KITCHENER-WATERLOO, ON (November 5, 2013) –– Residential property sales through the Multiple Listing System
(MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in October were down 4.0 percent
compared to October of last year.
A total of 481 residential properties were sold compared to 501 the same time last year. Year-to-date sales are
up 3.3 percent with 5,620 homes trading hands so far this year. That stands 2.2 percent above the 5-year
average and up 3.2 percent from the same time in 2012. Residential sales in September included 313 single
detached homes (down 2.8% from last October), 44 semi-detached (down 8.3%), 36 townhomes (up 9.1%) and
85 condominium units (down 7.6%).
“On a monthly basis the number of sales in October was in line with the average of the past 5 years,” says
Dietmar Sommerfeld, President of KWAR. “Looking at year-to-date figures, homes sales are the highest they’ve
been compared to the last five years.”
Sommerfeld says he is confident about the local economy and the region’s housing market, pointing to a
recent Canadian Mortgage Housing Corporation (CMHC) report (Fall 2013) that states steady mortgage rates
combined with stable/increasing employment in the Region will continue to keep housing demand strong
moving into early 2014.
Single detached homes sold for an average price of $352,807 an increase of 3.6 percent compared to last
year. The average sale price for a condominium was $214,226 a decrease of 0.7 percent compared to
October of last year. The average sale price of all residential sales through the KWAR’s MLS® System increased
3.3 percent to $312,785 compared to October 2012.
If you ever have any questions on the information provided or specific pricing of your home feel free to give me a call to discuss. I am always happy to help.
When the time is right for you to buy a home, make sure you are financially fit and eligible for the best possible mortgage rates. Here are our top five tips to boost your “financial fitness”:
1. Whip it. Whip your credit rating into shape: pay your bills on time… every time. Keep your oldest credit card for its history, and make sure it’s always paid on time. Try not to apply for any new credit.
2. Follow the 33% rule. Never run up a credit card or line of credit past 33% of its available limit. If you’ve got a $3,000 limit, then $1,000 is your absolute ceiling.
3. Cash is king. Gather up the maximum down payment possible. The more money you put down on a home, the better.
4. Be prepared. Put together a file folder with the following: pay stubs, or proof of self-employment income, list of debts and assets, and current bank statements. We can advise what you’ll need.
5. Start a dialogue. Talk to us about your plans. Find out if you can pre-qualify, and ask about how you might qualify for the best possible rate.
The process of qualifying for a mortgage begins long before you decide to buy a home! But if you make a plan to improve your financial fitness… you’ll have no shortage of lenders willing to compete for your business. For more information or a connection to a great Broker just give me a call. I am happy to help.
Given the large financial commitment of a mortgage, it’s surprising that 44 per cent of Canadian homeowners either just accept whatever their lender offers at renewal, or don’t even remember how they renewed!
It’s tempting to just sleepwalk through the mortgage renewal process. But if you’re not doing even the slightest comparison shopping or negotiating, then you’re missing out on an opportunity to save thousands on your mortgage. When your lender sends you a letter saying it’s time to renew… what that really means is that it’s time to get advice. Professional, independent advice.
Get an expert second opinion on what you’re being offered. We’ll take a look, and compare it to what we can find out there as an alternative among the 50 or more lenders we have access to.
Got a mortgage renewal coming up in the next six months? Give me a call and I will connect you to someone that can help.
I listened to Craig Alexander, Chief Economist for TD Bank speak yesterday on where he see’s the Real Estate market going for 2013. Have a look at the video to hear my thoughts on what he had to say.
When the time is right for you to buy a home, make sure you are financially fit and eligible for the best possible mortgage rates. Here are our top five tips to boost your “financial fitness”:
KW Condos and Lofts.com 