last year. Currently, the number of active residential listings on the KWAR’s MLS® System to the end of May is at 1,283 which are 26.1% lower compared to same period last year. This translates to 35.2% fewer available listings on the market today than the same time last year.
So what does that mean? If you are thinking of selling your home now is a great time to do it. Unfortunately you may also wish to buy and that could prove challenging with the lower than usual inventory buyers often find themselves competing with other buyers, for the same property.
With steady interest rates expected into the later part of 2016 and early 2017, and steady employment growth, the region is poised to continue the demand for housing and we should see balanced market conditions return for the foreseeable future in Waterloo Region.
May’s sales included 474 single detached homes (up 15.6%) and 166 condominium type units (up 37.2%) which include any property regardless of style (ie. semis, townhomes, apartment, detached etc). Sales also included 47 Semi-detached homes (down 11.3%) and 56 freehold townhouses (up 27.3%). The average sale price of all residential sales increased 7.3% to $378,248 compared to May 2015. Single detached style homes sold for an average price of $438,708 an increase of 9.8% compared to last year. The average sale price for an apartment style condominium was $221,073, a decrease of 1.2%. Townhomes and semis sold for an average of $277,355 (up 1.1%) and $296,751 (up 10.2%) respectively.
If you have any questions on the stats or are thinking of making a move in the near future, please give me a call and we can sit down, grab a coffee and look at your options.
Have a great week!
Kevin
June 6, 2016 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers, Uncategorized | Tags: assessment, Bank of Canada, condo, condo buying, condo documents, condo in kitchener, condos in kitchener, eastbridge, first time home buyer, full time realtor, home buying, home value, inventory levels, kevin baker, Kitchener waterloo, loft, lofts in kitchener, market update, Mortgage News, real estate, real estate investing, Remax, sales rep, twin city, waterloo, waterloo ontario, waterloo region school board, westvale | Leave a comment
It was another Fantastic Month for Home Sales here in Waterloo Region with 584 properties sold in the Kitchener Waterloo area.
This represents a 16.3% increase compared to the March of 2015, and ranks as the highest March on record since 2010. That is just incredible.
During the first quarter of 2016, there were 1,350 home sales, 23.9% above last year’s total for the same period and 17.8% above the 5-year quarterly average and the highest quarter on record since 2010. On a monthly basis, home sales were 16.6% above the 5-year average for the month of March. The mild weather has brought the buyers out in droves and the spring market is well underway!
March’s sales included 383 single detached homes (up 11.2 %) and 110 condominium type units (up 26.4%) which include any property regardless of style (ie. semis, townhomes, apartment, detached etc). Sales also included 38 Semi-detached homes (down 2.6%) and 42 freehold townhouses (up 50.0%).
The average sale price of all residential sales increased 5.8% to $371,733 compared to March 2015. Single detached style homes sold for an average price of $428,495 an increase of 9.2% compared to last year. The average sale price for an apartment style condominium was $211,117, a decrease of 11.9%. Townhomes and semis sold for an average of $284,226 (up 9.7%) and $276,562 (up 0.6%) respectively.
Sales activity in the $350,000 – $399,999 range increased significantly in the month of March with 98 homes sold in that range, a 78.2% increase from the same time last year. Yes I said 78.2%!! That is clearly evident with all the multiple offers that we have been involved in over the past month.
Year-to-date residential sales in the $300,000-$399,999 remain most popular with 490 sales to date accounting for 36.3% of all residential sales. Pushing the average sales price up for the month were increased sales in the $500,000 – $749,999 range, which posted a 31.6% increase in units sold, compared to March 2015
All in all, Kitchener Waterloo is still showing that we have a vibrant economy and home values are continuing to show strength.
If you have any questions on the information above or are interested in buying or selling in the coming months feel free to give me a call at 519-497-4646 or email to kevinbaker@kwhometeam.ca
I am happy to help.
Have a wonderful April!
Kevin
April 6, 2016 | Categories: Buyers, Sellers, Uncategorized | Tags: assessment, Bank of Canada, condo, condo buying, condo in kitchener, condos in kitchener, eastbridge, first time home buyer, full time realtor, home buying, home value, inventory levels, kevin baker, Kitchener waterloo, kwhometeam, loft, lofts in kitchener, march, market update, market value, Mortgage News, real estate, real estate investing, Remax, sales rep, waterloo ontario, waterloo region school board | Leave a comment
Happy New Year! I hope you are enjoying the winter weather that has finally arrived.
It was another strong finish for the Residential Real Estate market here in Waterloo Region in 2015.
A total of 5,563 sales were processed through the Multiple Listing Service (MLS®) which was an increase of 4.9% percent compared to sales in 2014 . Unlike 2014, which remained slow almost half the year, 2015 only lagged behind in home sales for the first two months of the year. With relatively normal winter weather and no ice storm or polar vortexes, the spring market did not experience the same delay seen in 2014.
Residential sales finished this year with 293 home sales in December compared 262 the same time last year in Kitchener-Waterloo and area. This equates to an 11.8% increase in the number of sales for the month. This month there were 168 detached homes (down 4.5%), 80 condominiums (up 53.8%), 20 townhomes (up 33.3%) and 23 semi-detached (up 21.0%) sold, with the average price of all homes sold this month coming in at $367,121 (up 8.2%).
Overall It’s been a fantastic year for home sales in the Region, which speaks volumes about the economy, the opportunities and innovation taking place in Waterloo Region.
Total residential sales in 2015 included 3,576 single detached homes (up 4.9% from 2014), 409 semi-detached (up 4.6%), 398 townhomes (up 2.3%) and 1,180 condominium units (up 5.9%). The average sale price of all residential sales in 2015 increased 3.9 percent to $348,888 in comparison to 2014. Single detached homes sold for an average price of $400,456 (up 3.5%), semi-detached for $268,400 (up 3.4%), townhomes for $301,005 (up to 4.1%) and condominiums sold for an average of $237,735 (up 7.3%).
Locally, Waterloo Region remains a strong and stable housing market. The excitement around the area from the ION, the burgeoning tech sector, the rural and urban blend position Waterloo Region as a highly desirable place to live and invest.
If you have any questions regarding the local Real Estate market, thinking of buying or selling this spring or know of someone that is, please let me know. I am always happy to help and provide advice where ever I can.
Have a great week!
Kevin
January 18, 2016 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers | Tags: Bank of Canada, condo, condo buying, condo documents, condo in kitchener, condos in kitchener, eastbridge, first time home buyer, home buying, home value, kevin baker, Kitchener waterloo, kwhometeam, loft, lofts in kitchener, market update, Mortgage News, Mortgage Rates, real estate investing, Remax, sales rep, selling your home, twin city, waterloo, waterloo ontario, waterloo region school board, westvale | Leave a comment
Realtors and Home owners here in Waterloo Region and across Ontario have spoken and the Minister of Municipal Affairs and Housing has heard our outrage. The Minister confirmed this week that the government will not give the municipalities the ability to charge the Municipal Land Transfer Tax.
This is fantastic news for everyone in the region!!!
Now that this bullet is dodged, here in Waterloo Region it was another good month of home sales with a total of 413 residential properties sold last month compared to 376 in November last year. This number included 254 single detached homes (up 10.0% from last November), 22 semi-detached (down 45%), 33 townhomes (down 15.4%) and 99 condominium units (up 37.5%).
Average prices also increased 8.2% to an average price of $412,581 for single detached homes. Condo’s were up 7.3% with an average of $225,341, while townhomes and semis sold for an average of $313,015 (up 13.8%) and $257,995 (down 1.9%) respectively. Average sale price of all residential sales through the Kitchener Waterloo MLS system increased to $350,703 up 6.7%
With 2015 drawing to a close shortly we have had another outstanding year for homes sales in Waterloo Region. CMHC is forecasting steady mortgage rates and stronger employment in the Region for 2016 and that means continued demand for housing. Comparing our prices here against our neighbors in the GTA, Waterloo Region still remains very affordable.
If you are looking to make a move in the spring and would like to have a better idea of what your home is worth click here now. Whether buying or selling give me a call and let’s sit down for a coffee and discuss how we can help make the move to a new home a smooth one for you and your family. I can be reached at 519-497-4646 or email to kevinbaker@kwhometeam.ca
Have a wonderful Holiday Season with your family!
Kevin
December 4, 2015 | Categories: Buyers, Local Kitchener Waterloo, Sellers, Uncategorized | Tags: Bank of Canada, condo, condo documents, condo in kitchener, condos in kitchener, eastbridge, facebook, first time home buyer, full time realtor, home buying, home value, inventory levels, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, land transfer tax, loft, lofts in kitchener, MLLT, Mortgage News, real estate, real estate investing, Remax, sales rep, selling your home, twin city, waterloo, waterloo ontario, waterloo region school board, westvale | Leave a comment
Home sales in October showed some signs of easing in Waterloo Region with an overall decrease of 9.4%. The Multiple listing System (Mls) showed a total of 435 home sales compared to 480 during the same period in 2014.
Here is the breakdown:
Residential sales this October included 284 single detached homes (down 6.9% from last October), 20 semi-detached (down 23.1%), 37 townhomes (up 5.7%) and 92 condominium units (down 19.3%).
The great news is average prices are up again with an average price for a single detached home in October selling for an average price of $417,891 an increase of 8.9% compared to the same month last year.
The average sale price for a condominium was $242,280 an increase of 14.3%, while the average sale price of all residential sales in KW and Area increased 9.9% to $363,438 compared to October 2014.
Townhomes and semi-detached properties sold for an average of $300,724 (down 2.5%) and $265,000 (up 2.2%) respectively.
The Kitchener Waterloo housing market continues to show long term stability and strength and the shifts in average prices and month to month fluctuations are normal, along with sales easing as we approach the end of the year. Keep in mind you always need to use caution when looking at averages. The increase in detached and overall home prices are due in part to six home sales in October 2015 over $900,000 compared to zero sales in that range the previous year.
If you have any questions on any of this information or are thinking of making a move before Christmas or in the spring please give me a call. Knowing what your home potentially could be worth is the one of the first steps to making a decision on whether now is the right time to make a move.
For a Free Report on your home’s value, take a moment to email me at kevinbaker@kwhometeam.ca or call or text to 519-497-4646. I am always happy to help
Have a great week
Kevin
November 9, 2015 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers | Tags: Bank of Canada, condo, condo buying, condo documents, condo in kitchener, first time home buyer, full time realtor, home buying, home value, inventory levels, kevin baker, kitchener, Kitchener waterloo, kwhometeam, lofts in kitchener, market update, Mortgage News, real estate, real estate investing, Remax, sales rep, selling your home, twin city, waterloo, waterloo ontario, waterloo region school board, westvale | Leave a comment
People of Ontario get ready. The provincial government is talking about giving each municipality the power to implement its own Land Transfer Tax in addition to the federal one that we all pay for purchasing a new property. It’s a tax realtors have never stopped fighting in Toronto since it was introduced seven years ago, and now our worst fears may be coming true.
The Ontario Real Estate Association (OREA) insisted Tuesday the governing Liberal party is going ahead with plans that will allow municipalities to follow Toronto’s lead and implement their own land transfer tax. Ontario government officials deny anything has been decided. The plans were revealed by the Toronto Sun Tuesday.
Picture this, buyers in Toronto purchasing a $1 million home get slapped with a $32,200 tax to transfer property, $15,725 of which is the city of Toronto’s portion.
We have seen an influx of people moving west of the GTA to purchase homes in the Waterloo Region, due in part to prices as well as avoiding the Double Taxation in Toronto.
I have little doubt that once the province allows the tax to proceed, municipalities will take advantage of it. Once one starts I believe they will all fall like dominoes. This means that the Ontario home buyers will pay the highest land transfer tax in North America.
When Toronto implemented the double tax, they saw lower prices equal to if not greater than the amount of the tax. The problem is that it is just not one tax, but every purchase after that as well.
So what does that mean for the Residents of Waterloo Region? If the tax does come into effect it could be a major factor in deciding between buying or waiting. The effect on prices and availability of homes could certainly be affected. With the economy here in the region still very strong and housing prices showing no signs of any significant slow down, this may not be the news that we want to hear. We will just have to wait and see what the result will be if the plan does move forward.
If you have any questions on any real estate related topic feel free to shoot me an email at kevinbaker@kwhometeam.ca or give me a call at 519-579-4110.
October 29, 2015 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers | Tags: condo, condo buying, condo in kitchener, condo value, condos in kitchener, eastbridge, first time home buyer, full time realtor, home buying, home value, homes, house for sale, house value, inventory levels, kevin baker, kitchener, land transfer tax, lofts in kitchener, ontario, real estate, real estate investing, Remax, waterloo, waterloo ontario | Leave a comment
Its been another strong month of home sales here in the Waterloo Region. With a total of 459 sold through the Multiple Listing System (MLS®). The month of August did post a 2.1% decrease in home sales compared to the same month last year across Kitchener-Waterloo and area. However, home sales in the month of August were 9.5% percent above the 5-year average for the month.
This strong sales activity helped bring year-to-date total sales to 3,991, a 6.1% increase compared to the same time last year, and 6% above the 5-year average. Year-to-date sales were also the highest on record since 2008. There was strong residential sale activity this summer season and with recording setting year-to-date sales it’s clear that buyers remain confident about the value of homes in Kitchener-Waterloo and area.
Residential sales in August included 284 single detached homes (down 2.1% from last year), 35 semidetached (up 2.9%), 29 townhomes (down 17.1%) and 107 condominium units (down 0.9%). The average sale price of all residential sales through the KWAR’s MLS® System increased 6.6% percent last month to $347,057 compared to August 2014. Single detached homes sold for an average price of $401,533 an increase of 6.2% percent compared to last year. The average sale price for a condominium was $241,508, an increase of 7.7% percent and the average sale price for a freehold townhome was $300,546, an increase of 2.9% percent from the same time last year.
Overall these numbers show that the real estate sector here in the Kitchener Waterloo is showing no signs of slowing down and points to a long term stability and strength.
If you have any questions on any of the information provided above or would like to discuss your specific real estate needs please give us a call or email to kevinbaker@kwhometeam.ca
Have a great day!
September 9, 2015 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers, Uncategorized | Tags: Bank of Canada, condo, condo buying, condo documents, condo in kitchener, condos in kitchener, eastbridge, first time home buyer, full time realtor, home buying, home value, inventory levels, kevin baker, Kitchener waterloo, kwhometeam, lofts in kitchener, market update, Mortgage News, real estate, real estate investing, Remax, sales rep, twin city, waterloo ontario, waterloo region school board | Leave a comment
Getting Your Home Ready For Fall
It’s that time again, the kids are heading back to school, the leaves are beginning to change, and the hockey season is finally about to begin. Here are some great tips for getting your home ready for the fall:
Home Exterior: It is recommended that you check your home siding for cracks and holes; clean all debris from your gutters. If you have a fireplace that you use regularly, it might be a good idea to have it checked as well. If you don’t want to do any of these tasks yourself, there are professional services that you can hire to do them.
Thermostat: Programmable thermostats have become more popular among home owners. Raise or lower the temperature remotely and program settings for the temperature to automatically lower during the night. A Programmable thermostat can not only increase your enjoyment of your home, it can save you money as well.
Drafts: You don’t want heat to escape during the colder months of the year. Check for drafts to ensure your home is as efficient as possible.
Organize: As the summer winds down, take some time to clean and organize your summer furniture, tools, etc. This will make your life far easier come next spring/summer. If you are already organizing in your garage, it may be a good time to do a clean or purge while you are there.
Roof: Before every fall and winter you should at least do a visual check of your roof. Has there been significant wear since last year? Look for missing, damaged, or loose shingles. If your roof is flat, it is recommended you remove debris from your roof.
Landscape: Check trees to ensure there are no damaged limbs that could fall on your home or power lines during a strong wind or snow storm. Trim back shrubs, flowers, and bushes in your yard. If you plan on planting bulbs for next spring, the fall is the time to do so. You can also fertilize your lawn, this will help to prevent damage to it over the course of the winter.
Proper maintenance of your home enhances the appeal and value of your home. Also, it can prevent critical emergencies from taking place, which are typically more expensive, time-consuming, and stressful when they occur. Ensure that when the cold weather arrives, your home is ready.
If you have any questions at all or thinking of selling this fall please don’t hesitate to give us a call for a Free Market Evaluation of your home
Have a great day!
August 31, 2015 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers, Uncategorized | Tags: condo, condo buying, condo documents, condo in kitchener, condos in kitchener, facebook, first time home buyer, full time realtor, home buying, home value, inventory levels, kevin baker, kitchener, Kitchener waterloo, kwhometeam, lofts in kitchener, market update, Mortgage News, real estate, real estate investing, Remax, sales rep, waterloo ontario, waterloo region school board | Leave a comment
Its been a very busy home buying and selling season in June for the residents of Kitchener Waterloo and Waterloo Region. There were 626 homes sold through the Multiple Listing System (MLS® System). This represents a 9.4% increase compared to June of 2014, and 15.8% above the 5 year average for the month June.
Residential sales in the first half of 2015 totaled 2,949, an 8.1% increase compared to the same time last year, and 2.7% above the 5-year average. This marks the highest number of homes sold in the first half of the year since 2010.
On a year-to-date basis, the average sale price of all residential sales (KW and area) increased 2.6% to $347,105 compared to 2014. Single detached homes sold for an average price of $396,191 an increase of 1.3% compared to last year. The average sale price for a condominium units sold in the first half of the year was $235,081, an increase of 5.3 per cent over 2014. The housing market in Kitchener-Waterloo continues to show strength Buyers have confidence in Waterloo Region, that combined with low mortgage and interest rates should continue to support home sales in 2015.
Sales for the month of June in KW and area included 407 single detached homes (up 7.1 %), 137 condominium units (up 24.5%), 42 semi-detached (up 7.7%) and 35 freehold townhouses (down 12.5%). Across KW and area the average sale price of all residential sales through the Kitchener Waterloo MLS® System increased 0.2% to $351,259 compared with June 2014.
Looking at transactions strictly in the cities of Kitchener-Waterloo residential sale prices increased 3.2 percent to $344,405 compared to the same time last year. Single detached homes sold in June across KW and area had an average price of $408,569 an increase of 0.9% compared to last year. Condominium market prices were up 4.2%, with the average condo unit selling for $225,390.
If you have any questions or would like more specific neighborhood information about your home please feel free to give me a call 519-497-4646 or email direct at kevinbaker@kwhometeam.ca
Thanks
Kevin
July 8, 2015 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers, Uncategorized | Tags: Bank of Canada, banking practices, condo, condo buying, condo documents, condo in kitchener, eastbridge, first time home buyer, full time realtor, home buying, home value, inventory levels, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, lofts in kitchener, market update, real estate, real estate investing, Remax, sales rep, waterloo ontario, waterloo region school board | Leave a comment
It was another fantastic month for the local real estate market here in Waterloo Region .There were 553 home sales in Kitchener-Waterloo and surrounding area through the Mls system.
This represents an 8.4% increase compared to May of 2014, and 9.6% above the 5 year average for the month May. With a total of 2,926 home sales occurring through the Kitchener Waterloo Real Estate Board, year-to-date sales are 3.3% above the five year average.
Although sales numbers in Kitchener-Waterloo are higher in comparison to May of last year, they are on par with the month of April, at 1.7% above last month’s residential sales numbers, a difference of nine home sales. It’s been a very busy but typical spring market. Low mortgage interest rates and a diverse local economy continue to support home buying in Waterloo region.
Much like the month of April, sales activity in the $300,000 – $349,999 posted a healthy increase in the month of May with 126 homes sold in that range, a 24.8% increase from the same time last year. Sales in the $400,000 – $499,999 also increased with 81 sold in this price range, a 28.6% increase.
Sales in KW included 355 single detached homes (up 4.7 %), 113 condominium units (up 28.4%), 44 semi-detached (up 2.3%) and 40 freehold townhouses (up 8.1%). The average sale price of all residential sales through the Mls, increased 1.6 percent to $343,750 compared to May 2014. Single detached homes sold for an average price of $390,704 an increase of 1.1% compared to last year. Condominium market prices were up 7.1%, with the average condo unit selling for $237,649.
If you have any questions or are thinking of buying or selling in the coming months feel free to give me a call.
Have a great week!
Kevin
June 8, 2015 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers, Uncategorized | Tags: Bank of Canada, condo, condo buying, condo documents, condo in kitchener, condos in kitchener, eastbridge, first time home buyer, full time realtor, home buying, home inspection, home value, inventory levels, kevin baker, kitchener, Kitchener waterloo, kwhometeam, loft, lofts in kitchener, market update, Mortgage News, real estate, real estate investing, Remax, waterloo, waterloo ontario, waterloo region school board | Leave a comment
Are you looking to get into the market? Are you a first time buyer with less than 10% down?
If so then you need to be aware of recent changes to the mortgage insurance premiums that are offered through CMHC (Canadian Mortgage and Housing Corporation)
It was announced a few days ago that Canada’s federal housing agency is raising mortgage insurance premiums as part of a plan to boost its capital reserves.
Canada Mortgage and Housing Corp. said it is raising premiums on the highest-risk mortgages – borrowers who have down payments of less than 10 per cent – by 15 per cent starting June 1.
What does this mean for buyers?
The increases only apply to new mortgages for borrowers with small down payments. Those who put down more than 10 per cent of the purchase price aren’t affected. Premiums will also remain unchanged on CMHC’s portfolio insurance, which lenders take out on bundles of uninsured mortgages so they can securitized them, as well as the agency’s insurance for apartment buildings.
The effects will be modest for affected borrowers. An average Canadian borrower who can afford to pay the only the minimum 5-per-cent down payment typically takes out a mortgage of $252,000, CMHC said. Premiums for those borrowers would rise $5 a month, or about $1,500 more over the course of a 25-year mortgage.
CMHC predicted the changes would “not have a material impact on housing markets,” suggesting the agency isn’t looking to cool the housing market. Senior vice-president Steven Mennill stressed in a call with reporters that the changes were a “business decision” related to higher capital requirements and “not in any way related to a change in policy or approach.”
One thing is clear: By limiting increases only to borrowers with less than 10-per-cent down payments, the federal corporation is concerned that it was underpricing the risk on the most indebted borrowers.
Mortgages with lower levels of equity are typically more vulnerable to a housing shock and require higher levels of capital reserves to account for potential losses, which means higher premiums for riskier borrowers.
My advice would be is if you are thinking of buying a home this spring and have less than a 10% down payment that you take advantage of the lower premiums offered before June 1st.
For more details or questions please email myself at kevinbaker@kwhometeam.ca or give us a call at 519-579-4110
Enjoy your week!
Kevin
April 8, 2015 | Categories: Buyers, Local Kitchener Waterloo, Uncategorized | Tags: Bank of Canada, canadian mortgage housing corporation, cmhc, condo, condo buying, first time home buyer, full time realtor, home buying, home value, kevin baker, Kitchener waterloo, lofts in kitchener, market update, Mortgage News, Mortgage Rates, real estate, real estate investing, Remax, sales rep, waterloo ontario | Leave a comment
It was another solid month of home sales in March here in Waterloo Region. Residential property sales through the MLS system continued to climb month over month with 619 properties sold. This represents a 15.1 percent increase compared to the March of 2014 which was the second lowest March on record since 2006.
During the first quarter of 2015, there were a total of 1,343 home sales, 3.6 percent above last year’s total for the same period and 8.4 percent below the 5 year quarterly average, which is again great news and shows continued strength of our local housing market.
Sales activity in the $300,000 – $349,999 increased significantly in the month of March with 151 homes sold in that range, a 49.5% increase from the same time last year. Pushing the average sales price up for the month were increased sales in the $500,000 – $749,999 range which posted a 61.5% increase equating to 63 sales compared to 39 in March 2014.
March’s sales included 436 single detached homes (up 25.3 %), 95 condominium units (down 2.1 %), 41 semi-detached (down 8.9) and 41 freehold townhouses (down 6.8%).The average sale price of all residential sales increased 7.4 percent to $347,722 compared with March 2014. Single detached homes sold for an average price of $384,635 an increase of 4.0 percent compared to last year. In the condominium market prices were up 12.1%, with the average condo unit selling for $238,846.
Overall the market is still moving forward and prices remain stable. We are expecting another busy spring market which seems to be well underway at this point.
If you have any questions about the local market or would like more information on home prices for your neighborhood, please feel free to give me a call or email direct at kevinbaker@kwhometeam.ca
Thanks and have a great week!
Kevin
April 7, 2015 | Categories: Buyers, Local Kitchener Waterloo, Sellers, Uncategorized | Tags: Bank of Canada, condo, condo buying, condos in kitchener, eastbridge, first time home buyer, full time realtor, home buying, home value, inventory levels, kevin baker, Kitchener waterloo, kwhometeam, loft, lofts in kitchener, march update, market update, Mortgage News, real estate investing, real estate update, realtor, Remax, sales rep, selling your home, waterloo ontario | Leave a comment
After a busier than normal December, home sale in the Kitchener Waterloo region have cooled off slightly. Sales were down in January compared to January of 2014, with 290 residential properties being sold last month. A 9.9 percent decrease compared to the same month last year. This isn’t unexpected as the winter months are typically not as active leading up to the busy spring market.
January’s residential sales included 188 detached homes (down 9.6 percent compared to January 2014) 57 condos (down 24 percent), 18 semis (up 5.9 percent), and 25 freehold townhouses (up 31.6 percent).
The average sale price of all homes sold in January was $318,075, a decrease of 1.6 percent compared to the same time last year. Single detached homes sold for an average price of $357,018, a decrease of 4.6 percent compared to January 2014.
In the condominium market the average sale price in January was $230,216, a 6.6 percent increase compared to the same month a year ago.
With the recent interest rate cuts and the positive economic predictions for the region by a number of outside sources, this should continue to draw people looking to live and invest in Waterloo Region. The general consensus is that the spring market will again be a very active one.
If you have any questions or are thinking of buying or selling this spring please give me a call and we can discuss how to get started.
Have a great family day weekend everyone!
February 9, 2015 | Categories: Buyers, Local Kitchener Waterloo, Sellers | Tags: condo buying, condo in kitchener, condos in kitchener, first time home buyer, home buying, home staging, home value, interest rate, january, kitchener, market update, real estate, realty, Remax, selling your home, spring market, twin city, waterloo | Leave a comment
The major Canadian banks announced today that they will be lowering the prime lending rate by .15 basis points to 2.85%.
This move is the follow up to the Bank of Canada lowering the prime rate by .25 basis points last week. It is usual normal practice for the big banks to follow suit to the BOC but this rate change widens the spread or gap. It is an interesting move by the banks and I wonder if this is good for us as consumers or good for them?
Here is the link to the full article for more info.
http://www.bloomberg.com/news/articles/2015-01-27/rbc-pares-prime-rate-to-2-85-percent-after-bank-of-canada
I do believe the the Canadian housing market will show continued growth over the next year and this rate cut will further help to stimulate that growth.
If you have any questions at all please don’t hesitate to contact me at kevinbaker@kwhometeam.ca
January 28, 2015 | Categories: Uncategorized | Tags: appraisal, assessment, Bank of Canada, banking practices, cibc, cibd, condo, condo buying, condo documents, condo in kitchener, condos in kitchener, home buying, market value, Prime rate, rbc, real estate, Remax, selling your home, tdcanadatrust | Leave a comment
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