KITCHENER – WATERLOO CONDOS & LOFTS FOR SALE

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Home sales slip here in Kitchener Waterloo for September.

The fall colors are just starting to come out and Oktoberfest festivities are in full swing here in KW. I hope that you have been able to get out and enjoy the beautiful weather that we have been having this Thanksgiving weekend!

The stats are out for the Waterloo region real estate market and I wanted to share the results.  There were 448 homes sold in September, a decrease of 4.7 per cent compared to September of last year. On a year-to-date basis 4,558 residential units have sold compared to 5,345 during the same period in 2017, a decrease of 14.7 per cent.

The stress-test that came into force on all new mortgages at the beginning of the year has taken some of the steam out of home sales activity, meanwhile home prices continue to rise as inventory levels remain rather low. Residential sales in September included 270 detached (down 6.3 per cent compared to September 2017), and 110 condominium units (up 7.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 30 semi-detached homes (down 18.9 per cent) and 30 freehold townhouses (down 18.9 per cent).

The average sale price of all residential properties sold in September increased 10 per cent to $492,398 compared to the same month a year ago. Detached homes sold for an average price of $574,653 an increase of 11.4 per cent compared to September of last year. During this same period, the average sale price for an apartment style condominium was $325,378 an increase of 24.1 per cent. Town homes and semis sold for an average of $377,442 (up 4.7 per cent) and $386,670 (up 4.1 per cent) respectively. The median price of all residential properties sold last month was up 10.5 per cent compared to September of last year at $453,000, and the median price of a detached home during the same period increased 8.8 per cent to $520,000.

There were 824 residential properties listed in K-W and area in last month, a 10 per cent increase compared to September of last year, and 9 per cent above the historical ten-year average of 755. The number of active residential listings on the KWAR’s MLS® System to the end of September totaled 1,005, which is 18.2 per cent higher than September of last year but 522 units short of the previous ten-year average of 1,527 listings for September.

While the mortgage stress was intended to prevent home buyers in overheated markets like Vancouver and Toronto from borrowing more than they could afford, it has had the unintended consequence of putting the goal of owning a home further out of reach for buyers across all housing markets, including in Waterloo region. This is particularly impactful for first time home buyers where every penny counts.

If you have any questions or are thinking of buying or selling a property in the coming months, please give me a call at 519-497-4646 or email to kevinbaker@kwhometeam.ca and we can sit down, grab a coffee and discuss the best way to make it a smooth move for your family.

Happy Thanksgiving!

Kevin

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Kitchener Waterloo Condo sales up in August for first time in 2018

Back to school is here and so is the fall market.  I hope you enjoyed your summer and continue to enjoy the great weather we are still having!  August was a fantastic month in Waterloo Region real estate and here are the stats on how things went.

August home sales were down 0.8 per cent compared to last month and up 4.8 per cent compared to August of last year. A total of 505 residential properties sold in August compared to 482 the same time last year.  For the first time this year we saw monthly home sales increase on a year-over-year basis. On a year-to-date basis, we’re still well below last year’s record-breaking number of home sales but still in line with historical averages.

Residential sales in August included 301 detached (up 5.2 per cent compared to August 2017), and 129 condominium units (up 25.2 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 35 semi-detached homes (down 30 per cent) and 33 freehold townhouses (no change).

The average sale price of all residential properties sold in August increased 11.5 per cent to $493,358 compared to the same month a year ago. Detached homes sold for an average price of $583,564 an increase of 13 per cent compared to August of last year. During this same period, the average sale price for an apartment style condominium was $335,827 an increase of 14.1 per cent. Townhomes and semis sold for an average of $350,803 (up 4 per cent) and $401,011 (up 13.6 per cent) respectively. The median price of all residential properties sold last month was up 10.4 per cent compared to August of last year at $458,000, and the median price of a detached home during the same period increased 18.1 per cent to $543,450.

REALTORS® listed 670 residential properties in K-W and area last month, up 12.7 per cent compared to August of 2017, and 3.4% above the historical (2007-2016) average of 648. The number of active listings to the end of August totaled 917, which is 11.5 per cent higher than August of last year but still significantly below the historical (2007-2016) ten-year average of 1,550 listings for August.

More homes selling in the higher prices ranges in August were at least partly responsible for the increase in the average sale price, but strong demand on the buying side combined with low inventory on the listing side is continuing to keep upward pressure on prices.I certainly don’t see interest in Waterloo region as a place to live and work slowing down anytime soon, so we could definitely stand to see some more housing supply hit the market to meet buyer demand. The average days it took to sell a home in August was 28 days, compared to 26 days in August 2017.

If you have any questions or are thinking of buying or selling a property in the coming months, please give me a call at 519-497-4646 or email to kevinbaker@kwhometeam.ca and we can sit down, grab a coffee and discuss the best way to make it a smooth move for your family.

Enjoy your weekend!

Kevin


Hot Home and Condo Sales Continue in Kitchener Waterloo

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


Waterloo Region Posts Record Number of Home Sales in First Half of 2016

 

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


January Home Sales Cool Off to Start 2015 in Kitchener Waterloo – Condo Market Update

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!


Big Banks Fail to Match Bank of Canada Rate Cut – Kitchener Waterloo Condos for sale

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

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Kitchener Waterloo Home and Condo Sales Reach Record High for September

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