KITCHENER – WATERLOO CONDOS & LOFTS FOR SALE

Posts tagged “kwhometeam

June Condo Sales Spring back and Prices up in Waterloo Region

Hope you enjoyed a wonderful Canada Day, and are staying cool during our summer heat wave! The spring market may have been delayed due to Covid 19 but it has sprung back in a big way in June.

The number of homes sold in June shot up 57.6 per cent compared to May. There were 673 residential homes sold in June 2020, an increase of 2.1 per cent compared to June 2019, and an increase of 8.5 per cent compared to the previous 10-year average for June.

Total residential sales in June included 413 detached homes (up 1.7 per cent from June 2019), and 67 condominium apartments (up 36.7 per cent). Sales also included 134 townhouses (down 15.7 per cent) and 59 semi-detached homes (up 31.1 per cent).

Total residential sales during this second quarter (April, May, June) are down 33 per cent compared to last year. On a year-to-date basis, they are down 15.6 per cent.

I expect for the remainder of 2020 will see the number of home sales returning to near historical levels. There will be some catching up to do in the coming weeks, but I don’t think you will see the market taking the summer off.

The average sale price of all residential properties sold in June increased 12.8 per cent to $601,285 compared to the same month last year, while detached homes sold for an average price of $698,736 an increase of 13.2 per cent. During this same period, the average sale price for an apartment-style condominium was $372,392 for an increase of 13.2 per cent. Townhomes and semis sold for an average of $457,851 (up 11.4 per cent) and $504,816 (up 17.3 per cent) respectively.

The median price of all residential properties sold in June increased 14.4 per cent to $564,000 and the median price of a detached home during the same period increased 11.9 per cent to $650,000.

There were 920 new listings added in KW and area last month, the most added in a single month since May of last year, and 1.9 per cent more than the previous ten-year average for June.

The total number of homes available for sale in active status at the end of June was 640, a decrease of 28.7 per cent compared to June of last year.

The number of Months Supply (also known as absorption rate) continues to be very low at just 1.4 months for the month of June, 22.2 per cent below the same period last year. The previous ten-year average supply of homes for June was 3.22 months, and in the past 5 years, the average supply for June was 2.22 months.

The average days to sell in June was 16 days, compared to 20 days in June 2019.

 

Historical Sales By Property Type  

Months Supply of Homes for Sale 

Historical Median Sales Price – By Property Type 

Historical Average Sales Price – By Property Type 

Historical Sales – By Price Range 

Average Days on Market

 

 

If you are thinking of buying or selling in the coming months or have any questions at all, give me a call,  text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca  Stay healthy and stay safe!

Have a great week!

Kevin


Condo Sales Up in May over April in Waterloo Region

Well its been a crazy couple of months across the globe as well as here in Waterloo Region.  The Real Estate Market slowed considerably in April, but has seemed to bounce back in May. Even though we are down 40.5 percent compared to May of last year, home sales are up 80 percent compared to April 2020 with 419 Residential homes sold through the MLS system.

Total residential sales in May included 255 detached homes (down 41 per cent from May 2019), and 42 condominium apartments (down 42.5 per cent). Sales also included 79 townhouses (down 42.8 per cent) and 43 semi-detached homes (down 29.5 per cent).

The average sale price of all residential properties sold in May increased 6.5 per cent to $568,275 compared to the same month last year, while detached homes sold for an average price of $657,274 an increase of 5.4 per cent. During this same period, the average sale price for an apartment-style condominium was $330,336 for an increase of 0.6 per cent. Townhomes and semis sold for an average of $454,197 (up 13 per cent) and $482,479 (up 11.4 per cent) respectively.

The median price of all residential properties sold in May increased 10.1 per cent to $545,000 and the median price of a detached home during the same period increased 9.6 per cent to $630,000.

The demand for homes in the Kitchener-Waterloo area is still very much alive, but as the virus continued to circulate in the community many would-be sellers were reluctant to put their homes on the market. For the homebuyers who cannot wait out the pandemic, they are not finding any fire sales as homes are not only maintaining their value, but also increasing.

There were 577 new listings added to the MLS® System in KW and area last month, a decrease of 48.7 per cent compared to May of 2019, far fewer than the previous 10-year average of 1,035 listings in May.

The total number of homes available for sale in active status at the end of May was 567, a decrease of 43.9 per cent compared to May of last year.

The number of Months Supply (also known as absorption rate) continues to be very low at just 1.3 months for the month of May, 38.1 per cent below the same period last year. The previous ten-year average supply of homes for May was 3.25 months, and in the past 5 years, the average supply for May was 2.32 months.

Yogi and I have addopted all the tools and technology to help both buyers and sellers stay safe during the pandemic, while helping people keep their plans intact.  Our goal first and foremost is to keep everyone safe by limiting physical contact, practicing social distancing and keeping buyers showings  limited to 3 people at a time with no children present during showings. We are here to help as life moves forward.

Here are some charts to on sales by type, months of supply and average prices.

 

Historical Sales by Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

 

Historical Sales – By Price Range

Average Days on Market

If you have any questions or concerns at all, give me a call or text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca . Stay healthy and stay safe!

Have a great week!

Kevin

 

 

 


April Condo Sales Down but Prices Are Steady in Kitchener Waterloo

Hope you have been staying safe during the past 2 months. It looks like things will start to open back up in stages and at some point things will be hopefully back to normal.  Rest assured Yogi and I are here to help if you and your family need to make a move and we have the tools and systems in place for both buyers and sellers for proper marketing of our listings, getting buyers to view the properties, as well as ourselves to keep everyone safe.

I thought you would like an update on what is happening out there in the Waterloo Region Real Estate Market, so here are the stats for April.

There were 227 residential homes sold through the Multiple Listing System in April, a decrease of 63.6 per cent compared to the same month last year, and the lowest number of sales in a single month since December 2008.

I think it goes without saying the current pandemic has had a major impact on the number of sales we would normally see in April, with everyone doing their part to flatten the curve and doing their best to self-isolate, the buying and selling of homes have been greatly reduced.

Total residential sales in April included 145 detached homes (down 63.3 per cent), and 22 condominium apartments (down 71.1 per cent). Sales also included 44 townhouses (down 61.1 per cent) and 16 semi-detached homes (down 60 per cent).

The average sale price of all residential properties sold in April increased 7.3 per cent to $568,738 compared to the same month last year, while detached homes sold for an average price of $657,042 an increase of 7.3 per cent. During this same period, the average sale price for an apartment-style condominium was $367,230 for an increase of 8.1 per cent. Townhomes and semis sold for an average of $406,463 (up 0.4 per cent) and $491,816 (up 13.3 per cent) respectively.

The median price of all residential properties sold in April increased by 7.1 per cent to $525,000 and the median price of a detached home during the same period increased 6.3 per cent to $605,000.

There were 417 new listings added to the MLS® System in KW and area last month, a decrease of 54.8 per cent compared to April of 2019, far fewer than the previous 10-year average of 937 listings in April.

The total number of homes available for sale in active status at the end of April was 571, a decrease of 36.6 per cent compared to April of last year.

The number of Months Supply (also known as absorption rate) continues to be very low at just 1.2 months for the month of April, 36.8 per cent below the same period last year. The previous ten-year average supply of homes for April was 2.95 months, and in the past 5 years, the average supply for April was 2.12 months.

I am confident that despite the current pandemic, the slowdown in housing sales will be temporary.  We are still in a strong sellers’ market and with buyers competing for a scare number of listings, now is still a great time to buy.  Now for the first time in a long time, April saw some balance with a sales-to-new-listings ratio of 54 percent – well within the balanced threshold. I have talked to some buyers expecting homes to sell at greatly reduced amounts, and frankly, that’s simply not the case. Home values have remained stable which I expect will continue into 2020.

The average days to sell in April was 19 days, compared to 21 days in April 2019.

 

Historical Sales By Property Type  

Months Supply of Homes for Sale 

Historical Median Sales Price – By Property Type 

Historical Average Sales Price – By Property Type 

Historical Sales – By Price Range 

Average Days on Market

If you have any questions or concerns at all, give me a call or text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca . Stay healty and stay safe!

Have a great week!

Kevin


In Like a Lion and Out Like a Lamb for Condo Sales here in Waterloo Region

Hope you have been staying safe during this unique time in all our lives. Rest assured Yogi and I are doing everthing we can to prevent the spread by staying home as much as posssible and limiting client interactions to phone calls, facetime, zoom meetings, etc. We are both here to help if you and your family need to make a move and we have the tools and systems in place for both buyers and sellers for proper marketing of our listings, getting buyers to view the properties, as well as ourselves to keep everyone safe.

I thought you would like an update on what is happening out there in the Waterloo Region Real Estate Market, so here are the stats for March.

There were 577 residential homes sold in March, an increase of 13.1 per cent compared to the same month last year, and 0.2 per cent below the previous 5-year average.

During the first quarter of 2020, there were 1,327 home sales, 14.6 per cent above last year’s result for the same period and 4 per cent above the previous 5-year average.

Total residential sales in March included 348 detached homes (up 7.1 per cent), and 68 condominium apartments (up 5.1 per cent). Sales also included 136 townhouses (up 17.2 per cent) and 25 semi-detached homes (up 4.2 per cent).

The average sale price of all residential properties sold in March increased 15.3 per cent to $583,752 compared to the same month last year, while detached homes sold for an average price of $679,728 an increase of 15.9 per cent. During this same period, the average sale price for an apartment-style condominium was $378,443 for an increase of 17.9 per cent. Townhomes and semis sold for an average of $457,547 (up 23 per cent) and $492,752 (up 17.4 per cent) respectively.

The median price of all residential properties sold in March increased 14.6 per cent to $544,500 and the median price of a detached home during the same period increased 16.2 per cent to $628,500.

Now of course is this not business as usual for us as Realtors or our clients. As people everywhere follow instructions to only leave their homes for essential reasons, this is impacting the number of showings, and how properties are shown.

There were a higher than average number of homes listed during the Month of March. There were 864 new listings added to the MLS® System in KW and area last month, an increase of 7.6 per cent compared to March of 2019, and the greatest number since 2015. The number of new residential listings was also 3.7 per cent higher than the previous ten-year average for March.

The total number of homes available for sale in active status at the end of March was 535, a decrease of 35.9 per cent compared to March of last year.

Despite the much-needed addition of new inventory coming to the market, the number of Months Supply (also known as absorption rate) continues to be very low at just 1.1 months for the month of March, 35.3 per cent below the same period last year. The previous ten-year average supply of homes for March was 2.73 months, and in the past 5 years, the average supply for March was 1.94 months.

There were also 51 listings last month that were suspended, which means the listing is temporarily “off-market,” and there can be no marketing, showings or offers during this period.

Trying to sell your home while in quarantine, self-isolating or worse yet, while someone in the house is sick, is not going to be in anyone’s best interest. We know many people are postponing their plans to list their home for the time being. As I mentioned earlier, if you find yourself in a situation where you need to buy or sell then rest assured Yogi and I are ready to help and have the tools in place to market, show and sell your home. The number of sales is keeping pace with the new listing inventory so there are still buyers out there looking to buy. We are doing everything we can to keep everyone safe during this time.

Historical Sales By Property Type  

Months Supply of Homes for Sale 

Historical Median Sales Price – By Property Type 

Historical Average Sales Price – By Property Type 

Historical Sales – By Price Range 

Average Days on Market

If you have any questions or concerns at all, give me a call or text at 519-497-4646 or shoot me an email to kevinbaker@kwhometeam.ca . Stay healty and stay safe!

Have a great weekend

Kevin


Covid-19 Update on Kitchener Waterloo Condo Market for March 22-28

I hope you and your family are staying safe and home isolating during these unique and trying times. I am postive that we will come through this stronger and hopefully not take for granted that with friends or dinners out with the family.

I have had several clients and friends reach out to me on what is happening in our current real estate market, so i thought i would put together a couple of brief slides to show you what is currently happening. With everyone being asked to stay home obviously the market has seen slowing of showing activity for homes that are currently on the market. We have also seen a slow down of new listings that have hit the Mls system for Waterloo region.

In the past 10-14 days the showings have dropped off considerably which would be expected given what is happening. This is an Ontairo slide but is very reflective of our local market as well.

Now does that mean that homes are not selling?  No, that is not true.. Homes are selling but things are taking a little bit longer than usual and not the “norm” that we have seen over the past 5 years.  There are still people that have bought a home prior to this all happening and need to sell their existing home. There are also people that have sold their home and need to buy their next one.

We are still seeing subdued showing activity and have taken strong measures to help both buyers and sellers stay safe when an in person showing is necessary.  Buyers are also using current technology such as virtural tours and facetime walk throughts etc. Our first priority is to make sure that our clients and ourselves are staying healthy and safe.

Below is a graph of last weeks activity on our Waterloo Region Real Estate Board.

You can see that there were 141 sales last week, which means homes that had offers on them firmed up or had offers come in that had no conditions. There are 37 homes that received offers with conditions that were accepted and 210 new listings hit the market. The closed sales are homes that were sold firm in the past months that closed and the buyers took posession. There were also 65 cancelations which are sellers that may have taken them off the market for now due to lack of activity or Covid 19.

I hope that you find this info helpful to answer any questions or concerns that you are been thinking about during your time at home. As always feel free to reach via text or phone at 519-497-4646, messanger on facebook or we can talk on skype etc. We are not doing an in person meetings during this time and we also utitlze electionic signatures for paperwork that is needed to be completed or for listing a home etc.

It may not be “business as usual” but as an essential service we are open for business. Luckily we can do most of our business from home and online when needed to do so. We are here to help.

Have a great weekend and stay safe.

Kevin


Strong February Condo Sales in Waterloo Region

Hope you have been enjoying the mild winter we have been having so far even with the latest blast of snow. Spring is right around the corner along with the nice weather and very busy spring market. The stats for february are in it was another strong month of home sales here in Kitchener Waterloo.

There were 467 residential homes sold in February, an increase of 36.5 per cent compared to the same month last year, and 15.3 per cent above the previous 10-year average.

Total residential sales in February included 272 detached homes (up 52 per cent), and 62 condominium units (up 14.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 32 semi-detached homes (up 33.3 per cent) and 101 freehold townhouses (up 18.8 per cent).

The average sale price of all residential properties sold in February increased 16.3 per cent to $571,023 compared to the same month last year, while detached homes sold for an average price of $673,825 an increase of 13.2 per cent. During this same period, the average sale price for an apartment-style condominium was $371,923 for an increase of 16.4 per cent. Townhomes and semis sold for an average of $443,382 (up 12.9 per cent) and $485,831 (up 8.4 per cent) respectively.

The median price of all residential properties sold in February increased 18.2 per cent to $550,050 and the median price of a detached home during the same period increased 18.6 per cent to $630,000.

Like many other markets across the province, the story of our local housing market continues to be one of supply and demand. Market-wide, the number of homes available for sale is simply not keeping up with the number of people wanting to purchase a home in the Kitchener-Waterloo area.

There were 609 residential properties listed in KW and area last month, an increase of 7.8 per cent compared to February of 2019, and a decrease of 5.9 per cent in comparison to the previous ten-year average for February. The total number of homes available for sale in active status at the end of February was 447, a decrease of 39.4 per cent compared to February of last year, and 62 per cent below the previous ten-year average of 1,179 listings for February. The number of Months Supply (also known as absorption rate) in February was just 0.9 months, 40 per cent below the same period last year. The previous ten-year average supply of homes for February was 2.55 months, and in the past 5 years the average supply for February was 1.76 months.

With a multitude of buyers jumping on a scarcity of properties for sale, many homes are selling for more than the asking price.  Using a realtor will ensure you have maximum exposure to these buyers through the MLS® System and will manage the intricate process of any multiple offers professionally.

The average days to sell in February was 17 days, compared to 26 days in February 2019.

Historical Sales By Property Type  

Months Supply of Homes for Sale 

Historical Median Sales Price – By Property Type 

Historical Average Sales Price – By Property Type 

Historical Sales – By Price Range 

Average Days on Market

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 . Now is a fantastic time to get top dollar for your home so lets sit down, grab a coffee and plan out a strategy that is best suited for your families needs.

Have a great weekend

Kevin


Available Condo units continue to elude Buyers here in Kitchener Waterloo and Cambridge

Hope you have been enjoying the mild winter we have been having so far and Valentines day is just around the corner. The January market stats are out and it seems like the trend we have been seeing in the market is continuing once again.

There were 281 residential homes sold  in January, a decrease of 8.2 per cent compared to the previous month. Contrasted to previous Januarys however, home sales last month were only 3.6 per cent below the previous 10-year average, and 3.8 per cent below the previous 5-year average.

For the third consecutive month sales were down in January, which is a direct result of fewer homes being put up for sale. This is causing further price acceleration as we have enough willing and able home buyers contending for those few homes that are available.

Total residential sales in January included 153 detached homes (down 19 per cent), and 39 condominium units (up 18.2 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 21 semi-detached homes (on par) and 68 freehold townhouses (up 7.9 per cent).

The average sale price of all residential properties sold in January increased 15.7 per cent to $561,029 compared to the same month last year, while detached homes sold for an average price of $670,944 an increase of 18.8 per cent. During this same period, the average sale price for an apartment-style condominium was 382,636 for an increase of 26.1 per cent. Townhomes and semis sold for an average of $439,765 (up 20.3 per cent) and $484,190 (up 18.7 per cent) respectively.

The median price of all residential properties sold in January increased 17.3 per cent to $536,000 and the median price of a detached home during the same period increased 22.6 per cent to $650,000.

Buyer’s can’t buy what’s not there. The available number of homes for sale, or lack thereof, continued to evade home buyers in January. There is no doubt we would be reporting more sales if we had the inventory to match the demand.

There were 464 residential properties listed in KW and area last month, a drop of 21.1 per cent compared to January of 2019, and a decrease of 35.4 per cent in comparison to the previous ten-year average for January. The total number of homes available for sale in active status at the end of January was 392, a decrease of 38.7 per cent compared to January of last year, and 63.7 per cent below the previous ten-year average of 1,080 listings for January. The number of Months Supply (also known as absorption rate) in January was just 0.8 months, 38.5 per cent below the same period last year. The previous ten-year average supply of homes for January was 2.32 months, however, in the past 5 years the average supply for January was 1.96 months.

The average days to sell in January was 22 days, compared to 27 days in January 2019.

Historical Sales By Property Type  

Months Supply of Homes for Sale 

Historical Median Sales Price – By Property Type 

Historical Average Sales Price – By Property Type 

Historical Sales – By Price Range 

Average Days on Market

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 . Now is a fantastic time to get top dollar for your home so lets sit down, grab a coffee and plan out a strategy that is best suited for your families needs.

Have a great Valentines Day!

Kevin


August Home Sales Ease as prices Continue to rise here in Waterloo Region

Hope you had a wonderful weekend. Back to school is here and I am sure all the kids have settled in and got the new school year underway. August was another great month for Waterloo region real estate and here are the stats to keep you right up to date.

There were 459 residential properties sold through the MLS® in August, a decrease of 9.1 per cent compared to the same month last year.

Home sales in August included 267 detached (down 11.9 per cent), and 56 condominium apartments (down 13.8 per cent). Sales also included 97 townhouses (down 4.9 per cent) and 39 semi-detached homes (up 11.4 per cent).

The number of homes sold last month was below the average for August; however, we continue to see strong price gains across all property types.

The average sale price of all residential properties sold in August increased by 6.4 per cent to $524,482 compared to August 2018. Detached homes sold for an average price of $615,568 (an increase of 5.4 per cent compared to August of last year. During this same period, the average sale price for an apartment-style condominium was $324,778 for a decrease of 3.1 per cent. Townhomes and semis sold for an average of $420,239 (up 18.3 per cent) and $441,802 (up 10.2 per cent) respectively.

The median price of all residential properties sold last month increased 8.1 per cent to $495,000 and the median price of a detached home during the same period increased by 2.8 per cent to $560,000.

There were 574 residential properties in K-W and area last month, a decrease of 14.5 per cent compared to August of 2018, and a decrease of 13 per cent in comparison to the previous ten-year average for the month of August. The total number of homes available for sale in active status at the end of August totalled 734, a decrease of 17.3 per cent compared to August of last year, and well below the previous ten-year average of 1,426 listings for August. Months Supply of Homes for sale stood at 1.5 months in August, which is 16.7 percent lower than the same period last year.

The average days it took to sell a home in August was 26 days, which is two days fewer than it took in August 2018.

We’re noting differences in market balance depending on the price range, for homes priced under $600 thousand, it is still a strong seller’s market, whereas above $600 thousand, it is a more balanced situation.

One this to look at is the month’s supply of homes, also known as the absorption rate. For homes priced at more than $600,000, the months of supply stood at 3.4 in August, compared to 0.9 months for homes prices under that amount. Months supply is the inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months. The previous ten-year average months supply across all price ranges has been just over 3 months.

It all comes down to what the buyers can find in their price range, homes in Kitchener-Waterloo are definitely in high demand, and there is strong competition among buyers trying to find one that will suit them.

Historical Sales by Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Historical Sales – By Price Range

Average Days on Market

If you have any questions or have been thinking of making a move this summer or into the fall, 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.

Have a great September!

Kevin


Strong Condo sales in Kitchener Waterloo and Cambridge for July

Hope you had a wonderful long holiday weekend. The weather was absolutely perfect and looks like its going to be a hot one for August as well.

Here are the stats from the July market here in Waterloo Region and it continues to stay strong. There were 586 residential properties sold in July, representing an increase of 15.1 per cent compared to the same month last year.

Home sales in July included 322 detached (up 16.4 per cent), and 62 condominium apartments (down 6.1 per cent). Sales also included 148 townhouses (up 45.1 per cent) and 42 semi-detached homes (down 22.2 per cent). On a year-to-date basis we’re seeing sales have increased slightly over last year.

The average sale price of all residential properties sold in July increased by 9.3 per cent to $521,101 compared to July 2018. Detached homes sold for an average price of $613,244 (an increase of 5.4 per cent compared to July of last year. During this same period, the average sale price for an apartment-style condominium was $339,137 for an increase of 15.9 per cent. Townhomes and semis sold for an average of $414,062 (up 17 per cent) and $434,136 (up 11.9 per cent) respectively.

The median price of all residential properties sold last month increased 10.8 per cent to $489,450 and the median price of a detached home during the same period increased by 8.8 per cent to $575,750

There were 844 residential properties listed in K-W and area last month, an increase of 12.8 per cent compared to July of 2018, and an increase of 10.4 per cent in comparison to the previous ten-year average for the month of July The total number of homes available for sale in active status at the end of July totaled 863, a decrease of 8.7 per cent compared to July of last year, and well below the previous ten-year average of 1,467 listings for July. Months Supply of Homes for sale stood at 1.7 months in July, which is 15 percent lower than the same period last year.  That is still making it a tight market for buyers and sellers.

There is still strong consumer demand that is making for a busier than normal market for the middle of summer.

The average days it took to sell a home in June was 22 days, which is the same number of days it took in July 2018.

Historical Sales By Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Historical Sales – By Price Range

Average Days on Market

If you have any questions or have been thinking of making a move this summer or into the fall, 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.

Have a great August!

Kevin


Strong Condo Sales in Kitchener Waterloo for June!

Hope you had a wonderful long Canada Day weekend. The weather was absolutely perfect and looks like its going to be a hot one for July.

Here are the stats from the July and the market here in Waterloo Region continues to stay strong. There were 658 residential properties sold through the Multiple Listing System (MLS® System) in June, representing an increase of 8.8 per cent compared to the same month last year.

Home sales in June included 404 detached (up 8.9 per cent), and 50 condominium apartments (down 28.6 per cent). Sales also included 159 townhouses (up 27.2 per cent) and 45 semi-detached homes (up 15.4 per cent).

A total of 3,154 homes have sold in Kitchener-Waterloo and area during the first half of this year, an increase of 1.4 per cent compared to 2018.

The average sale price of all residential properties sold in June increased by 8.9 per cent to $533,619 compared to June 2018. Detached homes sold for an average price of $618,186 an increase of 7.9 per cent compared to June of last year. During this same period, the average sale price for an apartment style condominium was $332,716 for an increase of 4.4 per cent. Town homes and semis sold for an average of $411,126 (up 10.7 per cent) and $430,427 (up 9.9 per cent) respectively.

The median price of all residential properties sold last month increased 9.9 per cent to $494,500, and the median price of a detached home during the same period increased by 11.7 per cent to $581,500

There were 888 residential properties listed in K-W and area last month, an increase of 4.3 per cent compared to June of 2018, and a slight increase of 0.5 per cent in comparison to the previous ten-year average for the month of June. The total number of homes available for sale in active status at the end of June totaled 890, a decrease of 10.8 per cent compared to June of last year, and well below the previous ten-year average of 1,581 listings for June. Months Supply of Homes for sale stood at 1.8 months in June, which is 14.3 percent lower than the same period last year.

We’re still in a solid seller’s market situation heading into the summer months, while more new listings are coming onto the market, strong buying demand is keeping supply tight.

The average days it took to sell a home in June was 20 days, compared to 22 days in June 2018.

Here are some charts to compare different parts of the market over the last 10 years.

Historical Sales By Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Historical Sales – By Price Range

Historical Average Days on Market

If you have any questions or have been thinking of making a move this summer or in the fall, 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.

Have a great July!

Kevin


January Condo Sales up in Waterloo Region

I hope you are staying warm during this very unpredictable winter weather. I am sure the kids are loving all the snow days they have had in the past weeks. The stats are out from January and the Kitchener Waterloo Real Estate market enjoyed a great month of home sales.

January was surprisingly busy with an above average number of home sales. There were 307 residential sales in January, an increase of 14.6 percent compared to January 2018 as well as the number of units sold last month were up nearly fifteen percent compared to the previous ten-year average for January.

Total residential sales in January included 189 detached (up 26 percent), and 80 condominium units (up 19.4 percent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 20 semi-detached homes (down 28.6 percent) and 17 freehold townhouses (down 19 percent).

The average sale price of all residential properties sold in January increased 5.3 percent to $484,076 compared to January 2018. Detached homes sold for an average price of $564,718 an increase of 1.9 percent compared to January of last year. During this same period, the average sale price for an apartment style condominium was $303,379 for an increase of 22.1 percent. Townhomes and semis sold for an average of $368,227 (up 0.7 percent) and $407,852 (up 4.6 percent) respectively. The median price of all residential properties sold last month increased 5.3 percent to $455,000, and the median price of a detached home during the same period increased 7.1 percent to $530,000

It was a positive sign to see an uptick in the number of residential listings hitting market, however, the total number of homes available for sale continues to perform well below historical averages. There were 585 homes listed in K-W and area last month, an increase of 25.5 percent compared to January of 2018. The number of active residential listings at the end of January totaled 810, which is 11.4 percent more than January of last year, but still well below the previous ten-year average of 1,189 listings for January. The average days it took to sell a home in January was 26 days, which is 5 days less than the amount of time it took in January 2018.

We have a positive outlook for 2019. I think we’re going to see home prices remain steady or have small increases, sales will continue to be strong but we’re also beginning to see more homes being listed for sale to increase our inventory and provide buyers with additional options. So long as everything else remains equal Waterloo Region should remain a strong and stable market.

If you have any questions or are thinking of buying or selling in the coming months, please give me a call  at 519-497-4646 and we can sit down for a coffee and talk about some strategies that would work best for your family needs.

Have a great weekend!

Kevin


Condo Sales remain strong here in Kitchener Waterloo for July 2018

I hope you and the family have been enjoying the great summer weather that we have had this year. Any big vacations planned for August?

I know that Real estate is always a topic of conversations when you are sitting around the deck entertaining family and friends so here is some information so you are up to date on what is happening here in Waterloo Region.

July home sales were down 16.8 per cent compared to last month and down 10.6 per cent compared to July of last year. A total of 504 residential properties sold in July compared to 564 in the same month last year. On a year-to-date basis, there have been 3,601 home sales during the first half of the year, a decrease of 18.0 per cent.

The story for July is largely more of the same that we’ve been seeing for most of 2018. The number of sales has decreased from what we were seeing the past couple of years to more typical levels, but the value of homes not only remains steady but continues to gradually increase.

Residential sales in July included 282 detached (down 23.4 per cent compared to July 2017), and 130 condominium units (up 14.0 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 53 semi-detached homes (up 35.9 per cent) and 35 freehold townhouses (down 5.4 per cent).

The average sale price of all residential properties sold in July increased 5.5 per cent to $480,145 compared to the same month a year ago. Detached homes sold for an average price of $584,337 – an increase of 12.4 per cent compared to July of last year. During this same period, the average sale price for an apartment style condominium was $292,714, an increase of 4.3 per cent. Townhomes and semis sold for an average of $359,278 (up 2.2 per cent) and $387,664 (up 9.8 per cent) respectively. The median price of all residential properties sold last month was up 7.1 per cent compared to July of last year at $443,700, and the median price of a detached home during the same period increased 12.8 per cent to $530,000.

There were 739 residential properties listed in K-W and area last month, down 8.9 per cent compared to July of 2017. The number of active residential listings  the Kitchener Waterloo MLS® System to the end of July totaled 1,062, which is 3.3 per cent higher than July of last year but still down from the historical (2007-2016) ten-year average of 1,885 listings for July.

The competition from buyers is still out there, but not nearly as prevalent as the past two years. This is showing up in the $400,000-$600,000 price point where we continue to see the shortest average days on market.  I think this reflects both the move-up market as well as the typical home that buyers who migrated down the 401 were purchasing. There is no doubt the mortgage stress-test is impacting buyers. Overall the market here in the Waterloo region remains strong and we seeing that continuing into the fall.

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 grab a coffee and discuss the best way to make it a smooth move for your family.

Have a great August long 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


Kitchener Waterloo Home and Condo Sales Take a Leap in February! – Market update

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


Kitchener Waterloo Home and Condo Sales Finish Strong in 2015! – Market Update

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


October Home Sales Ease in Kitchener Waterloo Region

October Home Sales Ease In Waterloo Region

Home sales in October showed some signs of easing in Waterloo Region with an overall decrease of 9.4%. The Multiple listing System (Mls) showed a total of 435 home sales compared to 480 during the same period in 2014.

Here is the breakdown:

Residential sales this October included 284 single detached homes (down 6.9% from last October), 20 semi-detached (down 23.1%), 37 townhomes (up 5.7%) and 92 condominium units (down 19.3%).

The great news is average prices are up again with an average price for a single detached home in October selling for an average price of $417,891 an increase of 8.9% compared to the same month last year.

The average sale price for a condominium was $242,280 an increase of 14.3%, while the average sale price of all residential sales in KW and Area increased 9.9% to $363,438 compared to October 2014.

Townhomes and semi-detached properties sold for an average of $300,724 (down 2.5%) and $265,000 (up 2.2%) respectively.

The Kitchener Waterloo housing market continues to show long term stability and strength and the shifts in average prices and month to month fluctuations are normal, along with sales easing as we approach the end of the year. Keep in mind you always need to use caution when looking at averages. The increase in detached and overall home prices are due in part to six home sales in October 2015 over $900,000 compared to zero sales in that range the previous year.

If you have any questions on any of this information or are thinking of making a move before Christmas or in the spring please give me a call. Knowing what your home potentially could be worth is the one of the first steps to making a decision on whether now is the right time to make a move.

For a Free Report on your home’s value, take a moment to email me at kevinbaker@kwhometeam.ca or call or text to 519-497-4646. I am always happy to help

Have a great week

Kevin


Kitchener Waterloo, are you ready for Double Land Transfer Tax?

People of Ontario get ready. The provincial government is talking about giving each municipality the power to implement its own Land Transfer Tax in addition to the federal one that we all pay for purchasing a new property. It’s a tax realtors have never stopped fighting in Toronto since it was introduced seven years ago, and now our  worst fears may  be coming true.

The Ontario Real Estate Association (OREA) insisted Tuesday the governing Liberal party is going ahead with plans that will allow municipalities to follow Toronto’s lead and implement their own land transfer tax. Ontario government officials deny anything has been decided. The plans were revealed by the Toronto Sun Tuesday.

Picture this,  buyers in Toronto purchasing a $1 million home get slapped with a $32,200 tax to transfer property, $15,725 of which is the city of Toronto’s portion.

We have seen an influx of people moving west of the GTA to purchase homes in the Waterloo Region, due in part to prices as well as avoiding the Double Taxation in Toronto.

I have little doubt that once the province allows the tax to proceed, municipalities will take advantage of it. Once one starts I believe they will all fall like dominoes. This means that the Ontario home buyers will pay the highest land transfer tax in North America.

When Toronto implemented the double tax, they saw lower prices equal to if not greater than the amount of the tax. The problem is that it is just not one tax, but every purchase after that as well.

So what does that mean for the Residents of Waterloo Region?  If the tax does come into effect it could be a major factor in deciding between buying or waiting.  The affect on prices and availability of homes could certainly be affected. With the economy here in the region still very strong and housing prices showing no signs of any significant slow down, this may not be the news that we want to hear. We will just have to wait and see what the result will be if the plan does move forward.

If you have any questions on any real estate related topic feel free to shoot me an email at kevinbaker@kwhometeam.ca or give me a call at 519-579-4110.

 


Another Busy Month of Condo and Home Sales in Kitchener Waterloo for June 2015

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


Strong Month of May for Kitchener Waterloo Home and Condo Sales

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


Kitchener Waterloo Real Estate Market Update for March 2015

It was another solid month of home sales in March here in Waterloo Region. Residential property sales through the MLS system continued to climb month over month with 619 properties sold. This represents a 15.1 percent increase compared to the March of 2014 which was the second lowest March on record since 2006.

During the first quarter of 2015, there were a total of 1,343 home sales, 3.6 percent above last year’s total for the same period and 8.4 percent below the 5 year quarterly average, which is again great news and shows continued strength of our local housing market.

Sales activity in the $300,000 – $349,999 increased significantly in the month of March with 151 homes sold in that range, a 49.5% increase from the same time last year. Pushing the average sales price up for the month were increased sales in the $500,000 – $749,999 range which posted a 61.5% increase equating to 63 sales compared to 39 in March 2014.

March’s sales included 436 single detached homes (up 25.3 %), 95 condominium units (down 2.1 %), 41 semi-detached (down 8.9) and 41 freehold townhouses (down 6.8%).The average sale price of all residential sales increased 7.4 percent to $347,722 compared with March 2014. Single detached homes sold for an average price of $384,635 an increase of 4.0 percent compared to last year. In the condominium market prices were up 12.1%, with the average condo unit selling for $238,846.

Overall the market is still moving forward and prices remain stable. We are expecting another busy spring market which seems to be well underway at this point.

If you have any questions about the local market or would like more information on home prices for your neighborhood, please feel free to give me a call or email direct at kevinbaker@kwhometeam.ca

Thanks and have a great week!

Kevin


Condo Sales Remain Strong in Month of August – Kitchener Waterloo House and Condo Market Update

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 


10 Things to Think About When Buying a Condo – Kitchener Waterloo Condos and Lofts

 

kitchener Condos and lofts

 

So you are thinking about buying a condo and don’t know where to start.  Before you buy, know the following:

  1. 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.
  2. 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
  3. 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.
  4. 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?
  5. 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.
  6. 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.
  7. 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?
  8. 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.
  9. 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.
  10. 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 2014 Update for Kitchener Waterloo Condo Market

The nice weather looks like it is finally here to stay which is great news for the local Kitchener Waterloo Real Estate Market. Over the past months we have been experiencing a slight slow down in sales mostly due to the abnormally cold weather we have been having. The weather man is promising nicer weeks ahead and a warm summer so that is great news.

Although sales in April are up over March of this year, we are down year over year approximately 6%.  The condo market here is Kitchener Waterloo is growing at a fast pace with many new building projects underway but the sales there have remained flat.

The great news is that prices are still climbing. Average price is up 2.9% or almost $344,000.  That means that even with the low inventory levels that we have been experiencing the buyers are still out there and willing to pay to get the home of their dreams.

For a complete rundown on the stats you can read them below. If you have any questions on the market in general or specific pricing of your home feel free to give us a call. We would be happy to come over.

 

APRIL HOME SALES UP OVER MARCH, DOWN YEAR-OVER-YEAR

KITCHENER-WATERLOO, ON (May 6, 2014) – There were fewer residential property sales through the
Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS®
(KWAR) in April compared to the same month last year.
A total of 652 residential properties sold in the month of April compared to 691 the same time last
year, a decrease of 5.6 percent. In comparison to March, residential sales grew 21 percent,
continuing the trend of monthly increases in home sales since the beginning of this year.
“We’re continuing to see increasing sales activity month after month,” says Lynn Bebenek President
of the KWAR. “Persistently bad weather seems to have delayed decision to buy or sell homes, but the
combination of increasing monthly sales, lower mortgage rates and some sun should drive increases
in the months ahead.”
April’s sales included 445 single detached homes (down 6.1 % from last year) 121 condominium units
(on par with last year), 38 semi-detached (down 19.1 %) and 41 freehold townhouses (down 2.4 %).
Year-to-date residential sales were 6.6 percent below last year with 1,948 residential homes sold thus
far.
While sales were a little slower this month the average sale price of all residential sales through the
KWAR’s MLS® System increased 2.9 percent to $343,839 compared with April 2013. Single detached
homes sold for an average price of $387,130 an increase of 2.2 percent compared to last year. The
average condominium price was up 9.8 percent selling for $237,008, partially due to the sales of
higher end condominium townhomes alongside traditional condos.