KITCHENER – WATERLOO CONDOS & LOFTS FOR SALE

Posts tagged “twin city

Condo Sales Surge in Kitchener Waterloo Cambridge and Guelph

Hope you enjoyed a wonderful long weekend and the beautiful summer weather we have been having.

It was another crazy month for home prices here in Waterloo Region. Competition stays very high for buyers looking to lock down a house in July.  With the rules around covid relaxing and more people getting out with Phase 3 opening the demand for homes has increased for sure.

There were 734 residential homes sold in July, an increase of 25.7 per cent compared to the same month last year, and well above the previous ten-year average for July of 531.

Total residential sales in July included 464 detached homes (up 39.3 per cent from July 2019), and 65 condominium apartments (up 3.2 per cent). Sales also included 153 townhouses (up 4.8 per cent) and 52 semi-detached homes (up 23.8 per cent).

The average sale price of all residential properties sold in July increased 22.8 per cent to $639,814 compared to the same month last year, while detached homes sold for an average price of $745,149 an increase of 21.4 per cent. During this same period, the average sale price for an apartment-style condominium was $392,770 for an increase of 15.2 per cent. Townhomes and semis sold for an average of $465,756 (up 12.8 per cent) and $522,872 (up 20.4 per cent) respectively.

The median price of all residential properties sold in July increased 21.7 per cent to $595,000 and the median price of a detached home during the same period increased 17.4 per cent to $675,000.

With mortgage rates near all time lows homebuyers remain very confident about owning a home in Waterloo Region and I expect this to contunie going into the fall.

There were 888 new listings added, an increase of 4.3 per cent compared to July of last year, and 15.5 per cent more than the previous ten-year average for July.

The total number of homes available for sale in active status at the end of July was 592, a decrease of 32.6 per cent compared to July 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 July, 27.8 per cent below the same period last year. The previous ten-year average supply of homes for July was 3.1 months, and in the past 5 years, the average supply for July was 2.1 months.

The average days to sell in July was 17 days, compared to 22 days in July 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 weekend!

Kevin


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


Strong Condo Sales Continue here in Kitchener Waterloo and Cambridge

Hope you had a wonderful Halloween and here is hoping the snow stays away for a little while longer. I wanted to shoot you a quick update on how the real estate market did in November here in Waterloo Region.

There were 538 residential properties sold here in Kitchener-Waterloo in October, an increase of 4.1 per cent compared to the same month last year.

Home sales in October included 334 detached (up 11.3 per cent), and 65 condominium apartments (up 1.6 per cent). Sales also included 108 townhouses (down 6.1 per cent) and 31 semi-detached homes (down 18.4 per cent).

The average sale price of all residential properties sold in October increased by 9.1 per cent to $533,288 compared to October 2018. Detached homes sold for an average price of $610,840 (an increase of 6.2 per cent compared to October of last year. During this same period, the average sale price for an apartment-style condominium was $333,895 for an increase of 6.7 per cent. Townhomes and semis sold for an average of $434,035 (up 11.2 per cent) and $461,590 (up 14.3 per cent) respectively.

The median price of all residential properties sold last month increased 12.4 per cent to $500,000 and the median price of a detached home during the same period increased by 8.3 per cent to $568,950.

The average days it took to sell a home in October was 22 days, which is three days fewer than it took in October 2018.

There were 670 residential properties listed in K-W and area last month, a decrease of 12.4 per cent compared to October of 2018, and a decrease of 3.3 per cent in comparison to the previous ten-year average for the month of October. The total number of homes available for sale in active status at the end of October totalled 691, a decrease of 26.5 per cent compared to October of last year, and well below the previous ten-year average of 1,412 listings for October. Months Supply of Homes for sale stood at 1.4 months in October, which is 26.3 percent lower than the same period last year. The previous ten-year average months supply of homes for October was 3.03.

Seasonal strength in October is common as people to look to make moves before Winter. With a scarcity of listings, buyers continue to snap up properties in the Kitchener-Waterloo area at a fast pace.

Here are some charts….

Historical Sales by Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

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 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 November!

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


April Home Sales up in Kitchener Waterloo while Average Prices hit all time high!!

Hope you had a chance to enjoy the great weather we had on the weekend. It seemed like a very long winter but summer is just around the corner.

Home sales were up in April and we hit an all time high for the Kitchener Waterloo Real Estate Market average home prices which is very big news!!!

There were 623 residential sales in April, an increase of 1.1 per cent versus the same month last year, and up 2.2 per cent compared to the previous ten-year average for April.

Total residential sales in April included 394 detached (up 15.2 per cent), and 75 condominium apartments (up 1.4 per cent). Sales also included 113 townhouses (down 28.9 per cent) and 41 semi-detached homes (no change).

While sales of detached homes did jump a fair bit compared to the same month last year, they were actually on par with the previous 10-year average for April, which means we are getting back to some better market conditions for both buyers and sellers.

The average sale price of all residential properties sold in April increased by 10.9 per cent to $529,800 compared to April 2018. Detached homes sold for an average price of $611,803 an increase of 7.6 per cent compared to April of last year. During this same period, the average sale price for an apartment style condominium was $339,426 for an increase of 14.3 per cent. Townhomes and semis sold for an average of $405,013 (up 5.3 per cent) and $433,949 (up 7.7 per cent) respectively.

Average sale prices hit an all-time high in April. These are the highest sale prices we’ve ever posted in a single month. It’s only the third time the overall residential sale price has exceeded half a million, and for the first time, the average price of a detached home climbed over the 600-thousand-dollar mark.

Likewise, median prices reached an all-time high in April. The median price of all residential properties sold last month increased 11.4 per cent to $490,000, and the median price of a detached home during the same period increased by 11.1 per cent to $568,500

There were 913 residential properties listed  in K-W and area last month, a decrease of 6.9 per cent compared to April of 2018, and a decrease of 1.6% in comparison to the previous ten-year average for the month of April. The total number of homes available for sale in active status at the end of April totaled 884, a decrease of 6.1 per cent compared to April of last year, but still well below the previous ten-year average of 1,485 listings for April. Months Supply of Homes for sale stood at 1.8 month in April a decrease of 5.3 per cent compared to last year.

It’s still very much a seller’s market for anyone who is looking for a home under six hundred thousand. In these challenging market conditions, i believe consumers should always seek the expert advice of a local REALTOR®.

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.

Have a wonderful Mothers Day to all the mom’s out there.

Kevin


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!


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


Stronger Condo Sales here in Kitchener Waterloo for October

Fall is here, and that brings with it leaves falling and the beautiful colors of the season. I hope you had a great Halloween with the kids and today i thought i would let you know how the Real Estate did  market here in Waterloo region.

There were  514 homes sold through the Multiple Listing System (MLS® System) in October, an increase of 7.8 per cent compared to October of last year. On a year-to-date basis 5,070 residential units have sold compared to 5,822 during the same period in 2017, a decrease of 12.9 per cent.  It was a stronger than average October for home sales and listing activity for sure.  Gradually increasing interest rates could be nudging both buyers and sellers from the sidelines of the housing market in my opinion.

Residential sales in October included 297 detached (up 4.6 per cent compared to October 2017), and 128 condominium units (up 19.6 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 36 semi-detached homes (down 18.2 per cent) and 47 freehold townhouses (up 23.7 per cent).

The average sale price of all residential properties sold in October increased 7.7 per cent to $489,725 compared to the same month a year ago. Detached homes sold for an average price of $576,731 an increase of 6.2 per cent compared to October of last year. During this same period, the average sale price for an apartment style condominium was $310,215 an increase of 24.1 per cent. Townhomes and semis sold for an average of $387,602 (up 10.9 per cent) and $403,750 (up 13.8 per cent) respectively.

The median price of all residential properties sold last month was up 6.5 per cent compared to October of last year at $444,500 and the median price of a detached home during the same period increased 8.5 per cent to $525,350. Not surprisingly we’re seeing the biggest surges in average price happening in the denser forms of housing such as condos. This is partly a reflection of demand being strongest in the entry-level price ranges as well as there being more newly constructed units in the mix.

New listings totaled 760 residential properties in K-W and area in last month, a 14 per cent increase compared to October of last year, and 12.7 per cent above the historical ten-year average of 674. The number of active residential listings  at the end of October totaled 1,014, which is 21 per cent higher than October of last year but still 461 units fewer than the previous ten-year average of 1,475 listings for October.

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 week!

Kevin


Condo sales and prices are up here in Kitchener Waterloo

The hot weather is here!!  I hope you have been able to stay cool during our recent heat wave. The June stats are out and home sales in June were down but prices are up! Have a read through the stats to hear how the Residential Home market did here in Waterloo Region.

June home sales were down 12.8 per cent compared to last month and down 15.6 per cent compared to last year’s June which was the second highest on record. A total of 604 residential properties sold in June compared to 716 the same time last year. On a year-to-date basis there have been 3,096 home sales during the first half of the year, a decrease of 19.1 per cent.  After two consecutive years of extraordinary activity where we saw home sales exceeding 700 units in June, some normality has returned to the market. The approximately 600 units that sold last month is in line with the ten-year average for June.

Residential sales in June included 365 detached (down 21.2 per cent compared to June 2017), and 151 condominium units (up 6.3 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 38 semi-detached homes (down 29.6 per cent) and 43 freehold townhouses (down 15.7 per cent).

The average sale price of all residential properties sold in June increased 5.2 per cent to $489,584 compared to the same month a year ago. Detached homes sold for an average price of $575,003 an increase of 7 per cent compared to June of last year. During this same period, the average sale price for an apartment style condominium was $314,180, an increase of 13.2 per cent. Town homes and semis sold for an average of $378,562 (up 10.8 per cent) and $391,830 (up 2.9 per cent) respectively. The median price of all residential properties sold last month was up 5.9 per cent compared to June of last year at $450,000, and the median price of a detached home during the same period increased 9.5 per cent to $520,000. There were  850 residential properties listed in K-W and area last month, down 21.5 per cent compared to June of 2017, but fairly close to the historical (2007-2016) average of 859. The number of active residential listings on the MLS® System to the end of June totaled 1,030, which is 11 per cent higher than June of last year but still significantly below the historical (2007-2016) ten-year average of 1,728 listings for June.

This is a good time to sell as demand remains strong and very competitive within some price ranges. The mortgage stress-test is certainly impacting some buyers which has made some price ranges of homes even more competitive. Of course, this is also a great time to buy in Waterloo Region. I think we’ve been traditionally a little undervalued and even with the past two years of feverish activity, Waterloo Region remains an attractive area to live and homes here will remain a good investment over the long-haul.  The average days it took to sell a home  were up slightly in June to 22 days, compared to 16 days in June 2017.

If you are thinking of buying or selling please give me a call and we can sit down, grab a coffee and discuss what the best strategy is for you and your family in this current Real estate environment here in Waterloo Region. Feel free to call me at 519-497-4646 or email direct to kevinbaker@kwhometeam.ca

Enjoy your July!!

Kevin


Strong Condo Sales in Kitchener Waterloo for May

Summer is here and I hope that you able to get out and enjoy the great weather that we have had the past month.

May was another strong month for home sales in the Waterloo region. Here are the stats for the month of May.

Last month home sales were up 12.5 per cent compared to last month and down 15.3 per cent compared to last year’s record-setting May. A total of 692 residential properties sold in May compared to 817 the same time last year. Although unit sales were down substantially compared to last year’s manic market, May was still a strong month of home buying and selling in Kitchener-Waterloo and area.

The ten-year average number of home sales in Kitchener-Waterloo and area for the month of May is 625. Residential sales in May included 414 detached (down 15.7 per cent compared to May 2017), and 169 condominium units (down 7.1 per cent). Sales also included 46 semi-detached homes (down 28.1 per cent) and 53 freehold townhouses (down 24.3 per cent).

The average sale price of all residential properties sold in May decreased 2.4 per cent to $482,873 compared to the same month a year ago. Detached homes sold for an average price of $572,206 a decrease of 3.4 per cent compared to May of last year. During this same period, the average sale price for an apartment style condominium was $301,052, an increase of 2.7 per cent. Townhomes and semis sold for an average of $365,715 (up 1.3 per cent) and $393,616 (up 2 per cent) respectively. The median price of all residential properties sold last month was down 0.9 per cent compared to May of last year at $445,000, and the median price of a detached home during the same period decreased 2.8 per cent to $520,000.

There were 1,068 residential properties listed in K-W and area last month, down 15.8 per cent compared to May of 2017, but up 14.4 per cent compared to the historical (2007-2016) average. The number of active residential listings at the end of May totaled 1,062, which is 27.9 per cent higher than May of last year but still significantly below the historical (2007-2016) ten-year average of 1,719 listings for May.

With interest rates expected to increase in July, we’re seeing strong demand for homes in Waterloo region. Sales are strongest in the four to five hundred thousand price range, and while we’re certainly seeing activity cool from the past two years, once you eliminate those you quickly realize that sales volume and prices remain ahead of the ten-year averages. The average days it took to sell a home in May was 20 days, compared to 11 days in May 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 grab a coffee and discuss the best way to make it a smooth move for your family.

Have a great June!

Kevin


Seller’s or Buyer’s Market – Depends on the price range. April Kitchener Waterloo Condo Update.

Hope you are enjoying the great weather we have been having in the past week and it looks like summer is just around the corner.

Here are the stats from April and sales have picked up.  In April, there was 616 residential properties sold  which was up 13.7 per cent compared to last month and down 19.6 per cent compared to home sales a year ago. Home sales in April were as brisk as the temperatures. While down from last year’s record breaking number of sales, it was a slightly more active April than average historically speaking.

Residential sales in April included 343 detached (down 30.7 per cent compared to April 2017), and 185 condominium units (up 12.8 per cent). Sales also included 41 semi-detached homes (down 22.5 per cent) and 46 freehold townhouses (down 13.2 per cent).

The average sale price of all residential properties sold in April decreased 6.6 per cent to $478,578 compared to the same month a year ago. Detached homes sold for an average price of $569,159 a decrease of 4.2 per cent compared to April of last year. During this same period, the average sale price for an apartment style condominium was $296,958, an increase of 10 per cent. Townhomes and semis sold for an average of $386,072 (up 2.5 per cent) and $402,842 (down 3.3 per cent) respectively. The median price of all residential properties sold last month was down 7.4 per cent compared to April of last year at $440,000, and the median price of a detached home during the same period decreased 3.9 per cent to $511,750.

There were  974 residential properties listed in K-W and area last month, down 2.2 per cent compared to April of 2017. The number of active residential listings on the KWAR’s MLS® System to the end of April totaled 993, which is 78.6 per cent more than April of last year but still significantly below the historical (2007-2016) ten-year average of 1,637 listings for April.  When you look closer at how the forces of supply and demand were at work last month, it becomes really clear that the question of it being a buyer’s or seller’s market really depends on which price range you’re in.  Last month 71 per cent of all residential sales were for less than half a million dollars, but the number of homes listed in that price range right now is a little less than half of all the inventory. I believe  the new stress test introduced earlier this year is fueling demand for lower priced homes and making it more difficult for prospective move-up buyers to get financing. The average days it took to sell a home in April was 21 days, compared to 11 days in April 2017.

If you have any questions or are thinking of buying or selling a home or condo in the coming months, give me a call at 519-497-4646 or email to kevinbaker@kwhometeam.ca  and we can sit down for a coffee and discuss the best strategy for your family.

Have a great May!

Kevin


Record Setting Home Sales in May Top 800 For Kitchener Waterloo

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

 


April was showered with home sales in Kitchener Waterloo

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


A Frenzy of February Home Sales in Waterloo Region

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


The Strong Housing Market Continues here in Waterloo Region

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


New Mortgage Rules for Canadians has started.

On October 17th, the federal government set up new guidelines for qualifying for a mortgage here in Canada. The federal government says it’s responding to concerns that sharp increases in housing prices in Toronto, Vancouver and elsewhere could increase defaults in the future, should historically low interest rates finally start to climb.

One of the key changes is that homeowners  will be subject to a mortgage rate stress test beginning Oct. 17. It does not matter what size of down payment they have. Before now, those with less than a 20 per cent down payment were required to pass a stress test and have mortgage insurance backed by the federal government through the Canada Mortgage and Housing Corporation.

The test measures whether the buyer could still afford to make payments if mortgage rates rose to the Bank of Canada’s posted five-year fixed mortgage rate.

That rate is usually significantly higher than what a buyer can negotiate with banks or other lenders. For instance, TD has a five-year fixed rate mortgage at 2.59 per cent, while the Bank of Canada’s rate is 4.64 per cent.

The stress test also sets a ceiling of no more than 39 per cent of household income being necessary to cover home-carrying costs such as mortgage payments, heat and taxes.

It has been said that Regulators are under intense pressure to do something because home prices are climbing fast and may be over-valued in some markets. They want to avoid any kind of catastrophe on their watch..

So is this a good thing for Canadian housing?  Many markets outside of the larger centers are also experiencing a sharp increase in house prices. Here in Kitchener Waterloo, the demand for medium priced homes is literally a bidding war with many homes selling for far more than i think they should be. That being said, prices are a reflection of supply and demand so that current pricing is a direct result of many more buyers than sellers.

The new rules also mean that, beginning this tax year, all home sales must be reported to the Canada Revenue Agency. The gains from sales of primary residences will remain tax-free, but the government is aiming to block foreign buyers from purchasing and flipping homes while falsely claiming the primary residence exemption from capital gains tax.

It remains to be seen whether these steps will tighten the current market, expand or collapse it. My only advice is that if you are thinking of selling your home this fall that you take advantage of the extremely low inventory levels that we have in Waterloo region.

Give me a call and we can grab a coffee and discuss the best solution for you and your family. You can reach me at 519-497-4646 or email to baker_kevin@rogers.com

Have a great day

Kevin