KITCHENER – WATERLOO CONDOS & LOFTS FOR SALE

Posts tagged “housing grants

Frigid February Condo sales here in Kitchener Waterloo Real Estate

Hope you have been enjoying the frigid weather that we have had in the past month and trying to stay warm. I just wish it could be over already and can’t wait for spring to be honest.  So the stats are out for the past month here in Kitchener Waterloo real estate and the home sales were frigid as well.

There were 343 residential sales in February, a decrease of 8.3 percent compared to February 2018. The series of winter storms in February not only kept buyers indoors and off the roads, but also away from open houses and viewings i am sure.  This was the lowest amount of sales we’ve seen in February in a very long time.

Total residential sales in February included 178 detached (down 14.8 percent), and 105 condominium units (down  11 per cent). Sales  also included 23 semi-detached homes (down 8 percent), 36 free hold townhouses (down 112 percent).

The average sale price of all residential properties sold in February increased 3 percent to $490,668 compared to February 2018 . Detached homes sold for an average price of $597,965 an increase of 3.9 percent compared to February of last year. During this same period, the average sale price for an apartment style condo was $319,536 for an increase of 20.5 percent. Townhomes and semis sold for an average of $395,331 (up 2.6 percent)  and $448,123(up 14.4 percent) respectively.

The median price of all residential properties sold last month increased 6.9 percent to $465,000 and the median  price of a detached home during the same period increased 2 per cent to $533,500.  Despite the chill in the number of sales last month, the price gains reflect that demand continues to outpace supply which is great for sellers but still makes things difficult for many buyers.

There were 562 residential properties listed in K‐W and area last month, a small increase of 1.1 percent compared to February of 2018. The number of active residential listings on the MLS System to the end of February totaled 785, which is 9 percent more than February of last year, but still well below the previous ten year average of 1,296 listing for February.

The average days it took to sell a home in February was 25 days, which is 4 days longer than the amount of time it  took in February 2018.

The market remains very much as it has been for the past several months, but the delayed winter weather finally caught up with it. While the market is coming in like a lamb in March we are expecting it to go out like a lion.

If you have any questions or have been thinking of making a move this spring, give me a call or text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca and lets sit down, grab a coffee and plan out a strategy that is best suited for your families needs.

Stay warm and enjoy your weekend!

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Kitchener Condo developer gets $200,000 boost for Grants into home ownership

$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.