KITCHENER‐WATERLOO, ON (April 4, 2017) ––Residential sales through the Multiple Listing System (MLS® System) of the Kitchener‐Waterloo Association of REALTORS® (KWAR) continued their monthly ascent in March with 729 properties sold in Kitchener‐Waterloo and area. This represents a 24.2 percent increase compared to the same month last year, and is the highest March on record.

“This is the first time we’ve seen residential sales come anywhere close to the 700 unit mark so early in the year,” says James Craig, President of the KWAR. “These are exceptionally strong numbers, in fact’ we’ve only surpassed 700 units in a single month three other times: May 2007, and then not again until May and June of last year.”

During the first quarter of 2017, there were 1,532 home sales, 13.4 percent above last year’s result for the same period and 30 percent above the previous 5‐year quarterly average.  On a monthly basis, home sales were 41 percent above the previous 5‐year average for the month of March.

Residential sales in March included 444 detached homes (up 15.0 percent compared to March 2016), 164 condominium units (up 49.1 percent) which include any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 67 semi‐detached homes (up 76.3 percent) and 48 freehold townhouses (up 14.3 percent).

The average sale price of all residential sales increased 32.3 percent to $493,226 compared to March 2016. Detached homes sold for an average price of $583,144 an increase of 35.6 percent, while the average sale price for an apartment style condominium was $265,524, an increase of 25.4 percent. Townhomes and semis sold for an average of $368,554 (up 29.9 percent) and $412,226 (up 49.1 percent) respectively.

Once again in their latest monthly news release, the Canadian Real Estate Association called the disparity between limited housing supply and robust demand in Ontario’s Greater Golden Horseshoe “without precedent”. In Kitchener‐Waterloo, the number of months of inventory has stood at or below one month for eight consecutive months.

Despite the low inventory, Craig notes that people were listing their homes in large numbers last month. “We had 844 new listings processed through our MLS® System in March which is above the previous 5‐year average of 807 for the month of March.” However, due to extraordinary demand, the number of active residential listings still on the market at the end of March was well below normal with only 434 residential properties for sale, way below the previous 5‐year March average of 1,508.

The average days on market in March were significantly shorter than a year ago: 14 days, compared to 35 days. On a month to month basis, it took four fewer days to sell a home in March compared to the month before.

“In the past several months there has been plenty of conversation in the media, in the pubs, and at all levels of government surrounding housing affordability, and it’s a concern I share,” says, Craig.  “Earlier this month the Ontario Real Estate Association alongside the Ontario Home Builders’ Association called on the province to create a taskforce to address home affordability. While homeownership is an investment that has served most Canadians extremely well, it’s also becoming very difficult for those first‐time buyers who are trying to share in that dream and get into the market.”

The KWAR cautions that average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a local REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.

KITCHENER-WATERLOO, ON (March 3, 2017) ––There were 474 residential sales in February through the Multiple Listing System (MLS^® System) of the Kitchener-Waterloo Association of REALTORS^® (KWAR), an increase of 4.2 percent  compared to February 2016.

“Sales in February were well above what we would see in a typical February,” says James Craig, President of the KWAR.  The 10-year average for residential sales in Kitchener-Waterloo and area for February is 405 units. “Last month’s sales would have been much higher still were it not for the fact that we continue to have a real shortage of listings.”

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 fuelling 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.

“It’s a similar story throughout Ontario’s Greater Golden Horseshoe,” notes Craig.  “In their January release, the Canadian Real Estate Association called the region’s imbalance between limited housing supply and robust demand without precedent”.

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.

“The dream of homeownership is very much alive and well,” says, Craig. “It’s a challenging time to be selling or purchasing a home and sellers may be tempted into thinking they can simply stick a sign in the yard because it’s such a strong sellers’ market.” But Craig notes that in these market conditions it is even more important than ever to avail yourself of the professional knowledge of a local REALTOR® to guide you through these unique and evolving market conditions.

The KWAR cautions that average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a local REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.

Have you been grappling with this major decision since the start of this year – Keep my place and live here, or sell it and get way more for my asking price like everyone else around you?  What it all comes down to is exactly that – Should I stay or should I go??

Over the last six to eight months prior to the new year of 2017 we have seen an incredible change in the Kitchener-Waterloo Region Real Estate Marketplace with many homes netting far greater values than what they may be actually worth.  This is partially due to the lack of inventory levels and the influx of many new buyers from other surrounding areas wanting to get into the Kitchener-Waterloo market.

As mentioned in the KWAR (Kitchener Waterloo Association of Realtor’s) market update for December 2016 it was mentioned:

“2016 was marked by unrelenting demand for homes, in the face of fewer homes being put on the market,” said James Craig, President of the KWAR. There were 8,003 residential listings processed through the KWAR’s MLS® System in 2016, a decrease of 9.7 percent compared to 2015.

“For the past several months we’ve seen the number of months of inventory ranging between a ten-year low of 1 and 2 months,” says Craig. “While this puts sellers in a very strong position, it’s not so easy when those same sellers need to downsize or move-up.”

read the full blog post in our last December Blog

With this I wanted to clear any misconceptions you may have towards why you should make the decision to SELL your home sooner rather than later, while also keeping in mind the transition of where you will move forward with this if in fact you decide to unlock your equity and make this dream a reality.

This home sold for $155,000 more than the asking price by Riz within 12 hours of listing onto the MLS market.

I have monitored the market place since the start of the year and while in I personally can attest to having a record breaking multiple offer sale of my own in 2016 netting my sellers $155,000 more than the asking price for the above home in Laurelwood, Waterloo, we have since seen some close records being made during the start of this year of 2017 which I will share with you below.

These homes below have been listed on MLS (Multiple Listing Service) and have SOLD within just under 1 week, one being 9 days.  In most cases the homes have been showcased by way of open houses or just visits from a vast number of buyers and some of these homes have had 30 – 40 offers presented with multiple offers.

Property 1:  Listed on January 18, 2017 and sold in 9 days this Kitchener home sold for 137% over the asking price with numerous offers.

 Property 2:  This Kitchener Townhome situated in popular Huron Village was listed on January 19, 2017 and sold in 2 days for 110% over the asking price with numerous offers.

 Property 3:  This Laurelwood, Waterloo single detached home sold within 6 days of listing on January 18, 2017 for 105% over the asking price with many buyer offers.

 Property 4:  This detached backsplit home nestled in the Maple Hills area of Westmount, Waterloo was listed on January 18, 2017 and sold in multiple offers for 117% over the asking price in just 6 days.

 Property 5:  This end unit townhome in Laurelwood lasted only 6 days while being offered 40 offers and netting 132% over the asking price after being listed on January 18, 2017.

 Property 6:  This Eastbridge, Waterloo Semi-Detached home was listed on January 17, 2017 and sold within 7 days at 127% over the asking price in multiple offer bids.

 Property 7:  This single detached home in sought after Laurentian Hills, Kitchener was listed on January 16, 2017 and sold within 6 days for 112% over the asking price in multiple offers.

In summary, you can see if you are considering selling your home this year, it is imperative that you contact your Real Estate Professional who can guide you with the activity on the current marketplace and get you ready for this fierce and competitive “Seller’s Market.”  Of course, as a buyer one must also consider the vast number of opportunities lost within multiple offers with the increased number of buyers looking to purchase and the lack of inventory available, hence my wanting to reach out to anyone considering selling this year in saying, Don’t put it on HOLD…Call RIZ to get it SOLD!!!™

Let’s setup a time to meet together and discuss how I can get you more money for your home with all the buyers I have waiting to purchase homes in various areas of Kitchener-Waterloo.  My enhanced proven marketing systems have allowed me to deal with thousands of people within the Region over the years and this has brought me many referral clients.  Let me put my marketing skills to work on selling your home!

Click on the image above to be directed to my FREE Home Evaluation Sign-Up Page and let me show you how I can get you more money for your home!!!

KITCHENER-WATERLOO, ON (January 5, 2017) ––There were a total of 6,655 residential sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in 2016. That’s a thousand more units than sold in 2015, amounting to an increase of 18.1 percent and setting a new record for total annual sales.

Dollar volume of all residential real estate sold last year increased 30.9 percent to $2,578,176,468 compared with 2015.

“2016 was marked by unrelenting demand for homes, in the face of fewer homes being put on the market,” said James Craig, President of the KWAR. There were 8,003 residential listings processed through the KWAR’s MLS® System in 2016, a decrease of 9.7 percent compared to 2015.

“For the past several months we’ve seen the number of months of inventory ranging between a ten-year low of 1 and 2 months,” says Craig. “While this puts sellers in a very strong position, it’s not so easy when those same sellers need to downsize or move-up.”

The average sales price of all residential properties sold in 2016 increased 10.8 percent to $387,404 in comparison to 2015. Detached homes sold for an average price of $451,738 an increase of 12.5 percent, while the average sale price for an apartment style condominium was $229,676, an increase of 3.6 percent. Townhomes and semis sold for an average of $287,396 (up 9.9 percent) and $300,806 (up 11.8 percent) respectively.

Home sales in 2016 included 4,203 detached homes (up 16.3 percent from 2015) and 1,511 condominium type units (up 28.1 percent) which include any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 430 semi-detached homes (up 6.2 percent) and 430 freehold townhouses (up 7.2 percent).

Craig says that he expects demand for home purchasing in 2017 will continue to be strong. “There is no smoking gun to explain the current market. Mortgage rates remain low, inducing more consumers to get into the market. We have an extremely attractive community, with a growing population and diverse economy bringing in new residents to the region. Home prices remain affordable when compared to the average GTA prices.” Adding, “The challenge is inventory levels remain low, as homeowners are staying in their homes longer and some who might have otherwise moved up are choosing to avoid the hot market. What I hope to see is more balance returning to the market, because I sure don’t see the appetite for home ownership in Waterloo region letting up anytime soon.”

The KWAR cautions that average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a local REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.

KITCHENER-WATERLOO, ON (December 2, 2016) ––Home sales through the Multiple Listing System (MLS^® System) of the Kitchener-Waterloo Association of REALTORS^® (KWAR),  totalled 535 last month, an increase of 27.1 percent compared to November of 2015, marking another record breaking month for residential properties sold in Kitchener-Waterloo and area.

November’s sales included 352 single detached homes (up 34.4 percent compared to November 2015) and 118 condominium type units (down 22.9%) which include any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 32 semi-detached homes (up 45.5 percent) and 28 freehold townhouses (down 20 percent).

Record breaking sales are also being tallied on a year-to-date basis with 6,352 residential transactions compared to 5,341 during the same period in 2015, representing an increase of 18.9 percent.  “Year-to-Date Sales to the end of November have now exceeded any previous end-of-year totals on record,” says James Craig, president of the KWAR. He points out that in 2007, sales to the end of the year exceeded 6,000 units for the first time, and haven’t hit that high-water mark again, until now, an entire month earlier.

Inventory levels on the other hand, remain stubbornly low. In their October release, the Canadian Real Estate Association stated that, “the tight balance between housing supply and demand in Ontario’s Greater Golden Horseshoe region is without precedent (including the GTA, Hamilton-Burlington, Oakville-Milton, Guelph, Kitchener-Waterloo, Cambridge, Brantford, the Niagara Region, Barrie and nearby cottage country).”

As of the end of November, the KWAR’ MLS® System only had 565 active residential listings on the market, down 23.1 percent compared to the previous month, and 60.8 percent below the same period last year.

The average price of all residential properties sold in November was $411,602 a 15.5 percent increase over 2015. Detached homes sold for an average price of $473,104, an increase of 13.9 percent compared to November 2015.  During this same period, the average sale price for an apartment style condominium was $209,360, a decrease of 8 percent. Townhomes and semis sold for an average of $310,151 (up 14.8 percent) and $330,534 (up 27.7 percent) respectively.

“With a notable shortage of inventory, many properties are selling above list price,” said Craig. “This is because you have many buyers competing for fewer properties, and this is pushing up the average price.”

The median price of all residential properties sold in November increased 18 percent to $377,500, and the median price of a detached home during the same period increased 16.4 percent to $425,000.

Agent Spotlight Feature in

Homes Plus Magazine

Check it out on page 62!

There are many costs involved in buying a house or condominium. You also need to consider what you can afford. Some of the costs of buying a home include:

Down payment – A portion of the price of the home (between 5% and 25%). You pay the down payment before you can apply to a bank, trust or credit union for a loan (mortgage) on the remaining amount of the purchase price.

Mortgage – A loan that you repay in monthly, bi-weekly or weekly installments over 5-25 years. You must repay both the amount you borrow (principal) plus the charge for borrowing the money (interest).

Property taxes – Taxes you pay to your municipal government (1). These taxes help pay for local services such as police and fire protection, garbage and snow removal, road maintenance, schools and public health. The Municipal Property Assessment Corporation (MPAC) assesses all properties in Ontario. You can call MPAC for more information:  Telephone: 1-866-296-MPAC (6722)

Condo fees– If you live in a condominium, you will pay a monthly fee for general maintenance of the building.

Renovation – Structural repairs, especially to older homes.

Maintenance – You may also have to pay for unexpected repairs and replace expensive things such heating and cooling systems, depending on the age of your home.

Hidden Costs

First-time buyers are often surprised by the hidden costs of home ownership. These costs include:

Property appraisal fees

Home inspection fees

Service charges for connecting utilities (electricity, water and gas)

Moving expenses

Property insurance

There are many people that can become involved in buying a home such as real estate agents, lawyers, inspectors and appraisers and there are costs associated with using their services. TheCanada Housing and Mortgage Corporation (CMHC) (2) has a guide called “Buying a Home: Who You Need on Your Team” that is available in 8 languages. You can get your free copy of this guide by calling the CMHC Order Desk at 1-800-668-2642.

The CMHC also has a publication called “The ABCs of Mortgages” which outlines the terms and conditions of a mortgage, your rights and responsibilities, and tips on how to pay your mortgage off faster. You can call the CMHC Order Desk to get this publication.

 House or Condo?

There are 2 categories of home ownership in Ontario:

Full ownership means you own the entire property, including the house, garage and the land. You are responsible for paying the mortgage, property taxes and utilities (for example, electricity and water) and all maintenance and repairs.

Condominium ownership means you own a unit in an apartment building or townhouse complex, but not the building or the land. You are responsible for paying the mortgage, property taxes and utilities for your unit.

Condominium owners join together in a corporation and elect a board of directors to manage the building and the land. You pay a monthly fee to the condominium corporation towards maintenance and repairs.

 For more information:

(1) Municipal Governments: http://findlink.at/m-govt

(2) Canada Mortgage and Housing Corporation: http://findlink.at/cmhc

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