The trend continues here in Kitchener Waterloo with no signs of cooling. The demand for homes is Hot Hot Hot.
A total of 540 residential properties changed hands in Kitchener Waterloo and area though the MLS® System. This represents a 29.2 percent increase in sales compared to September of 2015, and is a new record high for the month.
On a year-to-date basis 5,241 residential units have sold compared to 4,456 during the same period in 2015, an increase of 17.6 percent. This is the first time sales have exceed the 5000 unit mark at the end of the third quarter. The demand is strong but the supply of homes still continues to lag well behind. Residential listing inventory totaled 815, a decline of 51 percent compared to September 2015.
Showing the most traction, were the sales of condominium type units, which include any property regardless of style (i.e. semis, town homes, apartment, detached etc.), increasing 80.6 percent to 130 transactions in September relative to the same month a year ago.
Meanwhile, 333 single detached homes sold last month, an increase of 19.8 percent, compared to last year. September’s sales also included 31 Semi-detached homes (down 18.4 percent) and 33 freehold townhouses (up 22.2 percent).
The average price of all residential properties sold year-to-date was $380,692, a 9.7 percent increase over 2015. The average price of a detached home to the end of the third quarter was $443,554, an 11.8 percent increase over 2015. During this same period, the average sale price for an apartment style condominium was $231,187, an increase of 4.5 percent. Townhomes and semis sold for an average of $281,709 (up 8.3 percent) and $293,167 (up 8.5 percent) respectively.
The median price of all residential properties sold year-to-date increased 9.9 percent to $350,000, and the median price of a detached home during the same period increased 10.9 percent to $400,500. Like many other markets in Ontario, it continues to be a sellers’ market here in Waterloo region. Due to the outweighing demand over supply, its putting upward pressure on prices.
With the new changes by the federal government, introducing the mortgage rate “stress test” on all new insured mortgages, could delay home purchases for some first time home buyers, as they assess what they can afford, and possibly save for a bigger down payment.
I don’t believe that these changes will impact our area to a large degree, the very fact that the government is taking steps could cause a slight cooling of the market.
If you have any questions or are thinking of buying or selling this fall please give me a call and we can discuss some strategies that would work best for you.
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.
All I have to say is WOW, what a month! The housing market is on fire with multiple offers and low inventory it seems that the spring market has started. Here are some of the highlights from the past month.
Residential sales were up 28.2% compared to the same month last year with 452 homes being sold. That is 18.6 percent above the 5 year average for the month. Those sales included 280 single detached homes which is up 40.7% over last February, 33 semi- detached(down 17.5%), 31 townhomes (up 6.9%) and 103 Condo units (up 25.6%). That makes this past February the most active February since 2008! With interest rates still holding steady, Waterloo region remains an attractive place to live and invest.
Single detached homes sold for an average price of $419,480 which is an increase of 7.7% compared to last year. The average sale price for a Condo unit was $242,272 up 8.3% while townhomes and semis sold for an average of $328,569 (up 10.0%) and $291,770 ( up 12.0) respectively.
The average sale price of all residential sales through the KWAR’s MLS® System increased 10.3% to $361,889 compared to February 2015 with 42.0% of home sales in February occurring in the $250,000-$350,000 range. With all the cold temperatures that we experienced last year that helped contribute to a 5-year low in home sales for the month. Things have been quite a bit warmer these past few weeks in comparison, and it goes to show how much of a role weather can play when it comes to buying or selling and kicking off the spring market!
If you are thinking of buying or selling now is a great time to start the process. Give me a call at 519-497-4646 or email to kevinbaker@kwhometeam.ca and I can provide all the information you need to make the right decision.
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
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
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.
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
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.
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.
KW Real Estate Life 