Buyers, use your Realtors!

Are you looking for a new home? Have you found a REALTOR®  that you trust and that you can go to for your real estate questions? Great! Why not take full advantage of their service to you when you are looking at homes?

While many buyers enjoy the advantages of attending an open house, sometimes that may not be possible. So who is the first person that you should call? Your Realtor!

Your Realtor will be able to tell you how many days the home has been on the market, whether or not there is a conditional offer on the home, as well as other details that are not readily available to the public. Of course, they will schedule the private viewing as well!

We’re always here to answer your Buyer questions and assist you in buying a home, unless you have your agent under contract to help you. In that case it would be a violation of ethics. If you do have an agent that has committed to you, please call your agent to book that showing. They’ll be happy to help!

Did the foreign buyer tax affect the Canadian real estate market?

With the combination of mortgage regulations, along with the newly-introduced foreign buyer tax, it begs the question: Has it changed our real estate market?

Clues from statistics released by the Canadian Real Estate Association indicate that the answer is “yes”.

The number of existing homes changing hands throughout the country declined 6.2 per cent in May compared to April, according to the Canadian Real Estate Association’s latest market data.

In the Greater Toronto Area, by far the country’s biggest market, transactions tumbled by 25.3 per cent over that same period denting national figures.

Gregory Klump, CREA’s chief economist, ties the drop directly to Ontario’s Fair Housing Plan, which the Ontario Grits unveiled on April 20th. (1)

Evidence in Waterloo Region can also be seen as more homes being listed are returning to the traditional “first-come-first-serve” approach rather than the ubiquitous process of “holding offers” as seen over the last 6 months.

So yes, the market is balancing out, for now. Buyers new to the market can rejoice, and those selling and buying can breath a sigh of relief, as the pressure is reduced somewhat. As for those who were hoping to cash out with their sell, it’s still a viable opportunity. Homes are still highly desired in this area as Waterloo Region sees ongoing technology growth and infrastructure investment.

(1) http://news.buzzbuzzhome.com/2017/06/ontarios-foreign-homebuyer-tax-crea.html

How the Wealthy Barber can help you save for a home

When it comes to finances, regardless of your age, you’ll need to think about it sometime. Whether you just secured your first serious job, you’re about to up-size to a larger home, or before retirement, the best time to think about your finances, is now.

If the thought of picking up an economics book, or reading the finance section of the newspaper stresses you out, then consider The Wealthy Barber or The Wealthy Barber Returns.

The Wealthy Barber
The Wealthy Barber

Easy to read, to the point, and realistic, it’s a great way to get into thinking seriously about where you want to go and how you’ll get there financially. As you read, you’ll find you’re on the right track, that there are moments of dread when you think back to a bad financial decision, or you’ll close the book, adamant to change your ways for the better.

What else? He’ll recommend that you buy a home that you can well afford, rather than the most expensive home that you can afford.

Good tip.

 

Record sales and over 1000 new listings

This is the second consecutive month unit sales have hit an all-time high.

It’s also the first time in two years that the number of new listings put on the market has exceeded the 1,000 unit mark.

REALTORS® listed 1,271 residential properties in K-W and area this May, a 38.6 per cent increase compared to May of 2016, and a 29 per cent increase compared to the previous month.

DSC_0044

The increase in homes available for purchase means that there are more homes on the market in Waterloo Region and area for Buyers to choose from. At the same time, competition remains strong as out-of-area Buyers continue to be attracted by the relatively inexpensive inventory. The average sale price of a single-detached home in this area at $594,047, just over half the cost of the average single-detached home in Toronto.

KWAR May report stats

While more homes were listed in May, it continues to be a seller’s market in Waterloo region and across the Greater Golden Horseshoe (GGH) as inventories remain tight at near or less than one month of inventory.

For more on the official report on April’s K-W Market Update including statistics from Wellesley, Wilmot and Woolwich Townships, click here.