Hope you are enjoying the great weather we have been having in the past few weeks. Spring is just around the corner and I can’t wait to get out there and enjoy the warm weather again.
Here are the stats on how the Kitchener Waterloo market did in the month of February. There were 377 residential properties sold through MLS® in February which was an increase of 40 per cent compared to last month and a decrease of 20.5 per cent compared to home sales a year ago. When we consider market activity we have to acknowledge that sales from the previous year or two were abnormally high. If you compare last February against the ten year average of sales, it was a pretty typical February.
Residential sales in February included 212 detached (down 29.3 per cent), and 118 condominium units (up 11.3 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 25 semi-detached homes (down 21.9 per cent) and 17 freehold townhouses (down 45.2 per cent).
The average sale price of all residential properties sold in February increased 3.1 per cent to $478,801 compared to February 2017. Detached homes sold for an average price of $577,609 an increase of 5 per cent compared to February of last year. During this same period, the average sale price for an apartment style condominium was $265,144 for an increase of 6.8 per cent. Townhomes and semis sold for an average of $386,515 (up 14.1 per cent) and $391,628 (up 6 per cent) respectively. The median price of all residential properties sold last month was practically on par with February of last year at $436,143, and the median price of a detached home during the same period increased 4.8 per cent to $524,000.
The market has certainly cooled from this time last year, which is to be expected with the government’s efforts to make home ownership more difficult for home buyers. Realtors listed 551 residential properties in K-W and area last month, an increase of 0.5 per cent compared to February of 2017. The number of active residential listings on the MLS® System to the end of February totaled 667, which is 61.5 per cent more than February of last year, but still significantly below the previous ten year average of 1445 listings for February.
Months of inventory continues to track at a low 2 months. The average days it took to sell a home in February was 22 days, compared to 18 days in February 2017. We still have some homes that are selling in short order and with multiple offers, but others are taking longer and multiple offers are no longer the rule. Sellers need to adjust their expectation in this evolving market and in order to sell quickly they must be priced and marketed appropriately. While listing inventory is increasing, this is a slow process and we expect home inventory to remain low for at least the remainder of the year.
If you are thinking of buying or selling a home this year its important to have a solid strategy moving forward. Give me a call and we can grab a coffee and sit down and discuss the best options for you and your families needs.
Have a great March!
Kevin
March 7, 2018 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized | Tags: agents, arrow, arrow lofts, assessment, banks, city center, city centre, condo prices, condos, february, for sale, home, house, kaufman, lawyers, loft prices, lofts, mansion, market, market update, mls, momentum developeres, mortgages, ontario, prices, rates, real estate, sale, seagrams, seagrams lofts, status, update, updates, value, waterloo | Leave a comment
Hope you are enjoying the winter so far.. I personally can’t wait for the warmer weather of spring to arrive. Here are the stats on how the Kitchener Waterloo market did in the month of January.
There were 270 residential sales in January through the Multiple Listing System (MLS® System), a decrease of 18 per cent compared to January 2017. On the surface, activity appears to be somewhat sluggish in January, however if we set aside the past two years, it was a very typical January in terms of the number of sales. What is less typical is that listing inventory is still at historic low levels, and we continue to see multiple offers on properties putting upward pressure on prices.
Total residential sales in January included 149 detached (down 23.6 per cent), and 70 condominium units (down 11.4 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 27 semi-detached homes (down 18.2 per cent) and 22 freehold townhouses (up 10 per cent).
The average sale price of all residential properties sold in January increased 9 per cent to $458,750 compared to January 2017. Detached homes sold for an average price of $554,857 an increase of 10.7 per cent compared to January of last year. During this same period, the average sale price for an apartment style condominium was $246,821 for an increase of 4 per cent. Townhomes and semis sold for an average of $371,095 (up 14.5 per cent) and $388,974 (up 9.7 per cent) respectively. The median price of all residential properties sold last month increased 6.8 per cent to $431,143, and the median price of a detached home during the same period increased 4.2 per cent to $495,000.
While the tougher mortgage rules that came into play on Jan. 1 have sidelined some home buyers, the reality is we’re still experiencing more demand than supply right now, there were 486 residential properties listed in K-W and area last month, an increase of 10.45 per cent compared to January of 2017. The number of active residential listings the end of January totaled 588, which is 56 per cent more than January of last year, but still well below the previous ten-year average of 1507 listings for January. Months of inventory continues to track at a low 2 months.
The average days it took to sell a home in January was 32 days, compared to 23 days in January 2017. While the majority of MLS® System activity is properties for sale, REALTORS® also represented landlords and tenants in 51 residential leases in January, an 18.6 per cent increase compared to January 2017. There is no question that the expansion of the stress test on mortgages is going to be hard on consumers. For those entering the market, the stress test combined with higher borrowing costs is going to push some buyers out of their desired market. Some home buyers will be looking to other areas, and more affordable housing types, which is a vicious circle. For some home hunters, Waterloo region is still seen as one of the more affordable markets.
If you have any questions on the stats or are thinking of buying or selling a property in the coming months please give me a call and we sit down, grab a coffee and discuss the best strategy to fit your families needs. Give me a call at 519-497-4646 or email direct to baker_kevin@rogers.com
Have a great Valentines Day!
Kevin
February 9, 2018 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized | Tags: condo, condo prices, for sale, free house evaluation, home, home evaluation, home prices, home value, house, house prices, house value, kitchener, Kitchener Waterloo, lawyers, lofts, market anaylsis, market update, mls, mortgages, rates, real estate, sale, updates, waterloo, waterloo home sales, waterloo region, winter | Leave a comment
Happy New Year!
It was a Huge year for Home Sales in 2017 here in Kitchener Waterloo with total residential sales volume surpasses 3 billion. There were 6,549 homes sold in Kitchener-Waterloo and area last year through the Multiple Listing System (MLS® System), just one percent behind last year’s record smashing results.
The year ended strong with 301 home sales in December, which is a slight one per cent above December of 2016, and 13 per cent above the previous five year average.
There was a definite push by some buyers to purchase a home prior to the new mortgage stress test kicking in January of 2018. While we appreciate the intent of these additional
changes, ultimately they will make it harder for some consumers to purchase the home they want. Picking up on the momentum from 2016, the first half of 2017 was characterized by an unparalleled number of home sales. Then in the latter half of the year, on the heels of the Ontario government’s announcement of the Fair
Housing Plan, the pace of sales began to decrease while still remaining above the previous five year’s averages.
There is almost universal agreement that the introduction of the Ontario Fair Housing Plan, which included a tax on non-residents who purchase homes in the Greater Golden Horseshoe (GGH) did contribute to the decline in home sales in the last half of the year, however that was mostly due to the psychological impact it had on buyers and sellers in the marketplace. For Waterloo Region these impacts were not yet as acute as in other areas of the GGH, but we are certainly concerned that any additional restrictions will further impede consumer affordability for homes.
Total residential sales in 2017 included 4,005 detached (down 4.2 per cent), and 1,461 condominium units (down 2.9 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 545 semi-detached homes (up 27.6 per cent) and 467 freehold townhouses (up 10.9 per cent).
The consumer demand we experienced in 2017 was certainly strong enough to have outnumbered 2016 home sales, however the continued tight supply of listings last year served to tamp down unit sales and drive up prices. While the number of homes that were put up for sale was in keeping with previous years, inventory tracked low all
year long as buyers continued to snap up properties at a terrific rate. The average days it took to sell a home in 2017 was 19 days, compared to 43 days if you were to average out the previous 10 years.
Dollar volume of all residential real estate sold last year increased 19.5 per cent to just over three billion ($3,061,739,723) compared with 2016, reflecting the strong price gains realized in 2017 and marking the first time sales have surpassed the three billion dollar milestone. The average sale price of all residential properties sold in 2017 increased 20.7 per cent to $467,513 compared to 2016. Detached homes sold for an average price of $549,046, an increase of 21.5 per cent compared to 2016. During this same period, the average sale price for an apartment style condominium was $271,940 for an increase of 18.3 per cent. Townhomes and semis sold for an average of $353,692 (up 23.6 per cent) and $378,275 (up 25.9 per cent) respectively.
The median price of all residential properties sold last year increased 21.1 per cent to $429,900, and the median price of a detached home during the same period increased 22 per cent to $495,000. With the continued influence of GTA buyers migrating to Waterloo region last year, 2017 was a great year if you were selling your home, but not so fun for those who were in the purchasing position. The quality of life enjoyed living in Waterloo Region has always been at the top compared to many other communities, even though our historical home prices have been relatively affordable. I think this secret is out now, and the activity of buyers from the GTA last year certainly demonstrates this.
While the frenzied buying activity has cooled under the multitude of newly-imposed government regulations, looking ahead we expect the demand to continue to be greater than the supply. While the balance is shifting, we do not believe there will be any decreases in property values and if anything, the correction for Waterloo Region was watching it increase. Of course, this will continue to put pressure on affordability for many would-be homebuyers.
The new stress test that just came into effect on January 1 is going to push some buyers out of the market and force others to purchase homes at a lower price point than they want as it reduces their ability to borrow.
If you have any questions on our local real estate market or if you are thinking of buying or selling a home or condo in 2018 please don’t hesitate to give me a call at 519-497-4646 or email to kevinbakerrealestate@gmail.com We can grab a coffee and discuss how I can help.
Have a fantastic 2018!
Kevin
January 6, 2018 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Uncategorized | Tags: arrow, arrow lofts, bauer, bauer lofts, city centre, condo sales, condo update, condos for sale, for sale, government, home, home sales, kaufman, kaufman lofts, kitchener, market update, mortgages, real estate, seagrams, update, waterloo, waterloo region | Leave a comment
I hope you and your family have been doing well and enjoying the wonderful weather we have been having over the past month!! Summer certainly seems to be here.
Well May was another record setting month here in Waterloo region. There were 816 Residential properties sold through the MLS® System in May, an increase of 8.2 per cent compared to May 2016, and a 6 per cent increase compared to the previous month. This is the second consecutive month unit sales have hit an all-time high.
Home sales in May included 493 detached homes (up 3.8 per cent compared to May 2016), 180 condominium units (up 7.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 64 semi-detached homes (up 39.1 percent) and 70 freehold townhouses (up 22.8 per cent).
With the persistent buyer demand that we’ve been experiencing these past several months, it was great to see that spike in residential listings. It certainly helped to give buyers more choice. There were 1,271 residential properties listed in K-W and area last month, a 38.6 per cent increase compared to May of 2016, and a 29 per cent increase compared to the previous month. It’s the first time in two years that the number of new listings put on the market has exceeded the 1,000 unit mark. The five-year average for new listings in May is 989.
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.
The average sales price of all residential sales increased 31 per cent to $496,664 compared to May 2016. Detached homes sold for an average price of $594,047 an increase of 35.3 per cent, while the average sale price for an apartment style condominium was $293,158, an increase of 25.8 per cent. Townhomes and semis sold for an average of $361,198 (up 30 per cent) and $383,819 (up 29.3 per cent) respectively. Ongoing demand for homes in Waterloo region has resulted in a shorter sales cycle.
The average days on market in May was 12, compared to 24 days a year ago. On a month to month basis, it took two additional days on average from list to sale date in May compared to April.
Looking at the Fair Housing Plan that was announced by the Ontario government in April, we think it is still too soon to know if the measures will have the intended cooling effect on the market. For now, home sales are still booming, and prices are going strong. While we continued to see big year-over year price gains in May, the overall residential average price did dip 3 per cent compared to April. Keep in mind that one month does not make a trend but the spike in listings last month may have contributed to the flatter prices. Looking forward to the summer will help gauge where the market is headed going into the last half of this year.
If you have any questions or are thinking of buying or selling a home in the next few month feel free to give me a call at 519-497-4646 or email to baker_kevin@rogers.com and we can sit down and discuss some options that best suit your families needs.
Have a great June!
Kevin
June 10, 2017 | Categories: Buyers, Kitchener Waterloo, Sellers, Uncategorized | Tags: arrow lofts, bauer lofts, condo, condo unit, condominiums, home, home sales, house, kaufman lofts, lawyers, lofts, mansion lofts, market update, may condo sales, mortgages, prices, real estate, real estate agent, realtor, realty, remax, status, twin city | Leave a comment
I hope you and your family have been doing well and enjoying the wonderful weather we have been having over the past month despite all the rain.
It was another incredible record setting month for home sales as 766 residential transactions were recorded through MLS® of the Kitchener-Waterloo Association of REALTORS®. That’s an increase of 14.3 percent compared to April 2016.
Residential sales in April included 492 detached homes (up 14.7 percent compared to April 2016), 161 condominium units (down 1.2 percent). Sales also included 52 semi-detached homes (up 30 percent) and 53 freehold townhouses (up 60.6 percent). What that says is that Home buyers are out in full force!
One very encouraging sign was that we saw more listings coming onto the market last month than we’ve seen in quite a while. There were 985 residential properties listed in K-W and area last month, 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.
However, with inventory continuing to sit at or below one month of inventory for the ninth consecutive month, there continues to be a lot of pressure on prices. By the end of April, there were only 652 residential listings still active, that’s 48.8 percent fewer than the 1,274 available listings that were on the market at the end of April 2016.
The average sales price of all residential sales increased 39.7 percent to $512,656 compared to April 2016. Detached homes sold for an average price of $594,453 an increase of 40.1 percent, while the average sale price for an apartment style condominium was $267,455, an increase of 18.3 percent. Townhomes and semis sold for an average of $377,531 (up 39.3 percent) and $415,709 (up 47.7 percent) respectively.
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.
To address the growing concern around housing affordability, the province recently announced 16 measures for home buyers and renters, called Ontario’s Fair Housing Plan. It’s still too soon to say what kind of impact these change will have on the market, but i think its a good first step to help get more supply of homes to the market.
If you are thinking of selling or buying in this market, it is a great idea to have a strategy and plan in place. If you would like to sit down and discuss options just give me a call at 519-497-4646 or email to kevinbakerrealestate@gmail.com
Have a fantastic May!
Kevin
May 3, 2017 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized | Tags: april, condo, condo sales, condos, home, house, kitchener, loft sales, lofts, market update, mls, mortgages, ontario, real estate, remax, remax twin city, status, twin city, update, waterloo, waterloo region | Leave a comment
It was another very strong month of home sales in the Waterloo Region. There is seemingly no end in sight in this brisk early spring market.
There were 474 residential sales in February through the Multiple Listing System, an increase of 4.2 percent compared to February 2016. With the nice weather in February, we experienced volume well above what we would normally see for a typical February. That being said, the sales volume could have been much higher still if there were more listings on the market. The shortage of listings and demand continue to push up prices across the region.
Residential sales in February included 299 detached homes (up 5.7 percent compared to February 2016), 107 condominium units (up 3.9 percent) which include any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 32 semi-detached homes (down 3 percent) and 31 freehold townhouses (up 3.3 percent).
A lack of listings to satisfy the strong consumer demand is fueling multiple offers often resulting in sale prices above the actual asking price, which pushed the total residential average sale price in February up 27.5% compared to the same month last year to $463,355. Detached homes sold for an average price of $549,691 an increase of 30.7 percent, while the average sale price for an apartment style condominium was $246,736, an increase of 8.8 percent. Townhomes and semis sold for an average of $388,721 (up 20.6 percent) and $369,624 (up 31 percent) respectively.
Last month there were 427 active listings on the KWAR’s MLS® System, compared to 1,226 in February of last year. The average days on market in February were significantly shorter than a year ago: 18 days, compared to 39 days. On a month to month basis, the market was in a real frenzy in February, with it taking four fewer days from list to sale date last month compared to January.
Even though it is a challenging time to be selling or buying a home, the dream of home ownership is still very much alive and well in the region. With historically low interest rates there are still properties that are affordable for the average buyer.
If you ever have any questions on buying a home in this competitive marketplace or you are thinking of selling your home please give me a call and I would be happy to sit down and discuss the best strategy that works for you and your families situation.
Have a great day
Kevin
March 7, 2017 | Categories: Buyers, Kitchener Waterloo, Sellers, Uncategorized | Tags: arrow lofts, bauer lofts, city centre, closing costs, condo, condo buying, condo prices, condo sales, condo selling, condo value, kaufman lofts, mansion, real estate, real estate investment, realtor, realty, remax, seagrams, seagrams lofts, selling my condo, twin city, twin city realty | Leave a comment
The trend continues here in the Kitchener Waterloo housing market as well as many other urban centers in Ontario. It was another record breaking month for homes sales in the region mostly due to the lack of inventory.
Home sales through the Multiple Listing System (MLS® System) totaled 535 last month, an increase of 27.1 percent compared to November of 2015, marking another record breaking month for residential properties sold. November’s sales included 352 single detached homes (up 34.4 percent compared to November 2015) and 118 condominium type units (down 22.9%) which include any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 32 semi-detached homes (up 45.5 percent) and 28 freehold townhouses (down 20 percent).
Record breaking sales are also being tallied on a year-to-date basis with 6,352 residential transactions compared to 5,341 during the same period in 2015, representing an increase of 18.9 percent. “Year-to-Date Sales to the end of November have now exceeded any previous end-of-year totals on record.
In 2007, sales to the end of the year exceeded 6,000 units for the first time, and haven’t hit that high-water mark again, until now, an entire month earlier. Inventory levels on the other hand, remain stubbornly low. In their October release, the Canadian Real Estate Association stated that, “the tight balance between housing supply and demand in Ontario’s Greater Golden Horseshoe region is without precedent (including the GTA, Hamilton-Burlington, Oakville-Milton, Guelph, Kitchener-Waterloo, Cambridge, Brantford, the Niagara Region, Barrie and nearby cottage country).” As of the end of November, the KWAR’ MLS® System only had 565 active residential listings on the market, down 23.1 percent compared to the previous month, and 60.8 percent below the same period last year.
The average price of all residential properties sold in November was $411,602 a 15.5 percent increase over 2015. Detached homes sold for an average price of $473,104, an increase of 13.9 percent compared to November 2015. During this same period, the average sale price for an apartment style condominium was $209,360, a decrease of 8 percent. Townhomes and semis sold for an average of $310,151 (up 14.8 percent) and $330,534 (up 27.7 percent) respectively.
With a notable shortage of inventory, many properties are selling above list price and this is because you have many buyers competing for fewer properties, and this is pushing up the average price. The median price of all residential properties sold in November increased 18 percent to $377,500, and the median price of a detached home during the same period increased 16.4 percent to $425,000.
In my opinion those are some staggering numbers and there is no sign of it slowing down in the near future.
If you have any questions on the information or are thinking of buying or selling your home now or in the spring please give me a call and we can sit down and discuss the best options and strategies for you and your family.
Have a wonderful December and Holiday Season!
Kevin
December 2, 2016 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized | Tags: assessment value, CMHC, condo, condo buying, condo costs, condo selling, condo units, condo value, downsizing, first time buyer, kevin baker, kitchener, ktichener, loft apartments, loft buying, loft selling, market, market update, mortgage, mortgage brokers, mortgage news, new construction, real estate, remax, sales reps, twin city realty, update, waterloo, waterloo region | Leave a comment
It was another healthy month here in Waterloo region for home sales with prices continuing to rise and many Buyers being left to wonder if they will ever be able to finally buy that elusive home. The Multiple offers continue to show up everywhere. Demand is certainly far outweighing supply at this point. A strong appetite for home ownership combined with slimmer inventory levels means it’s a sellers market and its here to stay for the foreseeable future.
Here are some stats:
Last month a total of 577 residential properties sold in KitchenerWaterloo and area though the Multiple Listing System (MLS®), an increase of 24.4 percent compared to October of 2015, and an all-time high for the month. October’s sales included 359 single detached homes (up 18.9% compared to October 2015) and 130 condominium type units (up 28.7%) which include any property regardless of style. Sales also included 41 semi-detached homes (down 105 percent) and 39 freehold townhouses (up 2.6 percent).
Record breaking sales are also being tallied on a year-to-date basis with 5,818 residential transactions compared to 4,920 during the same period in 2015, representing an increase of 18.3 percent. Conversely, inventory levels are low with only 729 active residential listings on the market to the end of October, a decline of 11 percent compared to the previous month, and 53.9 percent below the same period last year.
The average price of all residential properties sold in October was $408,067 a 12.7 percent increase over 2015. Detached homes sold for an average price of $478,685, an increase of 14.3 percent compared to October 2015. During this same period, the average sale price for an apartment style condominium was $225,221, an increase of 5.6 percent. Town homes and semis sold for an average of $307,294 (up 17.6 percent) and $329,966 (up 23.9 percent) respectively.
The median price of all residential properties sold in October increased 17.2 percent to $375,000, and the median price of a detached home during the same period increased 16.8 percent to $438,000.
New measures by the federal government which introduced a mortgage rate “stress test” on all new insured mortgages took effect on October 17, 2016. While the overall impact of these changes is yet to be fully understood, It is likely that some first-time homebuyers rushed to purchase prior to the stress test coming into effect.
If you have been thinking of selling or have any questions on things give me a call and we can sit down and discuss some different options and strategies for your family to be competitive in the new housing market that we are experiencing.
You can contact me at 519-497-4646 or email direct to kevinbaker@kwhometeam.ca
Thanks and enjoy the fall weather.
Kevin
November 7, 2016 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized | Tags: arrow, bauer, condo, condo prices, fall update, government, home, home prices, house, house prices, kaufman, kitchener, loft, loft prices, mansion, mansion7, market update, mls, mortgages, november update, park, real estate, realty, remax, seagrams, twin city, updates, waterloo | Leave a comment
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
October 6, 2016 | Categories: Buyers, Kitchener Waterloo, New Construction, Sellers, Uncategorized | Tags: arrow lofts, bauer lofts, CMHC, condo, condo buying, condo selling, fall market, kaufman, kitchener, loft buying, loft selling, lofts, market update, mortgage, mortgage rates, mortgage rules, rates, seagrams, twin city realty, update, waterloo | Leave a comment
Hi there and hope you had a fantastic summer!
The housing market here in Kitchener Waterloo is as hot as the weather has been this past summer! There were a total of 598 home sales in KitchenerWaterloo and area though the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in August. This represents a 26.4% increase in sales compared to August of 2015. It also ranks as the most active August on record and 37.6% above the 5-year average for the month. That is simply amazing.
Year-to-date sales also climbed to new heights with 4,703 residential sales so far in 2016. Again, this is the highest on record for this period and 23.4% above the 5-year average.
We are still experiencing a lower than normal listing number with active listings almost half of what they were last year at this time. Active listings through the MLS® System to the end of August sat at 863, which is 46.6% lower compared to same period last year’s 1,616 homes that were on the market. That means we are still experiencing a very tight market in terms of availability of homes which continues to push up home prices in the region.
August’s sales included 353 single detached homes (up 19.7% compared to August 2015) and 151 condominium type units (up 36.0%) which include any property regardless of style (ie. semis, townhomes, apartment, detached etc). Sales also included 40 Semi-detached homes (up 14.3%) and 49 freehold townhouses (up 69.0%).
The average sale price of all residential sales in August increased 15.2% to $402,000 compared to August 2015. Its clear that as a result of the strong residential activity that buyers remain confident about home values here in the region.
Single detached style homes sold for an average price of $487,050 an increase of 20.9% compared to last year. The average sale price for an apartment style condominium was $233,302, an increase of 7.9%. Townhomes and semis sold for an average of $298,148 (up 10.2%) and $299,353 (up 5.5%) respectively.
Overall. the market is extremely competitive and if you are thinking of selling your home now is a great time to take advantage of the strong home prices. If you have any questions or would like to get together for a coffee and discuss how we can help with your housing needs please give me a call or text at 519-497-4646. You can also email me at kevinbaker@kwhometeam.ca
September 8, 2016 | Categories: Buyers, Loft Style, New Construction, Sellers, Uncategorized | Tags: agent, agents, assessment value, banks, closing costs, CMHC, condo, condo buying, condo costs, condo selling, condo units, condo value, downsizing, fall market, first time buyer, home inspectors, kevin baker, kitchener, ktichener, kwhometeam, loft, loft apartments, loft buying, loft selling, lofts, market, market update, market value, mls, mortgage, mortgage brokers, mortgage news, mortgage rates, new construction, ontario, open house, real estate, realtor, remax, sales rep, sales representative, sales reps, selling my condo, twin city realty, update, waterloo, waterloo region | Leave a comment
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.
Have a great July!
Kevin
July 5, 2016 | Categories: Buyers, Kitchener Waterloo, Loft Style, Sellers, Uncategorized | Tags: agent, assessment value, condo, condo buying, condo costs, condo selling, condo units, condo value, downsizing, first time buyer, kevin baker, kitchener, ktichener, kwhometeam, loft, loft apartments, loft buying, loft selling, lofts, market, market update, market value, mortgage, mortgage brokers, mortgage news, new construction, ontario, real estate, realtor, remax, sales rep, sales representative, sales reps, selling my condo, twin city realty, update, waterloo, waterloo region | Leave a comment
All I have to say is WOW!!!! What an incredible month for the Kitchener Waterloo and Cambridge Real Estate Markets. The market is on fire with many homes selling over list price in multiple offer situations. The buyers seemed to be lined up out the door if you have a property under the 430k mark in certain neighborhoods of town.
Here are some of the stats from the past month. There were 752 properties sold in KW and area which represents a 19.6% increase compared to May of 2015, and a 27.7% increase compared to the 5-year average for the month of May.
This is the first time since 2007 that residential sales in May exceeded seven hundred units. Year-to-date sales for 2016 also hit an all-time high with 2,776 homes sold in the first five months of the year, 19.2% above last year’s total for the same period and 21.0% above the 5-year average.
Active listings however are down in comparison from last year. Currently, the number of active residential listings on the KWAR’s MLS® System to the end of May is at 1,283 which are 26.1% lower compared to same period last year. This translates to 35.2% fewer available listings on the market today than the same time last year.
So what does that mean? If you are thinking of selling your home now is a great time to do it. Unfortunately you may also wish to buy and that could prove challenging with the lower than usual inventory buyers often find themselves competing with other buyers, for the same property.
With steady interest rates expected into the later part of 2016 and early 2017, and steady employment growth, the region is poised to continue the demand for housing and we should see balanced market conditions return for the foreseeable future in Waterloo Region.
May’s sales included 474 single detached homes (up 15.6%) and 166 condominium type units (up 37.2%) which include any property regardless of style (ie. semis, townhomes, apartment, detached etc). Sales also included 47 Semi-detached homes (down 11.3%) and 56 freehold townhouses (up 27.3%). The average sale price of all residential sales increased 7.3% to $378,248 compared to May 2015. Single detached style homes sold for an average price of $438,708 an increase of 9.8% compared to last year. The average sale price for an apartment style condominium was $221,073, a decrease of 1.2%. Townhomes and semis sold for an average of $277,355 (up 1.1%) and $296,751 (up 10.2%) respectively.
If you have any questions on the stats or are thinking of making a move in the near future, please give me a call and we can sit down, grab a coffee and look at your options.
Have a great week!
Kevin
June 6, 2016 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized | Tags: assessment, assessment value, banks, CMHC, condo, condo costs, condo selling, condo units, condo value, first time buyer, kevin baker, kitchener, ktichener, loft, loft apartments, loft buying, loft selling, market, market update, mortgage, mortgage brokers, mortgage news, new construction, real estate, realtor, remax, sales reps, twin city realty, update, waterloo, waterloo region | Leave a comment
It was another Fantastic Month for Home Sales here in Waterloo Region with 584 properties sold in the Kitchener Waterloo area.
This represents a 16.3% increase compared to the March of 2015, and ranks as the highest March on record since 2010. That is just incredible.
During the first quarter of 2016, there were 1,350 home sales, 23.9% above last year’s total for the same period and 17.8% above the 5-year quarterly average and the highest quarter on record since 2010. On a monthly basis, home sales were 16.6% above the 5-year average for the month of March. The mild weather has brought the buyers out in droves and the spring market is well underway!
March’s sales included 383 single detached homes (up 11.2 %) and 110 condominium type units (up 26.4%) which include any property regardless of style (ie. semis, townhomes, apartment, detached etc). Sales also included 38 Semi-detached homes (down 2.6%) and 42 freehold townhouses (up 50.0%).
The average sale price of all residential sales increased 5.8% to $371,733 compared to March 2015. Single detached style homes sold for an average price of $428,495 an increase of 9.2% compared to last year. The average sale price for an apartment style condominium was $211,117, a decrease of 11.9%. Townhomes and semis sold for an average of $284,226 (up 9.7%) and $276,562 (up 0.6%) respectively.
Sales activity in the $350,000 – $399,999 range increased significantly in the month of March with 98 homes sold in that range, a 78.2% increase from the same time last year. Yes I said 78.2%!! That is clearly evident with all the multiple offers that we have been involved in over the past month.
Year-to-date residential sales in the $300,000-$399,999 remain most popular with 490 sales to date accounting for 36.3% of all residential sales. Pushing the average sales price up for the month were increased sales in the $500,000 – $749,999 range, which posted a 31.6% increase in units sold, compared to March 2015
All in all, Kitchener Waterloo is still showing that we have a vibrant economy and home values are continuing to show strength.
If you have any questions on the information above or are interested in buying or selling in the coming months feel free to give me a call at 519-497-4646 or email to kevinbaker@kwhometeam.ca
I am happy to help.
Have a wonderful April!
Kevin
April 6, 2016 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized | Tags: CMHC, condo buying, condo selling, condo units, condo value, downsizing, first time buyer, kevin baker, kitchener, ktichener, loft, loft apartments, loft buying, loft selling, market, market update, market value, mortgage, mortgage brokers, new construction, real estate, realtor, remax, sales reps, twin city realty, update, waterloo, waterloo region | Leave a comment
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.
Have a great March!
Kevin
March 3, 2016 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized | Tags: condo, condo buying, condo selling, condo units, condo value, downsizing, first time buyer, kevin baker, kitchener, ktichener, kwhometeam, loft, loft apartments, loft buying, loft selling, market, market update, market value, mortgage, mortgage brokers, mortgage news, new construction, real estate, realtor, remax, sales reps, twin city realty, update, waterloo, waterloo region | Leave a comment
Happy New Year! I hope you are enjoying the winter weather that has finally arrived.
It was another strong finish for the Residential Real Estate market here in Waterloo Region in 2015.
A total of 5,563 sales were processed through the Multiple Listing Service (MLS®) which was an increase of 4.9% percent compared to sales in 2014 . Unlike 2014, which remained slow almost half the year, 2015 only lagged behind in home sales for the first two months of the year. With relatively normal winter weather and no ice storm or polar vortexes, the spring market did not experience the same delay seen in 2014.
Residential sales finished this year with 293 home sales in December compared 262 the same time last year in Kitchener-Waterloo and area. This equates to an 11.8% increase in the number of sales for the month. This month there were 168 detached homes (down 4.5%), 80 condominiums (up 53.8%), 20 townhomes (up 33.3%) and 23 semi-detached (up 21.0%) sold, with the average price of all homes sold this month coming in at $367,121 (up 8.2%).
Overall It’s been a fantastic year for home sales in the Region, which speaks volumes about the economy, the opportunities and innovation taking place in Waterloo Region.
Total residential sales in 2015 included 3,576 single detached homes (up 4.9% from 2014), 409 semi-detached (up 4.6%), 398 townhomes (up 2.3%) and 1,180 condominium units (up 5.9%). The average sale price of all residential sales in 2015 increased 3.9 percent to $348,888 in comparison to 2014. Single detached homes sold for an average price of $400,456 (up 3.5%), semi-detached for $268,400 (up 3.4%), townhomes for $301,005 (up to 4.1%) and condominiums sold for an average of $237,735 (up 7.3%).
Locally, Waterloo Region remains a strong and stable housing market. The excitement around the area from the ION, the burgeoning tech sector, the rural and urban blend position Waterloo Region as a highly desirable place to live and invest.
If you have any questions regarding the local Real Estate market, thinking of buying or selling this spring or know of someone that is, please let me know. I am always happy to help and provide advice where ever I can.
Have a great week!
Kevin
January 18, 2016 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized | Tags: CMHC, condo, condo buying, condo selling, condo units, condo value, downsizing, first time buyer, home inspectors, kevin baker, kitchener, ktichener, kwhometeam, loft, loft apartments, loft buying, loft selling, market, market update, market value, mortgage, mortgage brokers, mortgage rates, new construction, real estate, realtor, remax, sales reps, twin city realty, update, waterloo, waterloo region | Leave a comment
Its been another strong month of home sales here in the Waterloo Region. With a total of 459 sold through the Multiple Listing System (MLS®). The month of August did post a 2.1% decrease in home sales compared to the same month last year across Kitchener-Waterloo and area. However, home sales in the month of August were 9.5% percent above the 5-year average for the month.
This strong sales activity helped bring year-to-date total sales to 3,991, a 6.1% increase compared to the same time last year, and 6% above the 5-year average. Year-to-date sales were also the highest on record since 2008. There was strong residential sale activity this summer season and with recording setting year-to-date sales it’s clear that buyers remain confident about the value of homes in Kitchener-Waterloo and area.
Residential sales in August included 284 single detached homes (down 2.1% from last year), 35 semidetached (up 2.9%), 29 townhomes (down 17.1%) and 107 condominium units (down 0.9%). The average sale price of all residential sales through the KWAR’s MLS® System increased 6.6% percent last month to $347,057 compared to August 2014. Single detached homes sold for an average price of $401,533 an increase of 6.2% percent compared to last year. The average sale price for a condominium was $241,508, an increase of 7.7% percent and the average sale price for a freehold townhome was $300,546, an increase of 2.9% percent from the same time last year.
Overall these numbers show that the real estate sector here in the Kitchener Waterloo is showing no signs of slowing down and points to a long term stability and strength.
If you have any questions on any of the information provided above or would like to discuss your specific real estate needs please give us a call or email to kevinbaker@kwhometeam.ca
Have a great day!
September 9, 2015 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized | Tags: CMHC, condo buying, condo selling, condo units, condo value, first time buyer, kevin baker, kitchener, ktichener, loft, loft apartments, loft buying, loft selling, market, market update, mortgage, mortgage brokers, mortgage news, new construction, real estate, realtor, remax, sales reps, twin city realty, update, waterloo, waterloo region | Leave a comment
Its been a very busy home buying and selling season in June for the residents of Kitchener Waterloo and Waterloo Region. There were 626 homes sold through the Multiple Listing System (MLS® System). This represents a 9.4% increase compared to June of 2014, and 15.8% above the 5 year average for the month June.
Residential sales in the first half of 2015 totaled 2,949, an 8.1% increase compared to the same time last year, and 2.7% above the 5-year average. This marks the highest number of homes sold in the first half of the year since 2010.
On a year-to-date basis, the average sale price of all residential sales (KW and area) increased 2.6% to $347,105 compared to 2014. Single detached homes sold for an average price of $396,191 an increase of 1.3% compared to last year. The average sale price for a condominium units sold in the first half of the year was $235,081, an increase of 5.3 per cent over 2014. The housing market in Kitchener-Waterloo continues to show strength Buyers have confidence in Waterloo Region, that combined with low mortgage and interest rates should continue to support home sales in 2015.
Sales for the month of June in KW and area included 407 single detached homes (up 7.1 %), 137 condominium units (up 24.5%), 42 semi-detached (up 7.7%) and 35 freehold townhouses (down 12.5%). Across KW and area the average sale price of all residential sales through the Kitchener Waterloo MLS® System increased 0.2% to $351,259 compared with June 2014.
Looking at transactions strictly in the cities of Kitchener-Waterloo residential sale prices increased 3.2 percent to $344,405 compared to the same time last year. Single detached homes sold in June across KW and area had an average price of $408,569 an increase of 0.9% compared to last year. Condominium market prices were up 4.2%, with the average condo unit selling for $225,390.
If you have any questions or would like more specific neighborhood information about your home please feel free to give me a call at 519-497-4646 or email kevinbaker@kwhometeam.ca
July 8, 2015 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized | Tags: CMHC, condo, condo buying, condo selling, condo units, condo value, downsizing, first time buyer, kevin baker, kitchener, kwhometeam, loft, loft apartments, loft buying, market, market update, mortgage, mortgage brokers, mortgage rates, new construction, real estate, remax, sales reps, twin city realty, update, waterloo | Leave a comment
It was another fantastic month for the local real estate market here in Waterloo Region .There were 553 home sales in Kitchener-Waterloo and surrounding area through the Mls system.
This represents an 8.4% increase compared to May of 2014, and 9.6% above the 5 year average for the month May. With a total of 2,926 home sales occurring through the Kitchener Waterloo Real Estate Board, year-to-date sales are 3.3% above the five year average.
Although sales numbers in Kitchener-Waterloo are higher in comparison to May of last year, they are on par with the month of April, at 1.7% above last month’s residential sales numbers, a difference of nine home sales. It’s been a very busy but typical spring market. Low mortgage interest rates and a diverse local economy continue to support home buying in Waterloo region.
Much like the month of April, sales activity in the $300,000 – $349,999 posted a healthy increase in the month of May with 126 homes sold in that range, a 24.8% increase from the same time last year. Sales in the $400,000 – $499,999 also increased with 81 sold in this price range, a 28.6% increase.
Sales in KW included 355 single detached homes (up 4.7 %), 113 condominium units (up 28.4%), 44 semi-detached (up 2.3%) and 40 freehold townhouses (up 8.1%). The average sale price of all residential sales through the Mls, increased 1.6 percent to $343,750 compared to May 2014. Single detached homes sold for an average price of $390,704 an increase of 1.1% compared to last year. Condominium market prices were up 7.1%, with the average condo unit selling for $237,649.
If you have any questions or are thinking of buying or selling in the coming months feel free to give me a call.
Have a great week!
Kevin
June 8, 2015 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized | Tags: arrow, arrow lofts, bauer lofts, CMHC, condo, condo buying, condo costs, condo selling, condo units, condo value, downsizing, first time buyer, kaufman lofts, kevin baker, kitchener, kwhometeam, loft, loft apartments, loft buying, loft selling, lofts, mansion lofts, market update, market value, mortgage, new construction, real estate, realtor, remax, seagrams, seagrams lofts, twin city realty, update, waterloo, waterloo region | Leave a comment
After a busier than normal December, home sale in the Kitchener Waterloo region have cooled off slightly. Sales were down in January compared to January of 2014, with 290 residential properties being sold last month. A 9.9 percent decrease compared to the same month last year. This isn’t unexpected as the winter months are typically not as active leading up to the busy spring market.
January’s residential sales included 188 detached homes (down 9.6 percent compared to January 2014) 57 condos (down 24 percent), 18 semis (up 5.9 percent), and 25 freehold townhouses (up 31.6 percent).
The average sale price of all homes sold in January was $318,075, a decrease of 1.6 percent compared to the same time last year. Single detached homes sold for an average price of $357,018, a decrease of 4.6 percent compared to January 2014.
In the condominium market the average sale price in January was $230,216, a 6.6 percent increase compared to the same month a year ago.
With the recent interest rate cuts and the positive economic predictions for the region by a number of outside sources, this should continue to draw people looking to live and invest in Waterloo Region. The general consensus is that the spring market will again be a very active one.
If you have any questions or are thinking of buying or selling this spring please give me a call and we can discuss how to get started.
Have a great family day weekend everyone!
February 9, 2015 | Categories: Uncategorized | Tags: agent, assessment value, banks, condo, condo buying, condo costs, condo selling, condo value, first time buyer, home value, kitchener, market update, new construction, remax, spring market, twin city realty, waterloo, waterloo regiion | Leave a comment
The major Canadian banks announced today that they will be lowering the prime lending rate by .15 basis points to 2.85%.
This move is the follow up to the Bank of Canada lowering the prime rate by .25 basis points last week. It is usual normal practice for the big banks to follow suit to the BOC but this rate change widens the spread or gap. It is an interesting move by the banks and I wonder if this is good for us as consumers or good for them?
Here is the link to the full article for more info.
http://www.bloomberg.com/news/articles/2015-01-27/rbc-pares-prime-rate-to-2-85-percent-after-bank-of-canada
I do believe the the Canadian housing market will show continued growth over the next year and this rate cut will further help to stimulate that growth.
If you have any questions at all please don’t hesitate to contact me at kevinbaker@kwhometeam.ca
January 28, 2015 | Categories: Uncategorized | Tags: agent, assessment, assessment value, bank of canada, big banks, canada trust, cibc, condo, condo buying, condo costs, condo selling, condo units, condo value, fixed rates, government, mortgages, prime rate, rbc, real estate, remax, royal bank, TD Bank, twin city realty, twin city reatly, variable rates | Leave a comment
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
Have a wonderful month
Kevin
October 6, 2014 | Categories: Uncategorized | Tags: agent, cambridge, condo, condo buying, condo sales, condo selling, condo units, condo value, fall market, kitchener, market update, remax, september, twin city realty, waterloo | Leave a comment
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
September 8, 2014 | Categories: Uncategorized | Tags: assessment, CHMC, condo, condo buying, condo costs, condo selling, condo units, condo value, fall market, first time buyer, kevin baker, ktichener, kwhometeam, loft, loft apartments, market, market update, market value, real estate, realtor, remax, sales rep, sales representative, selling my condo, twin city realty, waterloo | Leave a comment
It was another solid month for home sales in Waterloo Region. Although the number of sales was down compared to last year they were up compared to the 5 year average. Prices were also up which is a great sign that the buyers are still out there and looking to make a move. If you have any questions or would like more specific pricing on your home please don’t hesitate to give me a call.
STEADY STREAM OF HOME SALES FOR THE MONTH OF MAY
KITCHENER-WATERLOO, ON (June 4, 2014) –– Residential property sales through the Multiple Listing
System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in May were down
5.6 percent compared to last year’s record setting month of May.
A total of 725 residential properties were sold in the month of May compared to 768 the same time
last year. This was only the second time since 2007 that residential sales in May have exceeded 700
total sales. Comparing the 5-year average for the month of May shows a 5.7 percent jump in
residential sales.
“The spring home buying season was in full swing this May” says Lynn Bebenek, President of KWAR.
“Strong sales and price gains reflect the confidence homebuyers have in regional housing market as
a great place to live and invest.”
May’s sales included 514 single detached homes (down 3.4 % from last year) 101 condominium units
(down 17.9 %), 60 semi-detached (up 3.4 %) and 43 freehold townhouses (down 2.3 %).
The average sale price of all residential sales through the KWAR’s MLS® System increased 3.5 percent
last month to $345,323 compared with May 2013. Single detached homes sold for an average price
of $386,474 an increase of 2.1 per cent compared to last year. The average sale price for a
condominium was $226,157, an increase of 6.4 percent compared to May 2013.
June 10, 2014 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized | Tags: condo selling, condo units, condo value, downsizing, first time buyer, kevin baker, kitchener, loft, loft apartments, loft buying, loft selling, market, market update, mortgage, mortgage brokers, real estate, remax, sales reps, twin city realty, waterloo, waterloo region | Leave a comment
So you are thinking about buying a condo and don’t know where to start. Before you buy, know the following:
- Condo fees-Know how much they are and what they cover. When are they due and what happens if another owner falls behind? Is there a separate fee for garbage disposal or snow removal? Is landscaping included in the condo fees if there are common yard areas? Ask as many questions as you can. You don’t want to be stuck with, “hidden” expenses after you buy.
- Know Your Neighbors-What are the approximate ages of the other condo owners/tenants? Do they have little kids or teenagers? Are they college kids who come home late and play loud music? Ask the other condo owners about any issues with noise before you purchase
- Check the Reserve-Make Sure the Association has adequate funds to pay for emergency repairs. When you own a condo you should always have an emergency fund. If there are assessments you’ll be responsible for paying for your “share”, whether the damage or repairs impacted your unit or not.
- Condo Association-Does one owner like to throw his/her weight around and dictate how the building is run? Is there a condo association president? Why is his/her role? How often do all of the owners meet to discuss building issues? Is the meeting virtual (skype) or in person? Do you have to host the meeting in your home regularly?
- Read the Association’s Rules-If the association has formal written rules, read them. Many of the important things you’ll need to know about living in the building will be included in the association’s rules. Want to know the policy on pets, allowing renters, and who’s responsible for what? Read the rules.
- Ask About Pets-Does your future neighbor own a dog that barks all the time? Isn’t house-trained and has accidents on the carpet in the common areas? Is aggressive and scares your kids? Our neighbor’s German Sheppard has lunged at survivor dog. Now we know to pick him up whenever, Karma (dog’s real name, go figure!) is around.
- Security-Do your neighbors keep the front doors of the building closed and locked at all times? Is there a security system or a doorman?
- Maintenance-If your condo association doesn’t contract with a maintenance company, be sure to ask about who does routine maintenance i.e. who changes light bulbs in the common areas, who salts the sidewalks during snowstorms, and who vacuums the common areas.
- Cosmetics-Does the association care about the cosmetics of the building? Do they continuously make improvements to the common areas of the building (which can be expensive)? Or do they let things slide until things are in a bad state of repair and need a total overhaul (also expensive). Are most of the units owner occupied or rented? Typically owners take better care of the building than renters.
- Unwritten Rules –sometimes there are ridiculous, “unwritten rules” that pop up once you’re an owner. For example, “We don’t do laundry when it’s raining because the water from the rain combined with the water from the washer floods the basement apartment” or, “We don’t put our air conditioners in the middle window of our units because some air conditioners drip water down the front of the basement and onto the basement apartment’s entrance”. Ask about this unwritten rules and be prepared for them (because inevitability one of these with catch you by surprise.
At the end of the day it is important to know as much information as possible so you can make an informed decision. Remember to use a reputable Real Estate Sales Person who understands the Local condo market here and can assist in showing and taking care of negotiations etc. If you need any advice or are looking to purchase a condo or loft in the Waterloo Region please don’t hesitate to give me call at 519-579-4110 or email direct to kevinbaker@kwhometeam.ca
Kevin
May 26, 2014 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized | Tags: CMHC, condo selling, condo value, downsizing, first time buyer, kevin baker, kitchener, kwhometeam, loft, loft apartments, loft buying, loft selling, market update, new construction, real estate, realtor, remax, sales reps, twin city realty, update, waterloo region | Leave a comment
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