KITCHENER-WATERLOO REAL ESTATE-HOMES & CONDOS FOR SALE

Posts tagged “inventory levels

Kitchener Waterloo Real Estate Update for November 2013


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.”

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Get the Best Mortgage Rate: 5 Tips for Financial Fitness


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.


How to Get the best Mortgage Deal – Kitchener Waterloo Homes for sale


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.

http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/the-ultimate-mortgage-checklist-63-steps-to-navigating-the-best-deal/article14868520/


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


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


Kitchener Waterloo Real Estate Update for July 2013


Hey Everyone, Here are the stats for the Waterloo Region and it looks like another great month. With a solid July we are now in positive territory for the year on Sales Volume, while prices remain up from last year which is great news for home sellers. If you have any questions or need any advice on buying or selling please feel free to give me a call at 519-579-4110 or email to kevinbaker@kwhometeam.ca

 

HOME SALES CONTINUE UPWARD TREND
KITCHENER-WATERLOO, ON (July 4, 2013) –– Residential property sales through the Multiple Listing
System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) half way through
the year are up 1.4 per cent compared the same time last year. Residential sales totaled 3,511, 2.2
per cent ahead of the previous 5-year average of residential sales year-to-date.
In the month of June 648 residential properties were sold compared to 607 in June of last year,
representing a 6.8 per cent increase in sales volume.
“Residential sales in Kitchener-Waterloo continue to perform well” says Dietmar Sommerfeld,
President of KWAR. “We’re seeing a slow and steady upward trend in sales which is exactly what we
like to see, stable and steady growth.”
June’s sales included 422 single detached homes (up 9.9 % from last year) 122 condominium units
(down 7.6 %), 58 semi-detached (up 9.4 %) and 35 freehold townhouses (up 6.1 %). Year-to-date
residential sales display a similar distribution with 2,367 single detached homes (up 3.6 %) 605
condominium units (down 9.4 %), 283 semi-detached (up 6.0 %) and 218 freehold townhouses (up 0.5
%).
On a year-to-date basis, the average sale price of all residential sales increased 4.6 per cent to
$327,569 compared to 2012. Single detached homes sold for an average price of $371,898 an
increase of 4.2 per cent compared to last year. The average sale price for a condominium units sold
in the first half of the year was $215,219, an increase of 2.7 per cent over 2012.

 


Kitchener Waterloo Real Estate Market Update for May 2013 –


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.


Interest Rates Hold Steady For Now – Kitchener Waterloo Homes and Condos for sale


Rates Stay Put in Carney’s Last Announcement

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.


April 2013 Market Update for Kitchener Waterloo Real Estate


APRIL SHOWERS BROUGHT MAY FLOWERS…AND HOME BUYERS


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.


Spring Market update for Kitchener Waterloo Real Estate – March 2013


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.


Energy Efficient Home Insurance Rebate – Get 10% of your premium refunded! – Kitchener Homes and Condos For Sale.


Energy Efficient Home Insurance Rebate – Get 10% of your premium refunded!

CMHC-Green-Home Refund

Genworth Energy Rebate Form

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

 


Kitchener Waterloo Real Estate Market Update for 2013 –


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


When is the Best Time to Sell? – Kitchener Waterloo Homes for sale


One of the questions I get asked a lot is….”is now a good time to sell my home?  With Christmas and winter just around the corner the answer might be different than you think. Have a look at the video to hear my thoughts.


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


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


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


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


August Stats are out and Kitchener Waterloo Home Prices still Strong! – Kevin Baker Remax Twin City


 KITCHENER-WATERLOO HOMES SALES EASE IN AUGUST

KITCHENER-WATERLOO, ON (September 6, 2012) –– There were a total of 495 home sales through the
Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in August,
a decrease of 4.4 percent compared to the 518 homes sold in the same month last year.
On a year-to-date basis, residential home sales remain on par with last year – with a total of 4,492
sales recorded.
August’s residential sales included 322 detached homes (down 7.7 percent), 35 semi-detached (up
6.1 percent), 37 townhouses (up 32.1 percent), and 97 condominium units (down 4 percent).
The average sale price of all residential properties sold in Kitchener-Waterloo and area rose 7.3
percent in August to $314,623, up from $293,303 one year ago. Condominium units increased 9
percent to $231,654, up from $212,513 a year ago. Single detached homes sold for an average price
of $354,064, a 7.6 percent increase compared to a year ago.
“While sales were down in August, we saw fairly strong price gains last month, says Sara Hill, president
of the KWAR. “This was helped along by the fact that 3 residential properties sold for over 1 million
dollars in August, compared to no sales in that price range last August.”
Also putting pressure on August’s average residential sale price was the increase in the number of
homes that sold for more than $400,000. 96 homes were reported sold that came in over $400,000,
representing an increase of 37 percent compared to the 70 homes that sold above that mark in
August 2011.

Information taken from Kitchener Waterloo Real Estate Board and MLS.


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


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


May Market Update for Waterloo Region – Kitchener Waterloo Homes for Sale


STEADY STREAM OF HOME SALES IN MAY

KITCHENER-WATERLOO, ON (June 5, 2012) –– Sales of residential properties via the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were steady last month, keeping in line with the previous 5 year average for May.

Members of the KWAR sold 650 residential properties in May, a decrease of 3.4 percent compared to May of last year. On a year-to-date basis this brings the total number of sales recorded through the MLS® System of the KWAR to 2,844 a 2.7 percent increase compared to 2011.

May’s sales included 440 detached homes (down 1.1%), 117 condominium units (down 10.7%), 50 semi-detached (up 16.7%) and 38 townhouses (up 26.7%).

The average sale price of all residential sales increased 0.5 percent to $312,219 compared with May 2011. Single detached homes sold for an average price of $353,368, which is on par with May of last year. The average price of condominium units sold in May was $206,063 a 2.9 percent decline compared to last year.

The dollar volume of all home sales in May was $202,942,505, down 2.9 percent from year-ago levels.

“Sales in May demonstrate continued strength in the Kitchener-Waterloo housing market”, says Sara Hill, President of KWAR. “What we saw last month is a steady stream of homes sales, combined with an excellent selection of listings on the market, which helped to moderate price gains.”

The KWAR cautions that average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a local REALTOR®.


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


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


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


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


Kitchener Waterloo Real Estate Market Prediction for 2012- Kevin Baker


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


Offer Price and Fair Market Value of a House – Kitchener Homes and Condos for sale


So you have found the right house…. now its offer time, but what price to offer. Here is where a Realtor can help. Knowing what fair market value of a home is extremely important in determining what to offer on the home of your dreams. You don’t want to overpay for something based on emotion. Watch the video to hear my thoughts on why this is an important consideration in your next home purchase.


Do Your Due Diligence When looking for your next home – Kitchener Waterloo Real Estate


The buying process can be a confusion one at the best of times and its easy to forget things with all the stress of looking, doing offers etc. Make sure you make a list of wants, needs and the important things you are looking for in a new home. Have a look at the video to hear my thougths on some of the important ones.


Go Train Comes to Waterloo Region – Kitchener Waterloo Real Estate


Great news for the commuters of Waterloo Region.

Today marks the start of Go Train service from Kitchener to Toronto. This give commuters another option when it comes to travelling to and from Toronto.

Initially, the service will see two trains leave the Kitchener station every weekday morning, while two trains will return from Union Station in the afternoon.

The first train leaves Kitchener at 5:52 a.m., stops in Guelph, then times remain the same between Georgetown and Union Station. The existing weekday westbound 5:45 p.m. train from Union will now get to Georgetown at 6:46 p.m., Guelph at 7:18 p.m. and Kitchener at 7:42 p.m.


Inspectors, Realtors, Mortage Brokers, Lawyers… Putting together the right group – Kitchener Homes for sale


Part 2 in my series on what buyers should be aware of  when looking for a new place. Make sure you put together a great group of professionals to help you with the process. Have a look at the video to hear my thoughts….