KITCHENER-WATERLOO (OCT 5th, 2011) – Residential sales to the end of the 3rd quarter of 2011 are behind last year by 2.9%. A total of 4,975 homes have sold to date this year through the Multiple Listing Service (MLS*) of the Kitchener – Waterloo Association of Realtors, compared with 5,126 during the same period last year.
Overall residential sales brought the dollar volume of $1,493,498,796, an increase of 0.8 % compared to a year ago. While sales have been slightly behind last year’s results for most dwelling types, the condo market has been the notable exception.
There have been 953 condo sales year-to-date, a 2.8 % increase compared to a year ago. Stronger demand for condo’s has helped push up the average price up to 5% on a year to date basis. The average price of a detached home has increased 3.7% to $341,222. Home sales were down last month by 4.7% over last year at this time.
Interest rates continue to be low and its a great time for buyers who are entering the market for the first time, or those wishing to transition into a different kind of home, whether its trading up or downsizing.
If you have been looking for a new condo or loft in the Kitchener Waterloo area make sure that you get a status certificate on the building and have your lawyer do a good look through of the documents… Watch the video to hear my thoughts as to why.
The month of April showed a slow down in activity vs. the previous year. Keep in mind the weather has been terrible and we are still competing with the brisk PRE-H.S.T. market of 2010. See below for the report from the Kitchener-Waterloo Real estate board. If you have any questions please feel free to contact me at 519-579-4110 or email direct to kevinbaker@kwhometeam.ca
KITCHENER-WATERLOO, ON (May 4, 2011) –Sales of residential properties via the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were slower than usual for April.
There were a total of 614 residential properties sold last month, a 14.4 percent decrease compared to April of last year, and 47 sales shy of the previous five year’s average.
“Given the record breaking wet weather that dominated this past April, it is probable that this had the effect of slowing the start of the spring selling season,” says George Patton, President of KWAR. “Add to this the distraction of the royal wedding and people’s attention being given to the federal election and you have ample reasons for buyers lowering their home searching priority.”
April’s sales included 416 detached homes, 120 condominium units, 45 semis and 30 townhouses.
“Once again we are noting a shift in where the activity is taking place on the price scale,” says Patton. “Last April 35% of the homes sold for more than $300,000, this past April the number of homes selling above that price point made up 43% of the total homes sold.
The average sales price of all residential sales increased 5.6 percent to $310,704 compared with April 2010. While single detached homes sold for an average price of $350,442, an increase of 4.9 percent compared to last year. In the condominium market the average sale price in April increased 11.3 percent to $214,113 compared to the same month a year ago.
SOLID HOME SALES ACTIVITY IN FEBRUARY KITCHENER-WATERLOO, ON (March 3, 2011) –Sales of residential properties via the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) continued their steady pace in February.
There were a total of 491 residential properties sold last month, a 32.7 percent increased compared to January’s results, and a 6.7 percent decrease compared to February of last year.
“These are above average numbers for February”, says KWAR President George Patton. “Keeping in mind that this time last year we had an unusually active February, setting a record for home sales in that month.”
Residential home sales last month included 308 detached homes (down 11.3 percent from 2010), 104 condominium units (up 19.5 percent from 2010), 46 semis (down 4.2 percent from 2010), and 31 freehold townhouses (down 26.2 percent from 2010).
While the most popular price range selling in February of last year was in the $300,000 to $350,000 category with 76 sales, there were almost the same number of homes (72 units) selling in the $250,000 to $275,000 price range last month.
“Vigorous activity for condos and homes in the mid price ranges was reflected in the slight decrease in the average overall residential sale price,” says Patton.
The average sales price of all residential sales decreased 0.8 percent to $288,404 compared with February 2010. While single detached homes sold for an average price of $331,027, an increase of 1.1 percent compared to last year. In the condominium market the average sale price in February decreased 2.4 percent to $196,213 compared to the same month a year ago.
$200,000 Grants for Options For Homes Ownership Assistance in Kitchener First-of-its-kind Home Ownership
Kitchener – For many, the purchase of a new home is the single largest financial decision made in one’s lifetime. This is especialy true for first-time buyers.
At such a time, it is easy to let excitement cloud the magnitude of costs that go into purchasing a home. Taking the next step into home ownership can seem overwhelming when considering a mortgage and/or condo fees, not to mention saving for the initial down payment.
Options for Homes is proud to announce that it has secured access to $200,000 loan financing to assist individuals looking to purchase their first home. The loans are provided by Home Ownership Alternatives Non-Profit Corporation, a mortgage brokerage licensed with the province. This is the first time in Kitchener that such a program has been offered.
Up to $10,000 per applicant is available in a loan to use towards the required down payment of a new property. The loan requires no payments until the unit is re-sold sometime in the future.
The program does not provide 100% of the required down payment. Successful applicants must have some personal funds to contribute to the initial purchase. For example, a prospective home buyer can approach Options for Homes with a as little as a $1000 down payment and apply to make arrangements for the balance of the 5% down payment.
“With 80% of Tanglewood purchasers being first-time buyers, there is a need to support individuals to make home ownership possible,” says Jan Ciuciura of Options for Homes. “We have found that mortgage payments are not the largest deterrent in the decision to buy, but rather saving for the initial down payments. Thanks to Home Ownership Alternatives, we now have a tool that works to help first-time buyers to make their dreams come true.”
The loans are available to be used at Options for Homes’ 120 units Tanglewood Condominium project, located in the community of Laurentian Hills in the southwest corner of Kitchener. These multi-generation units, ranging from Bachelor to Three Bedroom apartments, cost between $120,000 and $260,000. From Kwnow.
KW Condos and Lofts.com 