Bank of Canada Keeps Benchmark Rate Unchanged!
Key Interest Rate Stays Put
With a lower growth forecast, the Bank of Canada is once again keeping its key policy rate unchanged, noting that our historic low rates “will likely remain appropriate for a period of time, after which some modest withdrawal will likely be required.” With a weaker second half of 2012, the bank projects that growth in Canada will regain some momentum through 2013, with the economy “reaching full capacity in mid 2015 – later than anticipated.”
The prime rate for most lenders should stay at 3%, now unchanged since September 2010.
The Bank’s next rate decision is scheduled for May 29.
As for fixed rates, we continue to enjoy historically low rates for those looking to purchase or refinance, perfect for the spring market!
| Terms | Posted Rates | Our Rates |
| 6 MONTHS | 4.00% | 3.95% |
| 1 YEAR | 3.00% | 2.65% |
| 2 YEARS | 3.04% | 2.69% |
| 3 YEARS | 3.70% | 2.65% |
| 4 YEARS | 4.64% | 2.85% |
| 5 YEARS | 5.24% | 2.84% |
| 7 YEARS | 6.35% | 3.49% |
| 10 YEARS | 6.75% | 3.69% |
| Rates are subject to change without notice. OAC E&OE | ||
| CURRENT PRIME RATE IS | 3.00% |
| PRODUCT | RATE |
| 5 YEAR VARIABLE: | 2.60% |
April 17, 2013 | Categories: Buyers, Local Kitchener Waterloo, Sellers | Tags: Bank of Canada, banking practices, condo buying, first time home buyer, full time realtor, home buying, home value, kevin baker, Kitchener waterloo, kwhometeam, lofts in kitchener, market update, Mortgage News, Mortgage Rates, real estate investing, realtor, Remax, waterloo ontario | Leave a comment
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.
April 10, 2013 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers, Uncategorized | Tags: condo, condo buying, first time home buyer, full time realtor, home buying, home value, inventory levels, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, lofts, lofts in kitchener, market update, real estate, real estate investing, Remax, waterloo ontario, westvale | Leave a comment
Mortgage Pre-Approvals VS Approvals and why they are different. Kitchener Waterloo homes and condos
Thinking of buying a home? A great first step is to talk to the bank or a mortgage broker to find out how much you can afford. Keep in mind though that getting pre-approved is very different then getting actually approved. Have a look at this video where I explain the differences.
March 26, 2013 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Video Blogs | Tags: assessment, banking practices, condo, condo buying, first time home buyer, full time realtor, home buying, home value, kevin baker, kitchener, Kitchener waterloo, kwrealestatelife, lofts in kitchener, real estate, real estate investing, Remax, remax twin city, waterloo ontario | Leave a comment
Boost your Down payment and get a RRSP Refund using Federal Home Buyers Program for First Time Buyers
The Deadline for this RRSP season to help with your first home; contribute before March 1, 2013!
It’s RRSP season! If you’re a first-time buyer, consider how the Federal Home Buyers’ Program (HBP) and a tax refund can boost the funds you have available for your purchase.
If you have RRSP contribution room, you should contribute your savings before March 1, 2013 so you can qualify for a 2012 tax refund based on the amount you contribute and your marginal tax rate. Then, after 90 days, you can redeem those funds under the Home Buyer’s Plan (HBP). The HBP lets first-time homebuyers withdraw up to $25,000 each (or $50,000 for a couple) tax-free from their RRSPs. You’ll need to pay those funds back, of course, on a repayment plan, but this strategy can make a substantial difference in the affordability of home ownership!
While your funds are tied up for those 90 days, we can get you an interest rate hold. Let’s have a conversation about the HBP and determine if this strategy can work for you.
For more information on how to use this tool for the purchase of your first home please contact myself at kevinbaker@kwhometeam.ca or Tracy Bennett at Bennett Capitial tracy.bennett@bennettcapital.ca
January 28, 2013 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers | Tags: Bank of Canada, condo, down payment, federal home buyer program, first time home buyer, home buying, kevin baker, Kitchener waterloo, kwhometeam, lofts in kitchener, market update, Mortgage News, real estate, real estate investing, Remax, rrsp contribuitions, waterloo ontario | Leave a comment
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!
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
January 28, 2013 | Categories: Buyers, Local Kitchener Waterloo, Sellers | Tags: energy audit, energy rebate, first time home buyer, full time realtor, green homes, home buying, Home energy audit, inventory levels, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, lofts in kitchener, real estate investing, Remax, waterloo ontario | 1 Comment
Hiring a Realtor and What To Look For – Kitchener Waterloo Remax Twin City Realty Sales Rep
With availability of information, mobile phones and websites it is even more important to hire a Realtor based on what they can do for you to get the home sold quickly, efficiently and for the most amount of money. Have a look at this video to hear my thoughts on what you should be looking for when interviewing your Realtor.
December 12, 2012 | Categories: Local Kitchener Waterloo, Sellers, Video Blogs | Tags: brokerage, commission, condo, facebook, first time home buyer, full time realtor, home value, kevin baker, Kitchener waterloo, kwhometeam, loft, lofts in kitchener, marketing, price, real estate, realtor, realty, Remax, sales rep, sales representative, twin city, waterloo ontario, westvale | Leave a comment
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.
December 3, 2012 | Categories: Buyers, Local Kitchener Waterloo, Sellers | Tags: condo, condo buying, fall market, first time home buyer, home buying, home value, inventory levels, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, loft, lofts in kitchener, market update, real estate, real estate investing, Remax, spring market, summer market, waterloo ontario, westvale, when is the best time to sell, winter market | Leave a comment
Mortgage Plus Improvments and How It Works – Kitchener Waterloo Homes for sale
If you are in the market for a new home and are having trouble finding something that suits or have found something but it needs a bit of work and you may not have the extra money out-of-pocket, then you can get a mortgage plus improvements type product to help make that home a possibility. Have a look at the video to hear how the product works.
November 7, 2012 | Categories: Buyers, Local Kitchener Waterloo, Sellers, Video Blogs | Tags: Bank of Canada, banking practices, condo, first time home buyer, full time realtor, home buying, home value, kevin baker, Kitchener waterloo, kwhometeam, market update, Mortgage News, Mortgage Rates, real estate, real estate investing, realtor, realty, Remax, sales rep, twin city, waterloo ontario | 1 Comment
Why Are Status Certificates So Important When Buying Your Next Condo – Kitchener Waterloo Condos and Lofts
Are you in the market for your next Condo or Loft space? Make sure if you are making an offer on a unit that you make it conditional on getting a status certificate reviewed by your lawyer. To hear how you can save yourself thousands of dollars by doing this one step, have a quick look at this video.
October 29, 2012 | Categories: Buyers, Local Kitchener Waterloo, Sellers, Video Blogs | Tags: condo, condo buying, first time home buyer, full time realtor, home buying, home value, Kitchener waterloo, loft, lofts, lofts in kitchener, real estate, real estate investing, Remax, status certificate, waterloo ontario | Leave a comment
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.
October 17, 2012 | Categories: Buyers, Local Kitchener Waterloo, Sellers, Video Blogs | Tags: assessment, facebook, first time home buyer, full time realtor, home buying, home value, inventory levels, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, loft, real estate, real estate investing, Remax, waterloo ontario, westvale | Leave a comment
Assessment Value vs Market Value – Kitchener Waterloo Homes for sale
The new assessments are out in the Kitchener Waterloo Region and i am getting the question is that what my house is worth? Have a look at the video to why assessment value is different from market value.
October 15, 2012 | Categories: Buyers, Local Kitchener Waterloo, Sellers, Uncategorized, Video Blogs | Tags: assessment, condo, first time home buyer, full time realtor, home buying, home value, kevin baker, Kitchener waterloo, kwhometeam, loft, market update, real estate, real estate investing, Remax, waterloo ontario | Leave a comment
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.
September 20, 2012 | Categories: Buyers, Local Kitchener Waterloo, Sellers, Video Blogs | Tags: first time home buyer, full time realtor, home buying, home value, inventory levels, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, loft, market update, Mortgage News, real estate, real estate investing, Remax, waterloo ontario, waterloo region school board | Leave a comment
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.
September 7, 2012 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers, Uncategorized | Tags: August, first time home buyer, home buying, home value, inventory levels, kevin baker, kitchener, Kitchener waterloo, kwrealestatelife, loft, Mortgage News, real estate, real estate agent, real estate investing, Remax, sale price, waterloo ontario, waterloo region school board | Leave a comment
Pricing your Kitchener Waterloo Home or Condo Properly – Kevin Baker Remax Twin city
Coming into a fall market it is more important than ever to price your home properly get maximum dollar and so that it doesn’t become stale in the buying public eyes. Have a listen to hear my thougths as to some things to look for when setting a price for you next home sale.
August 23, 2012 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers, Video Blogs | Tags: first time home buyer, full time realtor, home buying, home prices, home value, house prices, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, loft, market update, pricing your home, real estate, real estate investing, Remax, waterloo ontario | 1 Comment
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.
July 16, 2012 | Categories: Buyers, Local Kitchener Waterloo, Sellers, Video Blogs | Tags: assessment, Bank of Canada, banking practices, condo, condo buying, first time home buyer, full time realtor, home buying, home value, inventory levels, kevin baker, Kitchener waterloo, kwhometeam, loft, market update, Mortgage News, Mortgage Rates, real estate, real estate investing, Remax, waterloo ontario | Leave a comment
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®.
June 14, 2012 | Categories: Buyers, Local Kitchener Waterloo, Sellers | Tags: first time home buyer, full time realtor, home buying, home value, inventory levels, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, loft, market update, real estate, real estate investing, Remax, waterloo ontario | Leave a comment
Resale vs Condo Conversion vs New Construction
If you are thinking of buying a condo there are 3 types to choose from. Here I talk about the differences between new construction condo’s vs condo conversions and the resale condo market.
June 4, 2012 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers, Video Blogs | Tags: condo, first time home buyer, home buying, home value, Kitchener waterloo, kwhometeam, kwrealestatelife, loft, lofts in kitchener, market update, real estate investing, Remax, waterloo ontario | Leave a comment
Mulitple Listing Service (Mls) vs Exclusive or Selling Privately – Kevin Baker Kitchener Waterloo Realtor
I shot this video over a year ago and i think its does a good job of explaining the differences between listing “exclusively” or “Privately” vs the MLS system. Have a look to hear my thoughts on my experience with both.
May 2, 2012 | Categories: Local Kitchener Waterloo, Sellers, Video Blogs | Tags: exclusive, full time realtor, home buying, home value, Kitchener waterloo, kwhometeam, kwrealestatelife, market update, mls, multiple listing service, private, real estate, real estate investing, Remax, sale, waterloo ontario | Leave a comment
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.
April 27, 2012 | Categories: Buyers, Local Kitchener Waterloo, Random thoughts, Sellers, Video Blogs | Tags: assessment, banking practices, first time home buyer, home buying, home value, inventory levels, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, lofts in kitchener, real estate, real estate investing, Remax, waterloo ontario | Leave a comment
Downsizing? Think about Uncluttering Your Life! – Kitchener Waterloo Homes for Sale
Uncluttering your Life!
Are you thinking of downsizing to a condo but stuck on what to do with all that extra stuff? Well you’re not alone. The downsizing population has enjoyed living in their large spacious homes that offer plenty of storage options. Over the years we can certainly collect a lot of things that don’t serve any purpose today. The biggest step for most of us is to be able to emotionally detach ourselves from our collection!
When moving to a condo you know that you will be able to live a lifestyle of freedom from all that hard outdoor work. So with that in mind you can easily step into your garage to target those snow shovels, snow blower, lawnmower, and collection of tools and trinkets that are adorning the shelves. Imagine the relief of purging all that extra stuff by donating or selling all the unneeded items.
Next is your basement, I am sure it has seen its collection of boxes and totes filled with different items that more than likely only serve as a reminder that you need to dust again.
Do we really need that second set of living room furniture? The extra end tables or set of 6 chairs from the old kitchen set? Let it go… it will be happy that it’s in a new home where it will be loved and used. The great feeling of donating to the less fortunate is another gratifying feeling of downsizing.
Have a garage sale, stop by the donation centres or pass it down to your children.
The magazine Style at Home offers 10 great tips for downsizing. Here are the Top5
- 1. Write a list of all the items you love and can’t live without
- 2. Start thinning out your belongings at least three months before the move.
- 3. Get a feel for the size of your new rooms by comparing them to rooms of similar dimensions in your present home.
- 4. Heavily edit areas with items that don’t have as much sentimental value.
- 5. Don’t throw anything in the garbage. Recycle, reuse,
So whether you are just thinking of downsizing or have already purchased that condo and getting ready for the upcoming move, hopefully these tips will save you time and stress!
Visit the link to view the complete list.
http://www.styleathome.com/homes/real-estate/top-10-tips-for-downsizing/a/308
March 21, 2012 | Categories: Buyers, Random thoughts, Sellers | Tags: condo, condo buying, downsizing, home buying, home value, Kitchener waterloo, kwhometeam, kwrealestatelife, loft, market update, real estate investing, Remax, waterloo ontario | Leave a comment
Know Your Closing Costs and Planning For Them! – Kitchener Waterloo Homes for Sale
Closing Day is fast approaching and one of the most important things is to make sure you have planned for all the closing costs that come up when you are buying or selling a home. Have a look at the video I did to learn why this is a very important step in the process.
March 6, 2012 | Categories: Buyers, Local Kitchener Waterloo, Sellers, Video Blogs | Tags: closing costs, condo, eastbridge, first time home buyer, full time realtor, home buying, home ownership, home value, kevin baker, kitchener, Kitchener waterloo, kwhometeam, loft, market update, Mortgage News, real estate, real estate investing, Remax, waterloo ontario | Leave a comment
Make Sure Your Read and Understand the Closing Paperwork – Kitchener Waterloo Homes For Sale
It is vitally important that you understand the paperwork that you are signing when meeting with your lawyer prior to closing. Click on the video link to hear why.
February 23, 2012 | Categories: Buyers, Local Kitchener Waterloo, Sellers, Video Blogs | Tags: closing paperwork, first time home buyer, full time realtor, home buying, home value, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, lawyers, loft, lofts in kitchener, market update, real estate, real estate investing, real estate lawyers, Remax, waterloo ontario | Leave a comment
Do a Final Walk Through Before Closing and Why its so Important – Kitchener Homes for sale
So Closing day is only days away, the packing is still going on, you have boxes filling every room in the house. Your agent calls and asks if you would like to do a final walk through of the home. Even though you are crazy busy it is still a necessary and important part of the process. Have a look at the video to why…
February 15, 2012 | Categories: Buyers, Local Kitchener Waterloo, Video Blogs | Tags: condo, eastbridge, first time home buyer, full time realtor, home buying, kevin baker, Kitchener waterloo, kwhometeam, kwrealestatelife, loft, market update, real estate, real estate investing, Remax, waterloo ontario, westvale | Leave a comment
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.
January 27, 2012 | Categories: Buyers, Local Kitchener Waterloo, Sellers, Video Blogs | Tags: Bank of Canada, condo, facebook, first time home buyer, home buying, home value, inventory levels, kevin baker, kitchener, Kitchener waterloo, kwhometeam, kwrealestatelife, loft, market update, Mortgage News, Prime rate, real estate investing, Remax, waterloo ontario, waterloo region | 2 Comments
KW Real Estate Life 