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.
All i have to say is WOW! It was a very busy month in the Kitchener Waterloo Real Estate market.
Here are the numbers…A total of 553 residential properties were sold through the Multiple Listing System (MLS®) in September, marking a new record high for the month on September. Home sales were up 14.3 percent over last year.
On a year-to-date basis 5,210 residential units have sold compared to 5,138 during the same period in 2013.
This confirms my thoughts that due to the traditional slower than usual spring market was pushed into the summer months because of the brutal winter weather we experienced earlier in the year. It also followed up on a very active month of August.
More sales in the higher price ranges in September contributed to an 8.8 percent increase in the average price of a detached home to $385,780 compared to last year. The average price for a condominium was $233,321, an increase of 4.8 percent over September 2013. The average sale price of all residential sales increased 7.7 percent to $338,350 over September 2013.
Residential sales in September included 359 single detached homes (up 15.1% from last September), 48 semi-detached (up 6.7%), 35 townhomes (on par with last year) and 108 condominium units (up 27.1%).
The average price of all residential properties sold year-to-date was $337,661, a 4 percent increase over 2013. The average price of a detached home to the end of the third quarter was $383,885, a 4.3 increase over 2013.
This is fantastic news once again for the Kitchener Waterloo Real Estate Market and we are looking forward to another above average month in October.
If you have any questions on the information above or would like to discuss any of your Real Estate needs whether buying or selling, feel free to give me a call at 519-579-4110 or email direct to kevinbaker@kwhometeam.ca
With the summer over and September and the school season upon us the real estate market is back in full swing. The summer showed very good sales vs previous years with a total of 567 homes sold. The month of august posted a 9.2% increase in the home sales compared to the same month last year. Homes sales in the month of August were also 9.3% above the 5 year average for the month and were second highest on record compared to August sales in the last 5 years.
Kitchener Waterloo and the entire region continues to be strong. Higher than average sales activity in August and year-to-date speaks volumes about the confidence consumers have in our local economy and home ownership as an investment.
The breakdown of residential sales included 367 single detached homes ( up 4.9% from last year), 42 semi-detached (up 13.5%) 39 townhomes (up 77.3%) and 115 condominium units (up 11.7%). The year to date numbers are up 2.7 percent compared to the five year average with 4648 homes being sold.
If we look at average sale price of all residential homes sold through the Multiple listing service system, there was an increase of 3.9 percent last month to $329,892 compared to August 2013. Single detached homes sold for an average price of $378,251 and increase of 5.4 percent compared to last year. The average sale price for a condo unit was $225,167 an increase of 1.5 percent and the average sale price for a freehold townhome was $287,369, a decrease of 1.9 percent from the same time last year.
Overall a fantastic month in the Kitchener Waterloo Housing market. We expect the trend to continue in to the fall selling season as well.
If you have any questions or would like more specific pricing on your home or something that you are looking at purchasing please feel free to give me a call at 519-579-4110 or email direct to kevinbaker@kwhometeam.ca
It was another solid month for home sales in Waterloo Region. Although the number of sales was down compared to last year they were up compared to the 5 year average. Prices were also up which is a great sign that the buyers are still out there and looking to make a move. If you have any questions or would like more specific pricing on your home please don’t hesitate to give me a call.
STEADY STREAM OF HOME SALES FOR THE MONTH OF MAY
KITCHENER-WATERLOO, ON (June 4, 2014) –– Residential property sales through the Multiple Listing
System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in May were down
5.6 percent compared to last year’s record setting month of May.
A total of 725 residential properties were sold in the month of May compared to 768 the same time
last year. This was only the second time since 2007 that residential sales in May have exceeded 700
total sales. Comparing the 5-year average for the month of May shows a 5.7 percent jump in
residential sales.
“The spring home buying season was in full swing this May” says Lynn Bebenek, President of KWAR.
“Strong sales and price gains reflect the confidence homebuyers have in regional housing market as
a great place to live and invest.”
May’s sales included 514 single detached homes (down 3.4 % from last year) 101 condominium units
(down 17.9 %), 60 semi-detached (up 3.4 %) and 43 freehold townhouses (down 2.3 %).
The average sale price of all residential sales through the KWAR’s MLS® System increased 3.5 percent
last month to $345,323 compared with May 2013. Single detached homes sold for an average price
of $386,474 an increase of 2.1 per cent compared to last year. The average sale price for a
condominium was $226,157, an increase of 6.4 percent compared to May 2013.
KITCHENER‐WATERLOO HOME SALES ‐ A SLOWER MARCH TO SPRING
KITCHENER‐WATERLOO, ON (April 3, 2014) –– Residential property sales through the Multiple Listing System
(MLS® System) of the Kitchener‐Waterloo Association of REALTORS® (KWAR), were down 12 percent last month,
compared to March 2013. There were 536 residential sales reported during the month of March, 23 percent more
than in February.
Looking at the first quarter of 2013, there were a total of 1,293 residential sales, a decrease of 7.3 percent
compared to last year’s 1,395 sales.
“As everyone knows, we’ve just come off of one of the harshest winters on record”, says Lynn Bebenek, president of
the KWAR. “Anecdotally speaking I’ve heard from several business operators who say they’ve experienced a
slowdown this winter because of extreme cold and snow, and our residential real estate market was no different.”
Bebenek adds, “On the bright side, everyone has buyers waiting and hopes are resting on a busy spring.”
Home sales in March 2013 included 347 detached homes (down 13 percent), 98 condominium units (down 4.9
percent), 44 semi‐detached (down 24.1 percent), and 43 townhomes (on par).
The dollar volume of residential sales in the first quarter of 2014 came in at $423,915,584, a 5.9 percent decline
compared to the same period last year.
Single detached homes sold through the KWAR’s MLS® System in March went for an average price of $368,896,
virtually unchanged from the same month last year when the average price was $368,706. On a year‐to‐date basis,
the average price of a single detached home sold for $377,711, a 3.4 percent increase.
The average sale price of all residential sales also increased a negligible 0.1 percent to $322,833 last month
compared to the same month last year. On a year‐to‐date basis, the average price edged up a little higher to
$327,854, representing a 1.6% increase over 2013.
If you have any questions or would like a Pricing Analysis on your home please give me a call at 519-579-4110
With the cold weather still keeping its grip on us here in Kitchener Waterloo, the Residential Real Estate market is starting to show signs of life. Even though the volume of sales are down about 4% the prices are still rising steadily. Condos are leading the way for another month in a row up 6.3%.
Have a look at the entire Media release from the Kitchener waterloo real estate board and if you have any questions please don’t hesitate to give me a call.
HOMES SALES STEADY IN FEBRUARY
KITCHENER-WATERLOO, ON (March 5, 2014) –– Residential sales through the Multiple Listing System (MLS®) of the
Kitchener-Waterloo Association of REALTORS® (KWAR) were down 4.0 percent in February compared to the
same month last year and up 34 percent compared to January’s results which were hampered by extreme
cold and snow.
A total of 431 residential properties were sold compared to 449 the same time last year. Residential sales in
February included 274 single detached homes (down 8.7% from last February), 33 semi-detached (down
13.2%), 28 townhomes (down 3.4%) and 93 condominium units (up 16.3%).
“February sales showed a healthy increase compared to January,” stated Lynn Bebenek, President of the
KWAR. “Low interest rates and a diverse and vibrant regional economy will continue to support a stable market
for the Kitchener-Waterloo area.”
Single detached homes sold for an average price of $387,288 an increase of 5.1 percent compared to last
year. The average sale price for a condominium was $233,657 an increase of 6.8 percent while townhomes and
semis sold for an average of $281,636 (down 0.7%) and $246,171 (down 3.0%) respectively. The average sale
price of all residential sales through the KWAR’s MLS® System increased 3.0 percent to $335,217 compared to
February 2013.
“Following up on what has been one of the coldest winters on record I expect we will see home buyers and
sellers out in full force come the spring time,” said Bebenek.
For many first-time homebuyers, saving the 5 per cent downpayment is one of the big obstacles to home ownership, especially if you’re paying rent, paying down student loans, and trying to live a life. Here are some programs and tips that can give your downpayment a boost – to get you into your home faster:
The federal Home Buyers’ Program (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.
A financial gift from a parent or blood relative can be used as a downpayment. You’ll need to document in writing that the funds are a gift and that you are not required to pay the money back at any time.
A parent or grandparent could also provide a loan with a modest interest rate and reasonable expectations for loan repayment. Or you could look at borrowing the downpayment through a loan or unsecured line of credit.
If your dream home is out of reach, look for a starter home. Use today’s low interest rates to start hammering down your mortgage, then watch for the opportunity to get the home of your dreams – using the equity and credit rating you’ve been building!
If you have any questions regarding down payments or Mortgages in general feel free to give us a call. We are happy to help
Gas furnaces are relatively easy to operate and maintain, but they do require regular maintenance to stay in good condition. Gas furnaces can be dangerous if they are in need of maintenance and you neglect them; for instance if there is a gas leak it could be very dangerous if not addressed early. This article will take a look at 10 maintenance tips for gas furnaces.
1.Check for gas leaks
Gas leaks on gas furnaces are easy to spot, you can tell from gas build up on the floor or from the smell of gas around the furnace area. Gas leaks require a professional to fix the furnace to ensure the safety of the unit.
2.Thermostat working properly?
Have you noticed the house is either really warm or really cold, but the thermostat is set at a comfortable temperature? When a thermostat is not working properly the furnace will not heat the house properly, which makes the unit very inefficient.
3.Control valve turned open?
Is your furnace producing no heat and you can’t figure out what’s wrong? A common problem when getting a gas furnace to run properly is that the control valve is turned off, if the valve is turned off the furnace will not produce heat.
4.When have you changed the air filter?
Regularly changing the air filter is an important part of gas furnace maintenance that should be addressed regularly. Air filters can be purchased at almost any hardware store, and they are not expensive. A dirty air filter will make the gas furnace produce less heat and make it incredibly inefficient.
5.Does your gas furnace need cleaning?
Cleaning is a regular task for proper gas furnace maintenance. Click here for a step by step guide to properly cleaning a gas furnace.
6.When was the last time you checked the tension belt?
If your gas furnace is running loudly and you can’t seem to figure out why the tension belt may be a possible cause.
7.Have you checked the pilot light?
If the pilot light is out the furnace will not work, therefore make sure the pilot light is lit and working properly. The pilot light should be a deep hot blue, but if it is another color then it is not working properly.
8.When was the last time you oiled the motor?
Oil is necessary for proper maintenance on a gas furnace; all you have to do is add a couple of drops, nothing too much. Oil should be added to the motor every season, and when you think the motor needs it.
9.Check the venting regularly
The venting that is hooked up with the gas furnace should be checked regularly for blockages and debris. If the ventilation is blocked it could pose a variety of health hazards including carbon monoxide poisoning.
10.Shutting the system off post cold season
Gas furnaces do need to be shut off after the winter season, and ideally they should be cleaned and the air filter should be replaced. All the above tips should be applied at the beginning of every season for a proper working gas furnace.
Your home may be the biggest investment you’ll ever make. That means you want to be smart with your mortgage. Although we can’t say for sure what mortgage rates will do – or how the housing market will shift – we have compiled our top tips for the year ahead; sensible strategies for today’s homebuyers and owners.
Variables are back. Several lenders are offering strong “prime minus” rates that could save you thousands in interest. And the Bank of Canada is still holding their key “overnight rate” very steady and very low… making variable-rate mortgages a sensible option right now. Fixed versus variable has always been a challenging mortgage decision. Let us help you decide which financing option best meets your needs.
Don’t sleepwalk through your mortgage renewal. Don’t miss out on an opportunity to save thousands on your mortgage. When your lender sends you a letter saying it’s time to renew… then it’s time to get an expert second opinion. We’re independent and we have access to over 50 lenders. If there’s a better deal, we’ll find it.
Pay your phone bill on time! Paying your bills on time has always been the most important credit habit. Equifax recently started to include phone companies on credit bureau reports – so your lender can see if you have any delinquencies with your phone bills. Look like a good borrower.
Keep other good credit habits. Don’t let your credit accounts exceed 30 per cent of your limit. Don’t cancel an old credit card without getting advice. And don’t sign up for store cards: they often have crazy interest rates, and the application triggers a credit inquiry (you don’t want a lot of those).
Mortgage versus total debt. Do you have high-interest debt outside your mortgage that you won’t be able to pay off in the next few months? Then think about rolling that debt into a new low-rate mortgage. This one, smart strategy could save you thousands… and boost your monthly cash flow. We can analyze your situation to see if you qualify.
What’s the prepayment penalty? Don’t let anyone tell you prepayment penalties are “all the same”. They’re not. If you ever need to get out of your mortgage early, the right mortgage could save you thousands. Not all lenders calculate penalties the same way, and the differences can be substantial. It helps to know which lenders have the most fair prepayment penalties. With access to dozens of lenders – we’ve got that information at our fingertips.
If one of you wants to keep the marital home. If you are going through a separation or divorce and one of you wants to keep the marital home, we’ve got some great mortgage options, including a mortgage to 95 per cent. Your home can be the asset that gives you both a fresh start!
A paydown will pay it forward. Take every opportunity to beat down your mortgage principal using any prepayment privileges! Use tax refunds, bonuses, whatever. Or switch to weekly or bi-weekly payments. Every dollar you pay down on principal means every future payment goes further.
Thinking renovation? We see what you see. Your reno will add value to your home. That’s why we have a special “Refinance Plus Improvements” mortgage that lets you refinance up to 80 per cent of the new, post-reno value of your home. Cool deal.
Come in for a checkup. Your mortgage needs an annual checkup. Really. Life doesn’t stand still, which means your needs may have changed. Even a minor tweak can pay big dividends.
The Stats are in and it was another GREAT year for the Waterloo Region housing market.
More homes were sold in 2013 than in the previous two years, and the 6,366 residential sales processed through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) this past year were above the 10-year average.
In a year when troubling news concerning one of the region’s largest employers dominated not only headlines, but the hearts and minds of many, the Kitchener-Waterloo housing market fared remarkably well.
“Throughout last year we saw the fate of Waterloo region called into question by those who didn’t fully grasp the depth of our region’s overall economy,” said Lynn Bebenek, President of the KWAR. “While the strength of our housing market is only one economic indicator, this past year demonstrated the confidence buyers and sellers have in Kitchener-Waterloo’s real estate market.”
Sales of homes got off to a slow start in 2013 before heating up in May and stayed strong through to the end of the third quarter. In December, following two months of slower activity, a total of 279 residential properties sold, representing an increase of 3 percent over the same month last year.
The dollar volume of sales in 2013 increased 6.5 percent over last year, totalling $2,057,707,041 and surpassing the “2 billion” dollar mark for the first time in the KWAR’s history.
Close to half of all residential properties (47%) sold above $300,000 in 2013 compared to 43% in 2012. The average price of all residential properties sold in 2013 increased 4 percent to $323,335. Single detached homes sold for an average price of $366,907 in 2013, an increase of 3.7 percent. In the condominium market the average sale price in 2013 was $216,866, an increase of 1.5 percent compared to the previous year.
Home sales in 2013 included 4,241 detached homes (up 4.2 percent from 2012), 1,151 condos (down 3.9 percent), 505 semis (up 3.7 percent), and 399 townhouses (down 0.3 percent)
Do you find that all those, computer, phone, monitor cords etc are a real pain to look at everyday? Do you wish you had a great idea to hide them from sight?
Well here is a great blog post I found on how just to do that. Have a look and have fun with the project
HOME SALES DOWN IN NOVEMBER, UP ON YEAR-TO-DATE BASIS
KITCHENER-WATERLOO, ON (December 4, 2013) –– Homes sales through the Multiple Listing System (MLS®) of the
Kitchener-Waterloo Association of REALTORS® (KWAR) in November were down 8.2 percent compared to
November of last year. Residential sales have totalled 6,080 on a yearly basis which represents a 2.3 percent
increase over last year, and also a year-to-date record for total units sold since 2007.
A total of 459 residential properties were sold compared to 500 the same time last year. Residential sales in
November included 295 single detached homes (down 9.2% from last November), 41 semi-detached (up
20.6%), 30 townhomes (up 7.1%) and 90 condominium units (down 15.1%).
“Looking back on 2013 as it winds down, we’ve had a strong and stable year of homes sales” says Lynn
Bebenek, newly elected President of KWAR. “The strength of our local economy and low interest rates continue
to support housing demand in Waterloo Region.”
Single detached homes sold for an average price of $370,068 an increase of 3.0 percent compared to last
year. The average sale price for a condominium was $214,932 an increase of 3.4 percent while townhomes and
semis sold for an average of $268,194 (up 2.3%) and $240,645 (up 1.7%) respectively. The average sale price of
all residential sales through the KWAR’s MLS® System increased 3.1 percent to $320,591 compared to November
2012.
“November’s housing sales demonstrate that Waterloo region continues to be a desirable place to live and
work,” says President Bebenek, “With local job creation expected to outpace losses next year, and barring any
drastic changes in lending rates, Waterloo region should continue to enjoy a healthy housing market in 2014.”
KITCHENER-WATERLOO, ON (November 5, 2013) –– Residential property sales through the Multiple Listing System
(MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in October were down 4.0 percent
compared to October of last year.
A total of 481 residential properties were sold compared to 501 the same time last year. Year-to-date sales are
up 3.3 percent with 5,620 homes trading hands so far this year. That stands 2.2 percent above the 5-year
average and up 3.2 percent from the same time in 2012. Residential sales in September included 313 single
detached homes (down 2.8% from last October), 44 semi-detached (down 8.3%), 36 town homes (up 9.1%) and
85 condominium units (down 7.6%).
“On a monthly basis the number of sales in October was in line with the average of the past 5 years,” says
Dietmar Sommerfeld, President of KWAR. “Looking at year-to-date figures, homes sales are the highest they’ve
been compared to the last five years.”
Sommerfeld says he is confident about the local economy and the region’s housing market, pointing to a
recent Canadian Mortgage Housing Corporation (CMHC) report (Fall 2013) that states steady mortgage rates
combined with stable/increasing employment in the Region will continue to keep housing demand strong
moving into early 2014.
Single detached homes sold for an average price of $352,807 an increase of 3.6 percent compared to last
year. The average sale price for a condominium was $214,226 a decrease of 0.7 percent compared to
October of last year. The average sale price of all residential sales through the KWAR’s MLS® System increased
3.3 percent to $312,785 compared to October 2012.
If you ever have any questions on the information provided or specific pricing of your home feel free to give me a call to discuss. I am always happy to help.
When the time is right for you to buy a home, make sure you are financially fit and eligible for the best possible mortgage rates. Here are our top five tips to boost your “financial fitness”:
1. Whip it. Whip your credit rating into shape: pay your bills on time… every time. Keep your oldest credit card for its history, and make sure it’s always paid on time. Try not to apply for any new credit.
2. Follow the 33% rule. Never run up a credit card or line of credit past 33% of its available limit. If you’ve got a $3,000 limit, then $1,000 is your absolute ceiling.
3. Cash is king. Gather up the maximum down payment possible. The more money you put down on a home, the better.
4. Be prepared. Put together a file folder with the following: pay stubs, or proof of self-employment income, list of debts and assets, and current bank statements. We can advise what you’ll need.
5. Start a dialogue. Talk to us about your plans. Find out if you can pre-qualify, and ask about how you might qualify for the best possible rate.
The process of qualifying for a mortgage begins long before you decide to buy a home! But if you make a plan to improve your financial fitness… you’ll have no shortage of lenders willing to compete for your business. For more information or a connection to a great Broker just give me a call. I am happy to help.
Mortgage rates on the rise? No need to panic; what you need is some smart strategies to prepare. Here are our top 5 tips:
1.Don’t take the money. If you’re buying a new home, don’t be tempted to borrow the maximum amount your lender will allow.
2.Do more than the minimum.If you have a variable-rate mortgage, build in some wiggle room by setting your payments higher than required.
3.Plan to pre-pay. Find out what your pre-payment privileges are and pay whatever you can.
4.Conduct a reality check.Find out what your mortgage balance will be at renewal and use our online mortgage calculator to project what your payments could be if you renewed at a higher rate. Start to ease up to your new payment level so at renewal, it’s like a merge lane!
5. Watch your bad debt. Be cautious about any credit card or other high-interest debt.
Getting prepared for higher rates is not about panicking, it’s about being prudent.Give me a call if you have any questions.
I have been getting a lot of questions on how the state of Blackberry is going to affect the local Real Estate Market here in Kitchener Waterloo. Have a look at the video to hear my thoughts on what the future holds.
City of Waterloo Residential Rental Licensing Update – NEW CLASS Z LICENSE
The rental housing licensing by-law has been in effect for one year. City staff have reviewed the by-law for consistency and areas of improvement, and on Monday, August 12, Waterloo city council passed a motion to approve amendments to the by-law.
The amended by-law now includes an additional sixth class of license in order to appropriately capture residential rental units that are similar in nature to apartments but do not meet all aspects of the definition. The new Class Z license will capture rental units that meet two of the three criteria for being an apartment (having four or more dwelling units and being horizontally separated) but do not have an interior common hallway.
City staff have created this new class of residential license to allow properties without an interior common hallway to be licensed and meet safety standards – without having to meet specific bedroom or floor space standards. This amendment ensures consistency in application and enforcement of the by-law.
The application process and deadlines remain the same. Landlords can avoid long waits in line by applying for their license online at mypermits.waterloo.ca.
To review the residential rental housing by-law in its entirety, please visit www.waterloo.ca/bylaw
A few hours spent on fall maintenance will protect the investment you’ve made, and make for a more comfortable and worry-free winter ahead. Get started with our fall “to-do” list:
Ensure windows and doors (especially the one between house & garage) close tightly; repair or replace weather stripping if needed.
Check your roof for loose or missing shingles.
Ensure your eavestroughs and downspouts are clear.
Check your chimney for nests, other obstructions, or buildup of residues.
Get a pro to inspect your heating system. Clean or replace the furnace air filter each month all winter.
Have ducts professionally cleaned every few years; vacuum everything you can reach.
Check your home safety devices and change the batteries.
Change the direction of ceiling fans to push warm air from the ceiling down.
Cover outside of air-conditioning unit.
Drain and store outdoor hoses. Protect delicate landscaping.
By doing a few small things you will ensure your home is ready for the winter months and you can enjoy them in comfort.
Today in Stephen Poloz’s first policy decision since he replaced Mark Carney as the Bank Governor he has kept the prime rate or the benchmark rate unchanged. This rate has held steady at 3% since September of 2010.
Today’s announcement noted that there will be a continuation of steady rates “as long as there is significant slack in the Canadian economy, the inflation outlook remains muted, and imbalances in the household sector continue to evolve constructively.”
The prime rate for most lenders should stay at 3%, great news for variable rate holders. In regards to fixed rates, that market is in a state of flux. With bond prices dropping of the past month that has put upwards pressure on yields which in turn raise interest rates. If you have any questions on what to do or who to call to get a great rate locked in before your next home purchase please give me a call and I am happy to help.
HOME SALES HEAT UP IN MAY
KITCHENER-WATERLOO, ON (June 4, 2013) –– Residential property sales through the Multiple Listing System (MLS®
System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in May were up 16.1 per cent compared
to the same time last year. Led by strong sales of single detached homes, it’s the first time sales have surpassed
the 700 unit mark in the Month of May since 2007.
A total of 765 residential properties were sold in the month of May compared to 659 the same time last year.
Comparing the 5-year average for the month of May shows a 16.3 per cent jump in activity this past month.
Year-to-date sales are practically on par with the same time last year nudging up by six residential sales.
“Waterloo region’s residential real estate market was alive and well in May, says Dietmar Sommerfeld, President
of KWAR. “On a year-to-date basis, we are seeing sales activity that is right in line with last year’s results and a
little above the 5 year average.”
May’s sales included 528 single detached homes (up 17.9 % from last year) 122 condominium units (up 2.5 %),
59 semi-detached (up 20.4 %) and 45 freehold townhouses (up 18.4 %). Year-to-date residential sales were 3.5
per cent above the 5-year average with a total of 2,860 units to date.
The average sale price of all residential sales through the KWAR’s MLS® System increased 6.9 percent last month
to $333,288 compared with May 2012. Single detached homes sold for an average price of $378,473 an
increase of 7.4 per cent compared to last year. The average sale price for a condominium was $212,638, an
increase of 3.8 percent compared to May 2012.
“The spring home buying season was in full swing in May,” says President Sommerfeld. “This was reflected in the
strong price gains and is a sign of the confidence that homebuyers have in the local housing market and
Waterloo region as a great place to live and invest.
The Bank of Canada is keeping the key policy rate unchanged in the last rate announcement under outgoing Governor Mark Carney. The Bank said that Canadian “growth in the first quarter was stronger than the Bank projected” and that looking ahead “consumer spending is expected to grow at a moderate pace, business investment to grow solidly,” and inflation to remain subdued. The Bank also noted that “growth in total household credit is slowing.”
As we’ve seen in previous announcements, the Bank indicated that our historic low rates “will likely remain appropriate for a period of time” as a result of continued weakness in the economy, but hinting that any future rate move will likely be a modest rate increase.
The prime rate for most lenders should stay at 3%, exactly where it has been for almost three years, since September 2010.
The Bank’s next rate decision is scheduled for July 17.
If you have any questions on rates or the Real Estate market in Waterloo Region feel free to give me a call.
KITCHENER-WATERLOO, ON (May 6, 2013) –– Residential property sales through the Multiple Listing
System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in April were
identical compared to April last year.
Home sales in April were 1.9 percent above the 5-year average for the month. There were a total of
683 residential properties sold in the month of April compared to 683 the same time last year. In
comparison to March, residential sales grew 11.6 percent, continuing the trend of increasing home
sales since the beginning of 2013.
“Low interest rates and a strong local economy continue to make it favourable for people to invest in
homes in the Region,” says Dietmar Sommerfeld, President of KWAR. “This April set a record for dollar
volume of sales compared to the last 10 years.”
April’s sales included 471 single detached homes (up 3.5 % from last year) 117 condominium units
(down 7.9 %), 47 semi-detached (down 14.5 %) and 41 freehold townhouses (down 2.4 %). Year-todate residential sales were only 1.1 percent below the 5-year average with a total of 2,085 units to date.
The average sale price of all residential sales through the KWAR’s MLS® System increased 6.2 percent
last month to $334,777 compared with April 2012. Single detached homes sold for an average price
of $378,936 an increase of 6.1percent compared to last year. The average sale price for a
condominium was $216,209, a decrease of 0.7 percent compared to April 2012.
With a lower growth forecast, the Bank of Canada is once again keeping its key policy rate unchanged, noting that our historic low rates “will likely remain appropriate for a period of time, after which some modest withdrawal will likely be required.” With a weaker second half of 2012, the bank projects that growth in Canada will regain some momentum through 2013, with the economy “reaching full capacity in mid 2015 – later than anticipated.”
The prime rate for most lenders should stay at 3%, now unchanged since September 2010.
The Bank’s next rate decision is scheduled for May 29.
As for fixed rates, we continue to enjoy historically low rates for those looking to purchase or refinance, perfect for the spring market!
Some of the Best Rates out there give me a call and I can connect to you to a great Mortgage Broker!
Terms
Posted Rates
Our Rates
6 MONTHS
4.00%
3.95%
1 YEAR
3.00%
2.65%
2 YEARS
3.04%
2.69%
3 YEARS
3.70%
2.65%
4 YEARS
4.64%
2.85%
5 YEARS
5.24%
2.84%
7 YEARS
6.35%
3.49%
10 YEARS
6.75%
3.69%
Rates are subject to change without notice. OAC E&OE
Here is the latest report on how the market is doing in Kitchener Waterloo and the region of Waterloo. As always if you have any questions or need any advice as to when a good time to buy or sell is please give me a call at 519-579-4110 or email kevinbaker@kwhometeam.ca
KITCHENER-WATERLOO, ON (April 4, 2013) –– Residential property sales through the Multiple Listing
System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were in keeping
with the 10-year historical average for the first quarter.
During the first quarter of 2013, there were a total of 1,397 home sales, 7.6 percent below last year’s
total for the same period.
“Home sales have been affected by tightened mortgage rules,” says Dietmar Sommerfeld, President
of KWAR. “First time buyers are most impacted but at the same time low interest rates should help
foster a healthy upcoming spring market.”
Home sales in the month of March totalled 607 units, 9.4 percent lower than the same month a year
ago and 1.5 percent below the 5-year average. March’s sales included 393 single detached homes
(down 12.1 %), 107 condominium units (down 12.3 %), 58 semi-detached (up 5.5) and 43 freehold
townhouses (up 7.5%).
While sales were down last month compared to the same period a year ago home sales have
increased month over month since January of this year and the average sale price of all residential
sales increased 2.9 percent to $320,229 compared with March 2012. Single detached homes sold for
an average price of $367,714 an increase of 3.4 percent compared to last year. In the condominium
market prices were up 3.6%, with the average condo unit selling for $206,298.
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”:
KW Real Estate Life 