Last month, we saw fewer homes sold in Waterloo Region than compared to June 2016. This is the first time this has in nearly two years.
Still, with more homes being listed than ever before, the continued strong demand for homes means that most homes are still selling within weeks.
“Home sales in June were very strong, and we’re on track to have another record breaking year of residential sales,” says James Craig, President of KWAR. “June is the fourth consecutive month home sales in the Kitchener-Waterloo area have exceeded 700 units. Historically sales in KW and area have only ever surpassed the 700 unit threshold in a single month three previous times.”
Home prices remain higher than last year, with the average sales price of all residential sales increasing 19.8 per cent to $465,772 compared to June 2016.
Meanwhile, detached homes sold for an average price of $537,389 for an increase of 19.3 per cent, while the average sale price for an apartment style condominium was $276,443 for an increase of 17.6 per cent. Townhomes and semis sold for an average of $341,716 (up 23.2 per cent) and $380,660 (up 28.4 per cent) respectively.
For more on the official report on June’s K-W Market Update including statistics from Wellesley, Wilmot and Woolwich Townships, click here.
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.
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.
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.
If you’re new to gardening, or have moved to a new home with many unknown plants, you’ll be pleased to know that Waterloo Region has a fantastic Facebook group “Gardeners of KW“, that can serve as a handy resource whether you’re a seasoned or new gardener.
For those who join, there are some basic rules:
This is essential behaviour for the gardeners in this group: lettuce be thankful to each other for sharing by voicing our gratitude, squash selfishness by offering and accepting advice and goods happily, turnip to help thy neighbor freely, and always make thyme for fellow garden-lovers. Acting this way will create peas of mind for all group members.
-Gardeners of KW
Whether you’re growing food, landscaping or trying to identify the plant in your new backyard, this is the place to be!
In April 2017, 766 residential transactions were recorded through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), an increase of 14.3 percent compared to April 2016.
Waterloo Region is still seeing lots of buying and selling activity, and fortunately there have been more homes coming to market, meaning that there are more homes for buyers to choose from. At the same time, the demand for homes continues to grow.
In April, REALTORS® listed 985 residential properties in the K-W area, a 17.8 percent increase compared to April of 2016, and the first time the number of new listings put on the market in a single month has come so close to the 1,000 unit mark in two years.
Despite greater numbers of homes available for purchase in April, vigorous demand for homes in Waterloo region meant homes were snapped up quickly. The average days on market in April were 10, compared to 33 days a year ago. On a month-to-month basis, it took four fewer days from list to sale date in April compared to March.
In fact, The average sales price of all residential sales increased nearly 40%to $512,656 compared to April 2016.
If you’re considering selling your home or investment property, 2017 is shaping out to be a good year to do so.
For more details on April’s K-W Market Update including statistics from Wellesley, Wilmot and Woolwich Townships, click here.
The spring market in real estate is always a busy time for buyers and sellers alike. With March’s home sales statistics showing continued strong interest by Buyers in Waterloo Region, more Sellers are considering the benefits of using this market climate to their advantage, as they plan to downsize, or sell investment properties to release equity and potential financial gain.
In fact, a new poll of 3000 Canadian adults conducted by CIBC, finds 41 per cent of Canadian with plans to sell their property are doing so to cash in and make a profit.
It’s definitely a prime time to sell, particularly in light of some signs of cooling happening in areas surrounding Toronto. So while the market is hot now, it won’t last forever. If you’re thinking about moving, why not get the market to work for you?
If you’re wondering just how much the market has added to your home, and how much you might be able to take home after the sale, be sure to speak to a REALTOR® who will be able to help you effectively capture that profit to help you buy your new home, save for the kids’ education, or fund that retirement nest egg.
If you thought that February’s sales stats were high, get acquainted with March Stats which included 729 residential properties sold in the Kitchener-Waterloo area through the Multiple Listing System (MLS® System) of the Kitchener‐Waterloo Association of REALTORS® (KWAR).
“This is the first time we’ve seen residential sales come anywhere close to the 700 unit mark so early in the year,” says James Craig, President of the KWAR.
The average days on market in March were significantly shorter than a year ago: 14 days, compared to 35 days. On a month to month basis, it took four fewer days to sell a home in March compared to the month before.
Despite the low inventory, Craig notes that people were listing their homes in large numbers last month. “We had 844 new listings processed through our MLS® System in March which is above the previous 5‐year average of 807 for the month of March.” However, due to extraordinary demand, the number of active residential listings still on the market at the end of March was well below normal with only 434 residential properties for sale, way below the previous 5‐year March average of 1,508.
For more details on March’s K-W Market Update including statistics from Wellesley, Wilmot and Woolwich Townships, click here.
In this fast-paced market, homes are selling more quickly than ever, but location is still a factor that should be considered by Buyers. Is it close enough to school, work, and other amenities that are important to you?
When you’re thinking seriously about moving, take the time to do a little research and take advantage of the internet, and talk to friends who may live or frequent the area to help you decide if it’s the right buy for you.
Here are are a few great ways to learn more about a neighbourhood whether you are moving across town or to another province:
- Use Google Street View- to map out streets and find amenities close by, and don’t forget to use street view to consider the overall condition of the homes, and the community centres, or local parks.
- Check Google Reviews and Yelp- to get an idea of what kinds of shops, restaurants and other features are nearby and to see if these are places that you would like to visit or use.
- Google Map Destinations- map out your routes to work, school, soccer, access to the 401, expressway or any other destination you think you will be using regularly. Does it makes sense to buy a home that is 20 minutes from the highway, if you commute?
- Ask your REALTOR® – We are a great resource that can help you understand the demographics of a neighbourhood, let you know where people tend to shop or go to school, and other characteristics that can help you imagine living in your potential new home.
- Take a hike– Walk around the home, and streets. Do you feel comfortable? What are the neighbours like? Is it an acceptable level of traffic? Only you will know if the area is right for you.
Spring cleaning is a time celebrated by some and enjoyed less by others, but there are some basic tasks that you should definitely be doing to maintain your home this season:
- Clean out your laundry lint traps. Unfortunately, this is a boring, often overlooked task but is a real cause of house fires. Not convinced? Check out this recent news video from CTV.
- Especially during the winter, we tend to trap stale air in the home. This indoor air can be up to five times more polluted. So open up those windows and air out your home while replacing and dusting filters on the fridge, range hood, air conditioning and furnace.
- Check your safety kit. Your fire detectors, fire extinguishers and CO2 detectors are not the items you want to discover are expired or not in operating condition when it counts. So check expiration dates and give those detectors a poke.
- Have your chimney cleaned to reduce build up and checked for fire or carbon monoxide risks.
- Dirty gutters? Not just an unsightly mess, but also creates a risk of flooding. A trip up the ladder and an afternoon will help to avoid sagging evestroughs and overflow.
If you do these at least once a year, you can expect to have a safer, healthier, better maintained home that’s good for you and your investment.
As spring emerges, we are welcomed by more sunlight, warmer temperatures, and a bustling real estate market that is prime for selling (and buying) homes.
But when in spring is best to sell? If you have a unique property with a gorgeous view of a greenbelt, or an impeccably manicured lawn, you’ll want to consider late April and May to really showcase what may be one of the best assets of your home. After all, not everyone has the luxury of no rear neighbours, and a soothing greenscape on which to rest their eyes!
If your yard isn’t particularly engaging, don’t fret! Tidying up old lawn furniture, trash that may have accumulated and blown through over winter, and a gentle raking will do wonders. You can also give fence boards some maintenance, trim trees or bushes, and keep walk-ways clear, stable, and safe. These will certainly put a plus in your wallet, as more buyers will appreciate the tidiness and potential they will see as they can spend more time imagining backyard BBQs and quiet evenings in the yard.
If you could earn $5000-$10,000 if you got your home sparkling clean, would you take the time to do it? You sure would! That is basically what happens when you decide to list your home.
When every corner is dusted, every wall washed, and every mirror shining, along with smart home staging, you’ll see a great return on investment on your home.
This applies whether your home is worth $200,000 or 2 million. Why? People like things that are new or feel new. And while your home may not have just been built, you can give buyers the satisfaction of putting an offer in (over asking!) that they can feel confident in.
Let your home architecture and style shine! It pays!