By Kitchener-Waterloo Association of REALTORS® (KWAR) admin •October 3th, 2013

There were are total of 478 home sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in September compared to 448 during the same period in 2012, an increase of 6.7 percent. Year-to-date 5,132 homes were sold, which is the highest number of units sold to the end of the third quarter since 2007’s record breaking year when sales had reached 5,443 to the end of September.

Single detached homes in September sold for an average price of $354,507 an increase of 1.8 percent compared to last year. The average sale price for a condominium was $221,810 a decrease of 1.4 percent compared to September of last year. The average sale price of all residential sales through the KWAR’s MLS® System increased 2.0 percent to $314,278 compared to September 2012.

“We’re continuing to see strong residential activity in the Region,” said Dietmar Sommerfeld, President of KWAR. “This reinforces the diversity of our economy and the appeal of the Region as a place to live and work.”

Residential sales in September included 310 single detached homes (up 6.9% from last September), 46 semi-detached (up 17.9%), 33 townhomes (up 13.8%) and 83 condominium units (down 2.4%). Dollar volumes for September and year-to-date sales were both at all-time highs with increases of 9.0 percent and 8.3 percent respectively.

The average price of all residential properties sold year-to-date was $324,837 representing a 4.2 percent increase. Single Detached homes increased 3.7 percent to the end of September, bringing up the year-to-date average price to $368,002.

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®.

(Source)

By Kitchener-Waterloo Association of REALTORS® (KWAR) admin •September 6th, 2013

There were are total of 512 home sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in August, an increase of 2.8 percent compared to 498 homes sold in the same month last year.

Homes sales were also up on a year-to-date basis with a total of 4,648 units sold, up 3.4 percent from the same time last year. The number of units sold year-to-date is the highest volume of units sold when comparing to sales in the last five years.

“We saw strong residential activity this summer season and with record setting year-to-date sales it’s clear that buyers remain confident about the value of homes in Kitchener-Waterloo,” says Dietmar Sommerfeld, President of KWAR.

Residential sales in July included 346 single detached homes (up 7.1% from last August), 37 semi-detached (up 2.8%), 22 townhomes (down 38.9%) and 101 condominium units (up 3.1%). Home sales in the $275,000 to $399,999 range increased by 18.8 percent this August an accounted for 40 percent of residential sales this month.

Single detached homes sold for an average price of $359,291an increase of 1.8 per cent compared to last year. The average sale price for a condominium was $223,114, a decrease of 3.3 percent compared to August of last year. The average sale price of all residential sales through the KWAR’s MLS® System increased 1.9 per cent to $318,807 compared to August 2012.

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®.

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 By Kitchener-Waterloo Association of REALTORS® (KWAR) admin •June 5th, 2013

KITCHENER-WATERLOO, ON (June 4, 2013) –– Residential property sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in May were up 16.1 per cent compared to the same time last year. Led by strong sales of single detached homes, it’s the first time sales have surpassed the 700 unit mark in the Month of May since 2007.

A total of 765 residential properties were sold in the month of May compared to 659 the same time last year. Comparing the 5-year average for the month of May shows a 16.3 per cent jump in activity this past month. Year-to-date sales are practically on par with the same time last year nudging up by six residential sales.

“Waterloo region’s residential real estate market was alive and well in May, says Dietmar Sommerfeld, President of KWAR. “On a year-to-date basis, we are seeing sales activity that is right in line with last year’s results and a little above the 5 year average.”

May’s sales included 528 single detached homes (up 17.9 % from last year) 122 condominium units (up 2.5 %), 59 semi-detached (up 20.4 %) and 45 freehold townhouses (up 18.4 %). Year-to-date residential sales were 3.5 per cent above the 5-year average with a total of 2,860 units to date.

The average sale price of all residential sales through the KWAR’s MLS

® System increased 6.9 percent last month to $333,288 compared with May 2012. Single detached homes sold for an average price of $378,473 an increase of 7.4 per cent compared to last year. The average sale price for a condominium was $212,638, an increase of 3.8 percent compared to May 2012.

“The spring home buying season was in full swing in May,” says President Sommerfeld. “This was reflected in the strong price gains and is a sign of the confidence that homebuyers have in the local housing market and Waterloo region as a great place to live and invest.

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®.

(Source)

If you’re unsure, remind yourself that “if it sounds too good to be true, it probably is.

Joe Richer •  Sat. Mar. 2, 2013  • Toronto Star

Q: What are the warning signs of mortgage fraud? What can I do to protect myself?

A: Mortgage fraud is a complicated criminal act that is an ongoing concern for the real estate profession.

As the regulator responsible for upholding the integrity of the profession, RECO works in partnership with all parties involved in real estate transactions to investigate complaints to make sure real estate professionals are compliant with the law and impose disciplinary action on those found to have knowingly participated in fraud. As Registrar, my position is that any registrant proven to have knowingly participated in mortgage fraud faces losing their registration.

You can protect yourself from being an unwitting participant in mortgage fraud by being suspicious of situations where you are:

-Asked to overstate your income or make other false statements on a mortgage application.

-Asked not to complete certain sections of a form or sign documents that contain blanks.

-Are discouraged from visiting the property you’re purchasing or having it appraised or inspected.

If you’re unsure, remind yourself that “if it sounds too good to be true, it probably is.” If you suspect fraudulent activity, report it to the police.

If you have a question for Joe, email askjoe@reco.on.ca. Joseph Richer is RECO’s registrar and is in charge of the administration and enforcement of all rules under the Real Estate and Business Brokers Act. You can find more tips at reco.on.ca, follow on Twitter @RECOhelps or on YouTube at youtube.com/recohelps.

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By Kitchener-Waterloo Association of REALTORS® (KWAR) admin    •March 6th, 2013

KITCHENER-WATERLOO, ON (March 6, 2013) ––  Residential sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were down 10.5 percent compared to this month last year while the year-to-date dollar volume of sales was 8 percent above the 5-year average.

A total of 445 residential properties sold last month, a 31.3 percent increase compared to January 2013. February’s residential sales included 297 detached homes (down 9.7 percent compared to February 2012) 81 condos (down 12.9 percent), 36 semis (up 5.9 percent), and 29 freehold townhouses (down 25.6 percent).

“Sales in February showed a healthy increase over January,” says Dietmar Sommerfeld, President of the KWAR. “The reduction in the number of sales on a year over year basis can be attributed to the tightened mortgage rules implemented by the government in mid-2012.”

The average sale price of all homes sold in February increased 5.4 percent to $324,998 from the same time last year. Single detached homes sold for an average price of $368,573, an increase of 5 percent compared to February 2012. Average sale prices for condos rose to $218,591, an 8.8 percent increase from last year and townhomes followed closely with an 8.3 percent bump putting the average selling price at $283,513.

“With continued low mortgage rates we expect a healthy spring market,” says Sommerfeld. “It remains an incredibly good time to buy or sell in our market.”

The KWAR cautions 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 based on the total dollar volume of all residential properties sold.

Consumers uncertain about current market conditions should work with a REALTOR® to develop an effective selling strategy. If you are buying, a REALTOR® will negotiate on your behalf and guide you through every step. A REALTOR® understands the local market and must, by law, look after your best interests.

{Source}

By Kitchener-Waterloo Association of REALTORS® (KWAR) admin    •February 6th, 2013

KITCHENER-WATERLOO, ON (February 5, 2013) –– Residential sales through the Multiple Listing Service (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were down slightly in January compared to the same month last year.

There were a total of 337 residential properties sold last month, a 2.3 percent decrease compared to the same month last year, and a 23.9 percent increase from December 2012.

“January’s sales were in line with the 10-year average for our area,” Dietmar Sommerfeld, President of the KWAR points out.

January’s residential sales included 237 detached homes (up 6.8 percent compared to January 2012) 49 condos (down 34.7 percent), 24 semis (up 14.3 percent), and 26 freehold townhouses (up 4 percent).

Residential sales between $250 and $349,999 were strong showing a 32 percent (157 vs. 119 units) increase compared to January last year.

The average sale price of all homes sold in January increased half a percent to $319,283 from the same time last year. Single detached homes sold for an average price of $354,540, a decrease of 2.6 percent compared to January 2012. In the condominium market the average sale price in January was $212,408, a 4.7 percent decrease compared to the same month a year ago.

The KWAR cautions 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 based on the total dollar volume of all residential properties sold.

Consumers uncertain about current market conditions should work with a REALTOR® to develop an effective selling strategy. If you are buying, a REALTOR® will negotiate on your behalf and guide you through every step. A REALTOR® understands the local market and must, by law, look after your best interests.

{Source}

By Kitchener-Waterloo Association of REALTORS® (KWAR) admin   •January 4th, 2013

KITCHENER-WATERLOO, ON (January 4, 2013) ––   There were a total of 6,212 residential sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in 2012, a slight decline of 0.7 percent compared to 2011’s year-end results.

Coming off two consecutive months of strong housing activity in October and November, fourth quarter home sales were practically on par with last year’s results. A total of 1,268 homes sold through the last 3 months of 2012, 6 transactions more than the same period in 2011.

Dollar volume of all residential real estate sold last year increased 2.6 percent to $ 1,931,345,147 compared with 2011, reflecting the steady price gains realized in 2012.

The average sale price of all homes sold in 2012 increased 3.3 percent to $311,006. Single detached homes sold for an average price of $353,888 in 2012, an increase of 3.2 percent. In the condominium market the average sale price in 2012 was $213,520, a 4 percent increase compared to the previous year.

“Residential sales activity remained fairly steady throughout 2012,” says Dietmar Sommerfeld, president of the KWAR. “In July the government put in place tighter mortgage lending rules, which is perhaps partly responsible for the slight easing of demand we saw, but overall the Kitchener-Waterloo housing market continues to show its stability.”

Home sales in 2012 included 4,070 detached homes (down 1.2 percent from 2011), 1,200 condos (down 0.1 percent) 486 semis (down 2.4 percent), and 400 townhouses (up 7.8 percent).

Sommerfeld says that Waterloo region benefits from a very diverse and dynamic economy that will continue to support a healthy housing market and consumer appetite for home ownership in 2012.

The KWAR cautions 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 based on the total dollar volume of all residential properties sold.

Consumers uncertain about current market conditions should work with a REALTOR® to develop an effective selling strategy. If you are buying, a REALTOR® will negotiate on your behalf and guide you through every step. A REALTOR® understands the local market and must, by law, look after your best interests.

{Source}

We would like to personally wish each and every one of you a Happy & Prosperous New Year.

May the new year of 2013, fill your homes with joy, your hearts with love & your lives with laughter.

November condo sales in the GTA fell 59 per cent from the same month last year