Kitchener Waterloo November Market Update and NO to the MLTT
Realtors and Home owners here in Waterloo Region and across Ontario have spoken and the Minister of Municipal Affairs and Housing has heard our outrage. The Minister confirmed this week that the government will not give the municipalities the ability to charge the Municipal Land Transfer Tax.
This is fantastic news for everyone in the region!!!
Now that this bullet is dodged, here in Waterloo Region it was another good month of home sales with a total of 413 residential properties sold last month compared to 376 in November last year. This number included 254 single detached homes (up 10.0% from last November), 22 semi-detached (down 45%), 33 townhomes (down 15.4%) and 99 condominium units (up 37.5%).
Average prices also increased 8.2% to an average price of $412,581 for single detached homes. Condo’s were up 7.3% with an average of $225,341, while townhomes and semis sold for an average of $313,015 (up 13.8%) and $257,995 (down 1.9%) respectively. Average sale price of all residential sales through the Kitchener Waterloo MLS system increased to $350,703 up 6.7%
With 2015 drawing to a close shortly we have had another outstanding year for homes sales in Waterloo Region. CMHC is forecasting steady mortgage rates and stronger employment in the Region for 2016 and that means continued demand for housing. Comparing our prices here against our neighbors in the GTA, Waterloo Region still remains very affordable.
If you are looking to make a move in the spring and would like to have a better idea of what your home is worth click here now. Whether buying or selling give me a call and let’s sit down for a coffee and discuss how we can help make the move to a new home a smooth one for you and your family. I can be reached at 519-497-4646 or email to kevinbaker@kwhometeam.ca
Have a Wonderful Holiday Season with your family!
Kevin
December 4, 2015 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers | Tags: condo buying, condo selling, condo units, downsizing, first time buyer, home inspectors, kevin baker, kitchener, ktichener, land transfer tax, loft, loft buying, loft selling, market, market update, market value, MLTT, mortgage, mortgage brokers, new construction, real estate, realtor, remax, sales reps, twin city realty, update, waterloo, waterloo region | Leave a comment
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
November 9, 2015 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers | Tags: condo, condo buying, condo units, condo value, downsizing, first time buyer, kitchener, kwhometeam, loft, loft apartments, loft buying, market update, mortgage brokers, new construction, real estate, realtor, remax, sales reps, twin city realty, update, waterloo, waterloo region | Leave a comment
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.
October 29, 2015 | Categories: Buyers, Kitchener Waterloo, Loft Style, Sellers | Tags: condo buying, condo prices, condo selling, condo units, condo value, downsizing, first time buyer, kevin baker, kitchener, kwhometeam, loft selling, market update, real estate, realtor, remax, sales reps, twin city realty, waterloo, waterloo region | Leave a comment
Kitchener Waterloo Home and Condo Sales Remain Strong in August
Its been another strong month of home sales here in the Waterloo Region. With a total of 459 sold through the Multiple Listing System (MLS®). The month of August did post a 2.1% decrease in home sales compared to the same month last year across Kitchener-Waterloo and area. However, home sales in the month of August were 9.5% percent above the 5-year average for the month.
This strong sales activity helped bring year-to-date total sales to 3,991, a 6.1% increase compared to the same time last year, and 6% above the 5-year average. Year-to-date sales were also the highest on record since 2008. There was strong residential sale activity this summer season and with recording setting year-to-date sales it’s clear that buyers remain confident about the value of homes in Kitchener-Waterloo and area.
Residential sales in August included 284 single detached homes (down 2.1% from last year), 35 semidetached (up 2.9%), 29 townhomes (down 17.1%) and 107 condominium units (down 0.9%). The average sale price of all residential sales through the KWAR’s MLS® System increased 6.6% percent last month to $347,057 compared to August 2014. Single detached homes sold for an average price of $401,533 an increase of 6.2% percent compared to last year. The average sale price for a condominium was $241,508, an increase of 7.7% percent and the average sale price for a freehold townhome was $300,546, an increase of 2.9% percent from the same time last year.
Overall these numbers show that the real estate sector here in the Kitchener Waterloo is showing no signs of slowing down and points to a long term stability and strength.
If you have any questions on any of the information provided above or would like to discuss your specific real estate needs please give us a call or email to kevinbaker@kwhometeam.ca
Have a great day!
September 9, 2015 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized | Tags: CMHC, condo buying, condo selling, condo units, condo value, first time buyer, kevin baker, kitchener, ktichener, loft, loft apartments, loft buying, loft selling, market, market update, mortgage, mortgage brokers, mortgage news, new construction, real estate, realtor, remax, sales reps, twin city realty, update, waterloo, waterloo region | Leave a comment
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
July 8, 2015 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized | Tags: CMHC, condo, condo buying, condo selling, condo units, condo value, downsizing, first time buyer, kevin baker, kitchener, kwhometeam, loft, loft apartments, loft buying, market, market update, mortgage, mortgage brokers, mortgage rates, new construction, real estate, remax, sales reps, twin city realty, update, waterloo | Leave a comment
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
June 8, 2015 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized | Tags: arrow, arrow lofts, bauer lofts, CMHC, condo, condo buying, condo costs, condo selling, condo units, condo value, downsizing, first time buyer, kaufman lofts, kevin baker, kitchener, kwhometeam, loft, loft apartments, loft buying, loft selling, lofts, mansion lofts, market update, market value, mortgage, new construction, real estate, realtor, remax, seagrams, seagrams lofts, twin city realty, update, waterloo, waterloo region | Leave a comment
CMHC Raises Insurance Premiums for Highest Risk Purchasers – Kitchener Waterloo Condos and lofts
Are you looking to buy your first home or condo? Do you have less than 10% as a down payment?
If so then you need to be aware of recent changes to the mortgage insurance premiums that are offered through CMHC (Canadian Mortgage and Housing Corporation)
It was announced a few days ago that Canada’s federal housing agency is raising mortgage insurance premiums as part of a plan to boost its capital reserves.
Canada Mortgage and Housing Corp. said it is raising premiums on the highest-risk mortgages – borrowers who have down payments of less than 10 per cent – by 15 per cent starting June 1.
What does this mean for buyers?
The increases only apply to new mortgages for borrowers with small down payments. Those who put down more than 10 per cent of the purchase price aren’t affected. Premiums will also remain unchanged on CMHC’s portfolio insurance, which lenders take out on bundles of uninsured mortgages so they can securitized them, as well as the agency’s insurance for apartment buildings.
The effects will be modest for affected borrowers. An average Canadian borrower who can afford to pay the only the minimum 5-per-cent down payment typically takes out a mortgage of $252,000, CMHC said. Premiums for those borrowers would rise $5 a month, or about $1,500 more over the course of a 25-year mortgage.
CMHC predicted the changes would “not have a material impact on housing markets,” suggesting the agency isn’t looking to cool the housing market. Senior vice-president Steven Mennill stressed in a call with reporters that the changes were a “business decision” related to higher capital requirements and “not in any way related to a change in policy or approach.”
One thing is clear: By limiting increases only to borrowers with less than 10-per-cent down payments, the federal corporation is concerned that it was underpricing the risk on the most indebted borrowers.
Mortgages with lower levels of equity are typically more vulnerable to a housing shock and require higher levels of capital reserves to account for potential losses, which means higher premiums for riskier borrowers.
My advice would be is if you are thinking of buying a home or condo this spring and have less than a 10% down payment that you take advantage of the lower premiums offered before June 1st.
For more details or questions please email myself at kevinbaker@kwhometeam.ca or give us a call at 519-579-4110
Enjoy your week!
Kevin
April 8, 2015 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers | Tags: canadian mortgage housing corporation, CMHC, condo, condo buying, condo selling, condo units, condo value, downsizing, first time buyer, kevin baker, kitchener, loft, loft apartments, loft buying, loft selling, market update, mortgage, mortgage news, real estate, realtor, remax, sales reps, twin city realty, waterloo, waterloo region | Leave a comment
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
April 7, 2015 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers | Tags: CMHC, condo buying, condo selling, condo units, condo value, first time buyer, kevin baker, kitchener, kwhometeam, loft, loft apartments, march update, mortgage, mortgage news, new construction, real estate, realtor, remax, sales reps, twin city realty, waterloo, waterloo region | Leave a comment
January Home Sales Cool Off to Start 2015 in Kitchener Waterloo – Condo Market Update
After a busier than normal December, home sale in the Kitchener Waterloo region have cooled off slightly. Sales were down in January compared to January of 2014, with 290 residential properties being sold last month. A 9.9 percent decrease compared to the same month last year. This isn’t unexpected as the winter months are typically not as active leading up to the busy spring market.
January’s residential sales included 188 detached homes (down 9.6 percent compared to January 2014) 57 condos (down 24 percent), 18 semis (up 5.9 percent), and 25 freehold townhouses (up 31.6 percent).
The average sale price of all homes sold in January was $318,075, a decrease of 1.6 percent compared to the same time last year. Single detached homes sold for an average price of $357,018, a decrease of 4.6 percent compared to January 2014.
In the condominium market the average sale price in January was $230,216, a 6.6 percent increase compared to the same month a year ago.
With the recent interest rate cuts and the positive economic predictions for the region by a number of outside sources, this should continue to draw people looking to live and invest in Waterloo Region. The general consensus is that the spring market will again be a very active one.
If you have any questions or are thinking of buying or selling this spring please give me a call and we can discuss how to get started.
Have a great family day weekend everyone!
February 9, 2015 | Categories: Uncategorized | Tags: agent, assessment value, banks, condo, condo buying, condo costs, condo selling, condo value, first time buyer, home value, kitchener, market update, new construction, remax, spring market, twin city realty, waterloo, waterloo regiion | Leave a comment
Kitchener Waterloo Home and Condo Sales Reach Record High for September
All i have to say is WOW! It was a very busy month in the Kitchener Waterloo Real Estate market.
Here are the numbers…A total of 553 residential properties were sold through the Multiple Listing System (MLS®) in September, marking a new record high for the month on September. Home sales were up 14.3 percent over last year.
On a year-to-date basis 5,210 residential units have sold compared to 5,138 during the same period in 2013.
This confirms my thoughts that due to the traditional slower than usual spring market was pushed into the summer months because of the brutal winter weather we experienced earlier in the year. It also followed up on a very active month of August.
More sales in the higher price ranges in September contributed to an 8.8 percent increase in the average price of a detached home to $385,780 compared to last year. The average price for a condominium was $233,321, an increase of 4.8 percent over September 2013. The average sale price of all residential sales increased 7.7 percent to $338,350 over September 2013.
Residential sales in September included 359 single detached homes (up 15.1% from last September), 48 semi-detached (up 6.7%), 35 townhomes (on par with last year) and 108 condominium units (up 27.1%).
The average price of all residential properties sold year-to-date was $337,661, a 4 percent increase over 2013. The average price of a detached home to the end of the third quarter was $383,885, a 4.3 increase over 2013.
This is fantastic news once again for the Kitchener Waterloo Real Estate Market and we are looking forward to another above average month in October.
If you have any questions on the information above or would like to discuss any of your Real Estate needs whether buying or selling, feel free to give me a call at 519-579-4110 or email direct to kevinbaker@kwhometeam.ca
Have a wonderful month
Kevin
October 6, 2014 | Categories: Uncategorized | Tags: agent, cambridge, condo, condo buying, condo sales, condo selling, condo units, condo value, fall market, kitchener, market update, remax, september, twin city realty, waterloo | Leave a comment
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
September 8, 2014 | Categories: Uncategorized | Tags: assessment, CHMC, condo, condo buying, condo costs, condo selling, condo units, condo value, fall market, first time buyer, kevin baker, ktichener, kwhometeam, loft, loft apartments, market, market update, market value, real estate, realtor, remax, sales rep, sales representative, selling my condo, twin city realty, waterloo | Leave a comment
June Condo Update for Kitchener Waterloo Real Estate
It was another solid month for home sales in Waterloo Region. Although the number of sales was down compared to last year they were up compared to the 5 year average. Prices were also up which is a great sign that the buyers are still out there and looking to make a move. If you have any questions or would like more specific pricing on your home please don’t hesitate to give me a call.
STEADY STREAM OF HOME SALES FOR THE MONTH OF MAY
KITCHENER-WATERLOO, ON (June 4, 2014) –– Residential property sales through the Multiple Listing
System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in May were down
5.6 percent compared to last year’s record setting month of May.
A total of 725 residential properties were sold in the month of May compared to 768 the same time
last year. This was only the second time since 2007 that residential sales in May have exceeded 700
total sales. Comparing the 5-year average for the month of May shows a 5.7 percent jump in
residential sales.
“The spring home buying season was in full swing this May” says Lynn Bebenek, President of KWAR.
“Strong sales and price gains reflect the confidence homebuyers have in regional housing market as
a great place to live and invest.”
May’s sales included 514 single detached homes (down 3.4 % from last year) 101 condominium units
(down 17.9 %), 60 semi-detached (up 3.4 %) and 43 freehold townhouses (down 2.3 %).
The average sale price of all residential sales through the KWAR’s MLS® System increased 3.5 percent
last month to $345,323 compared with May 2013. Single detached homes sold for an average price
of $386,474 an increase of 2.1 per cent compared to last year. The average sale price for a
condominium was $226,157, an increase of 6.4 percent compared to May 2013.
June 10, 2014 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized | Tags: condo selling, condo units, condo value, downsizing, first time buyer, kevin baker, kitchener, loft, loft apartments, loft buying, loft selling, market, market update, mortgage, mortgage brokers, real estate, remax, sales reps, twin city realty, waterloo, waterloo region | Leave a comment
February Real Estate Update for Kitchener Waterloo – Condo’s Leading The Way
With the cold weather still keeping its grip on us here in Kitchener Waterloo, the Residential Real Estate market is starting to show signs of life. Even though the volume of sales are down about 4% the prices are still rising steadily. Condos are leading the way for another month in a row up 6.3%.
Have a look at the entire Media release from the Kitchener waterloo real estate board and if you have any questions please don’t hesitate to give me a call.
HOMES SALES STEADY IN FEBRUARY
KITCHENER-WATERLOO, ON (March 5, 2014) –– Residential sales through the Multiple Listing System (MLS®) of the
Kitchener-Waterloo Association of REALTORS® (KWAR) were down 4.0 percent in February compared to the
same month last year and up 34 percent compared to January’s results which were hampered by extreme
cold and snow.
A total of 431 residential properties were sold compared to 449 the same time last year. Residential sales in
February included 274 single detached homes (down 8.7% from last February), 33 semi-detached (down
13.2%), 28 townhomes (down 3.4%) and 93 condominium units (up 16.3%).
“February sales showed a healthy increase compared to January,” stated Lynn Bebenek, President of the
KWAR. “Low interest rates and a diverse and vibrant regional economy will continue to support a stable market
for the Kitchener-Waterloo area.”
Single detached homes sold for an average price of $387,288 an increase of 5.1 percent compared to last
year. The average sale price for a condominium was $233,657 an increase of 6.8 percent while townhomes and
semis sold for an average of $281,636 (down 0.7%) and $246,171 (down 3.0%) respectively. The average sale
price of all residential sales through the KWAR’s MLS® System increased 3.0 percent to $335,217 compared to
February 2013.
“Following up on what has been one of the coldest winters on record I expect we will see home buyers and
sellers out in full force come the spring time,” said Bebenek.
March 5, 2014 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized | Tags: condo buying, condo selling, condo units, condo value, downsizing, first time buyer, kevin baker, kitchener, ktichener, kwhometeam, loft, loft apartments, loft buying, market, market update, mortgage brokers, new construction, real estate, realtor, remax, twin city realty, update, waterloo | Leave a comment
CMHC Premiums Are Going Up – Kitchener Waterloo Condos for sale
CMHC (Canadian Mortgage Housing Corporation) Announced that their Loan Insurance Program is going to be changing. What does that mean for Canadians purchasing properties with less than 35% down? Have a look at the chart below to see how the costs will be changing. If you have any questions or would like any advice please give us a call.
March 3, 2014 | Categories: Buyers, Kitchener Waterloo, New Construction, Uncategorized | Tags: canadian mortgage housing corporation, CHMC, CMHC, condo buying, condo selling, condo units, condo value, downsizing, first time buyer, kitchener, loft, loft buying, market update, mortgage, mortgage brokers, new construction, twin city realty, waterloo | Leave a comment
Condo Sales Up! February 2014 Kitchener Waterloo Real Estate Update
JANUARY’S DEEP FREEZE SLOWS OVERALL HOME SALES
CONDO SALES UP IN JANUARY
With most of the country still locked in the DEEP FREEZE, Kitchener waterloo still remains strong on pricing even though sales are slipping a little. The warm weather approaching soon(i hope), I would expect that the market will kick into high gear with strong sales.
If you have any questions on the market in general or specific pricing of your home please don’t hesitate to give me a call.
See below to read the excerpt from the Kitchener Waterloo Real Estate Boards stats.
KITCHENER-WATERLOO, ON (February 5, 2014) –– Homes sales through the Multiple Listing System (MLS®) of the
Kitchener-Waterloo Association of REALTORS® (KWAR) in January were down 5.3 percent compared to January
of last year.
A total of 319 residential properties were sold compared to 337 the same time last year. Residential sales in
January included 207 single detached homes (down 13.4% from last January), 17 semi-detached (down 29.2%),
18 townhomes (down 28%) and 74 condominium units (up 54.2%).
“Coming off a strong 2013, the pace of home sales slowed down somewhat in January,” stated Lynn Bebenek,
President of the KWAR. “The weather didn’t help much either; the extreme cold and heavy snow made
January a less than desirable month to be out looking at houses.”
January’s deep freeze didn’t hamper sale prices however, single detached homes sold for an average price of
$375,009 an increase of 5.7 percent compared to last year. The average sale price for a condominium was
$214,921 an increase of 1.5 percent, while townhomes and semis sold for an average of $263,679 (down 0.9%)
and $254,807 (up 3.5%) respectively. The average sale price of all residential sales through the KWAR’s MLS®
System increased 1.1 percent to $323,533 compared to January 2013.
“The winter months can be hit or miss depending on the weather,” says Bebenek. “Buyers and sellers will be all
the more eager once spring hits, and we are expecting a strong spring market.”
February 10, 2014 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers | Tags: CMHC, condo buying, condo selling, condo units, downsizing, first time buyer, kevin baker, loft, loft apartments, loft buying, loft selling, market, market update, mortgage, real estate, remax, sales reps, twin city realty, waterloo, waterloo region | Leave a comment
10 Tips for Furnace Efficiency – Kitchener Waterloo Condos for sale
as furnaces are relatively easy to operate and maintain, but they do require regular maintenance to stay in good condition. Gas furnaces can be dangerous if they are in need of maintenance and you neglect them; for instance if there is a gas leak it could be very dangerous if not addressed early. This article will take a look at 10 maintenance tips for gas furnaces.
1. Check for gas leaks
Gas leaks on gas furnaces are easy to spot, you can tell from gas build up on the floor or from the smell of gas around the furnace area. Gas leaks require a professional to fix the furnace to ensure the safety of the unit.
2. Thermostat working properly?
Have you noticed the house is either really warm or really cold, but the thermostat is set at a comfortable temperature? When a thermostat is not working properly the furnace will not heat the house properly, which makes the unit very inefficient.
3. Control valve turned open?
Is your furnace producing no heat and you can’t figure out what’s wrong? A common problem when getting a gas furnace to run properly is that the control valve is turned off, if the valve is turned off the furnace will not produce heat.
4. When have you changed the air filter?
Regularly changing the air filter is an important part of gas furnace maintenance that should be addressed regularly. Air filters can be purchased at almost any hardware store, and they are not expensive. A dirty air filter will make the gas furnace produce less heat and make it incredibly inefficient.
5. Does your gas furnace need cleaning?
Cleaning is a regular task for proper gas furnace maintenance. Click here for a step by step guide to properly cleaning a gas furnace.
6. When was the last time you checked the tension belt?
If your gas furnace is running loudly and you can’t seem to figure out why the tension belt may be a possible cause.
7. Have you checked the pilot light?
If the pilot light is out the furnace will not work, therefore make sure the pilot light is lit and working properly. The pilot light should be a deep hot blue, but if it is another color then it is not working properly.
8. When was the last time you oiled the motor?
Oil is necessary for proper maintenance on a gas furnace; all you have to do is add a couple of drops, nothing too much. Oil should be added to the motor every season, and when you think the motor needs it.
9. Check the venting regularly
The venting that is hooked up with the gas furnace should be checked regularly for blockages and debris. If the ventilation is blocked it could pose a variety of health hazards including carbon monoxide poisoning.
10. Shutting the system off post cold season
Gas furnaces do need to be shut off after the winter season, and ideally they should be cleaned and the air filter should be replaced. All the above tips should be applied at the beginning of every season for a proper working gas furnace.
January 28, 2014 | Categories: Buyers, Kitchener Waterloo, New Construction, Sellers | Tags: condo buying, condo selling, condo units, downsizing, first time buyer, kevin baker, kitchener, loft, loft selling, market update, new construction, real estate, remax, sales reps, twin city realty, waterloo | Leave a comment
Top 10 Mortgage Tips for 2014 – Kitchener Waterloo Condos and Lofts
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Your home may be the biggest investment you’ll ever make. That means you want to be smart with your mortgage. Although we can’t say for sure what mortgage rates will do – or how the housing market will shift – we have compiled our top tips for the year ahead; sensible strategies for today’s homebuyers and owners.
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January 9, 2014 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers | Tags: condo buying, condo selling, condo units, condo value, downsizing, first time buyer, kevin baker, kitchener, ktichener, loft, loft apartments, loft buying, loft selling, market, market update, mortgage, mortgage brokers, mortgage news, mortgage rates, real estate, remax, sales reps, twin city realty, waterloo, waterloo region | Leave a comment
The Stats Are In! Another Great Year for Kitchener Waterloo Real Estate – Market Update
The Stats are in and it was another positive year for the Kitchener Waterloo Real Estate Market.
More homes were sold in 2013 than in the previous two years, and the 6,366 residential sales processed through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) this past year were above the 10-year average.
In a year when troubling news concerning one of the region’s largest employers dominated not only headlines, but the hearts and minds of many, the Kitchener-Waterloo housing market fared remarkably well.
“Throughout last year we saw the fate of Waterloo region called into question by those who didn’t fully grasp the depth of our region’s overall economy,” said Lynn Bebenek, President of the KWAR. “While the strength of our housing market is only one economic indicator, this past year demonstrated the confidence buyers and sellers have in Kitchener-Waterloo’s real estate market.”
Sales of homes got off to a slow start in 2013 before heating up in May and stayed strong through to the end of the third quarter. In December, following two months of slower activity, a total of 279 residential properties sold, representing an increase of 3 percent over the same month last year.
The dollar volume of sales in 2013 increased 6.5 percent over last year, totalling $2,057,707,041 and surpassing the “2 billion” dollar mark for the first time in the KWAR’s history.
Close to half of all residential properties (47%) sold above $300,000 in 2013 compared to 43% in 2012. The average price of all residential properties sold in 2013 increased 4 percent to $323,335. Single detached homes sold for an average price of $366,907 in 2013, an increase of 3.7 percent. In the condominium market the average sale price in 2013 was $216,866, an increase of 1.5 percent compared to the previous year.
Home sales in 2013 included 4,241 detached homes (up 4.2 percent from 2012), 1,151 condos (down 3.9 percent), 505 semis (up 3.7 percent), and 399 townhouses (down 0.3 percent)
January 6, 2014 | Categories: Buyers, Kitchener Waterloo, Loft Style, New Construction, Sellers, Uncategorized | Tags: CMHC, condo, condo buying, condo selling, condo units, condo value, downsizing, first time buyer, kitchener, kwhometeam, loft, loft apartments, loft buying, loft selling, market, market update, mortgage brokers, new construction, real estate, remax, twin city realty, update, waterloo, waterloo region | Leave a comment
How To Hide All Those Cords from Behind the Desk
Do you find that all those, computer, phone, monitor cords etc are a real pain to look at everyday? Do you wish you had a great idea to hide them from sight?
Well here is a great blog post I found on how just to do that. Have a look and have fun with the project
http://www.houzz.com/ideabooks/20759446/list/Hide-Cords-in-Style-With-DIY-Graphic-Panels
December 15, 2013 | Categories: Buyers, Kitchener Waterloo, Loft Style, Sellers | Tags: condo buying, condo selling, condo units, condo value, downsizing, first time buyer, kevin baker, loft selling, market update, mortgage, real estate, remax, sales reps, twin city realty, waterloo, waterloo region | Leave a comment
November 2013 Real Estate Market Update for Kitchener Waterloo
HOME SALES DOWN IN NOVEMBER, UP ON YEAR-TO-DATE BASIS
KITCHENER-WATERLOO, ON (December 4, 2013) –– Homes sales through the Multiple Listing System (MLS®) of the
Kitchener-Waterloo Association of REALTORS® (KWAR) in November were down 8.2 percent compared to
November of last year. Residential sales have totalled 6,080 on a yearly basis which represents a 2.3 percent
increase over last year, and also a year-to-date record for total units sold since 2007.
A total of 459 residential properties were sold compared to 500 the same time last year. Residential sales in
November included 295 single detached homes (down 9.2% from last November), 41 semi-detached (up
20.6%), 30 townhomes (up 7.1%) and 90 condominium units (down 15.1%).
“Looking back on 2013 as it winds down, we’ve had a strong and stable year of homes sales” says Lynn
Bebenek, newly elected President of KWAR. “The strength of our local economy and low interest rates continue
to support housing demand in Waterloo Region.”
Single detached homes sold for an average price of $370,068 an increase of 3.0 percent compared to last
year. The average sale price for a condominium was $214,932 an increase of 3.4 percent while townhomes and
semis sold for an average of $268,194 (up 2.3%) and $240,645 (up 1.7%) respectively. The average sale price of
all residential sales through the KWAR’s MLS® System increased 3.1 percent to $320,591 compared to November
2012.
“November’s housing sales demonstrate that Waterloo region continues to be a desirable place to live and
work,” says President Bebenek, “With local job creation expected to outpace losses next year, and barring any
drastic changes in lending rates, Waterloo region should continue to enjoy a healthy housing market in 2014.”
December 4, 2013 | Categories: Buyers, Kitchener Waterloo, New Construction, Sellers, Uncategorized | Tags: condo buying, condo selling, condo units, condo value, downsizing, first time buyer, kevin baker, kitchener, kwhometeam, loft, loft selling, market, market update, mortgage brokers, real estate, realtor, remax, sales reps, twin city realty, update, waterloo, waterloo region | Leave a comment
Carbon Monoxide Detectors Become Mandatory in Ontario Homes – Kitchener Waterloo
A new Bill has passed. Nearly five years after a Woodstock family was killed by carbon monoxide poisoning, provincial politicians have passed a bill that mandates all Ontario homes have CO detectors. I think this is a fantastic idea.
For more info visit
Rosie Del Campo has the latest: http://bit.ly/1igsCR2
November 28, 2013 | Categories: Buyers, Kitchener Waterloo, Sellers, Uncategorized | Tags: carbon monoxide, condo buying, condo selling, condo units, first time buyer, government, kevin baker, kwhometeam, loft apartments, loft buying, loft selling, ontario, remax, twin city realty, waterloo | Leave a comment
City Centre Condo in Downtown Kitchener set to start construction
November 10, 2013 | Categories: Buyers, Kitchener Waterloo, New Construction, Uncategorized | Tags: city centre, condo, condo buying, condo units, downtown, first time buyer, kitchener, kwhometeam, loft, loft apartments, loft selling, lofts, new construction, real estate, remax, sales reps, twin city realty, update, waterloo, waterloo region | Leave a comment
October 2013 Market Update for Kitchener Waterloo Real Estate
SOLID HOME SALES IN OCTOBER
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.
November 7, 2013 | Categories: Buyers, Kitchener Waterloo, Loft Style, Sellers, Uncategorized | Tags: CMHC, condo buying, condo selling, condo units, condo value, downsizing, first time buyer, kevin baker, loft, loft apartments, loft buying, loft selling, market, market update, mortgage, mortgage news, remax, sales reps, twin city realty, update, waterloo, waterloo region | Leave a comment
Get the Best Mortgage Rate: Five tips for Financial Fitness – Kitchener Waterloo Condos and Lofts
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.
November 6, 2013 | Categories: Buyers, Kitchener Waterloo, Loft Style, Sellers | Tags: CMHC, condo, condo buying, condo selling, condo units, condo value, downsizing, first time buyer, kevin baker, loft buying, loft selling, market update, mortgage, mortgage brokers, mortgage news, mortgage rates, new construction, real estate, realtor, remax, twin city realty, waterloo, waterloo region | Leave a comment
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