KITCHENER-WATERLOO REAL ESTATE-HOMES & CONDOS FOR SALE

Posts tagged “toronto

No Signs of Cooling the Hot Kitchener Waterloo Real Estate Market


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.

Have a great Thanksgiving!

Kevin


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.