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.

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The “as is” condition might mean the homeowner does not have the time or money to make repairs, or in the case of a foreclosure or estate sale, the seller may not be familiar with the condition of the house.

By Joe Richer |   Fri Jan 25 2013 |  moneyville.ca

Q: What do I need to know about buying a home listed in “as is” condition?

A: When a home is listed for sale “as is,” it doesn’t necessarily mean that it is in a poor state of repair. The term simply means the property is being sold in its current condition and the seller will not be making any repairs to complete the sale.

The “as is” condition might mean the homeowner does not have the time or money to make repairs, or in the case of a foreclosure or estate sale, the seller may not be familiar with the condition of the house.

Whatever the reason, if you’re interested in the property, the only way to know the true condition is to have a home inspection carried out. Consider including a contingency clause in your offer based on your satisfaction with the inspection. If a deficiency with a budget-busting repair cost is uncovered during the inspection, you’ll want the option to walk away without penalty.

The advantage of an as is sale is the purchase price may be comparatively lower than similar properties in the neighbourhood. But be sure to factor in the cost of repairs and renovations when accounting for the total cost of the purchase.

Buying as is isn’t for everyone. If you’re planning to ask the owner to address a defect or are unwilling to follow-through on the purchase if the inspector finds anything wrong, you’re probably best to avoid making an offer on an as is property.

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   •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.

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The Canadian Real Estate Association is forecasting that house sales will decline two per cent in 2013

The Canadian Press   Mon Dec 17 2012 11:49:00

OTTAWA – The Canadian Real Estate Association cut its sales forecast for this year and next on Monday as it said slower sales in the wake of tighter lending rules this summer have remained.

The industry association said now expects home sales this year to slip 0.5 per cent compared with 2011 to about 456,300.

That compared with a forecast in September that called for sales this year to rise 1.9 per cent to 466,900 units.

The association also said it now expects sales next year to drop two per cent to 447,400 compared with earlier expectations for a drop of 1.9 per cent to 457,800 in 2013.

“Annual sales in 2012 reflect a stronger profile prior to recent mortgage rule changes followed by weaker activity following their implementation,” said Gregory Klump, the association’s chief economist.

“By contrast, forecast sales in 2013 reflect an improvement from levels this summer in the immediate wake of mortgage rule changes. Even so, sales in most provinces next year are expected to remain down from levels posted prior to the most recent changes to mortgage regulations.”

Finance Minister Jim Flaherty moved in July to tighten mortgage rules for the fourth time in as many years in order to discourage those most at risk of becoming over-leveraged. Flaherty made mortgage payments more expensive by dropping the maximum amortization period to 25 years.

The association said the average price for 2012 is expected to be $363,900, up 0.3 per cent compared with a September forecast of $365,000, up 0.6 per cent.

For 2013, the association said it expects prices to gain 0.3 per cent to average $365,100. That compared with earlier expectations of a drop of one tenth of one per cent to $364,500 in 2013.

The downgrade for the outlook for the year came as home sales edged down 1.7 per cent month over month in November and were back where they stood in August.

The decrease followed a drop of about one-tenth of a per cent in September.

Actual, or non-seasonally adjusted sales, were down 11.9 per cent from November 2011 while the national average home price in November was $356,687, off 0.8 per cent from November 2011.

Sales were down on a year-over-year basis in three of every four of all local markets in November, including most large urban centres. Calgary stood out as an exception, with sales up 10.6 per cent from a year ago.

Kitchener and Waterloo also recorded a sales increase in November, with sales rising 7.3 per cent. Sales in Cambridge fell 14 per cent.

Toronto, Montreal and Vancouver contributed most to the small decline at the national level.

A total of 432,861 homes have traded hands over the MLS system so far this year, down 0.2 per cent from levels reported over the first 11 months of 2011 and 0.8 per cent below the 10-year average for the period.

The MLS Home Price Index, which is not affected changes in the mix of sales, showed prices up 3.5 per cent nationally on a year-over-year basis in November.

However, it was the seventh consecutive month in which the year-over-year gain shrank and marked the slowest rate of increase since May 2011.

The MLS HPI rose fastest in Regina, up 11.6 per cent year over year in November, though down from 13 per cent in November.

Among other markets, the HPI was up 4.6 per cent year over year in Toronto, 1.9 per cent in Montreal and 7.1 per cent in Calgary. In Greater Vancouver, the HPI was down 1.7 per cent year over year.

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By Kitchener-Waterloo Association of REALTORS® (KWAR) admin   •December 5th, 2012

KITCHENER-WATERLOO, ON (November 5, 2012) –– Residential real estate sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were up 7.3 percent last month compared to November of last year.

There were 486 residential properties sold in November, bringing the year-to-date total to 5,931, just nine more home sales than during the first 11 months of 2011. The total value of homes sold last month was $151 million, up 11.3 percent over last year.

“In terms of total unit sales, it was a better than average November” says Dietmar Sommerfeld, president of the KWAR. “Our figures show that residential transactions in November were 6.8 percent above the previous 5 year-average.”

November’s residential sales included 318 detached homes (up 8.9 percent), 33 semi-detached (down 17.5 percent), 26 townhouses (up 4 percent), and 103 condominium units (up 14.4 percent).

There was a jump in the number of home selling in the $500,000 to $750,000 price range — 41 homes compared to 23 in November of last year. This put some upward pressure on the average price range.

The average sale price of all homes sold in November was $311,604, compared with $300,447 a year ago, an increase of 3.7 percent. Single detached homes sold for an average price of $359,439, compared with 346,044 last year, up 3.9 percent.

The median price for all homes sold in November was $287,750 compared with $275,000, an increase of 4.6 percent. Single detached homes sold for a median price of $326,500 compared with $315,000 last year, up 3.7 percent.

Sommerfeld says that despite talk of cooling markets in some Canadian cities, continued low borrowing costs, confidence in the local real estate market, and a well-diversified local economy are keeping Kitchener-Waterloo’s housing market steady and stable.

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Be sure you fully understand the details before closing a real estate deal

By Mark Weisleder | moneyville.ca article

Now is a good time to enter the rental property market for both residential and commercial buildings

By Susan Pigg |   Wed Oct 17 2012

Easy ways to make your home more attractive to potential buyers

ByYuki Hayashi

Getting ready to sell? Move your property fast – and for the highest selling price possible – with these easy, affordable staging tricks. These deal-sealing changes will make your home attractive to the largest pool of potential buyers, and the best part is, you can start at any stage in the game. Who knows – you may love your home’s new look so much that you decide not to list after all!

1 Paint!
Dollar for dollar, a fresh coat of paint gives you more bang for your decorating buck than anything else. Even if your current palette is relatively new, any scuffs or wear marks will channel an unkempt vibe. And an unusual colour choice – even if the height of fashion – may limit your home’s appeal. So break out that roller and slap on a couple coats of crowd-pleasing warm white or sand paint.

2 Improve the lighting
Replace any dated light fixtures ASAP. How can you tell if it has to go? If it’s over 15 years old and looks it – yet isn’t a vintage (50-75 years old) or antique piece (older) – it should probably go. “Retro” is not something most homebuyers are looking for. You don’t need to break the bank, just head to IKEA or Canadian Tire.

3 De-clutter
Take the collectibles off the mantel, put the mismatched armchair into storage (or better yet, donate it) and pare your closets down to what you’re actually wearing this season, packing away the rest. Ideally, all this extra stuff would head to charity (if in good, saleable condition), the garbage dump, or into storage. The more you store onsite, the more cluttered and small your home appears.
4 Give dated bathrooms a facelift
A nice bath helps sell a house but, don’t invest in a total renovation. Renos are costly, and you won’t recoup your costs unless you find your exact décor doppelganger. Bring an out-of-date bath up to speed with gleaming white walls whether via a fresh coat of white bath and kitchen paint or ceramic tile and new lighting (Home Depot excels at affordable, stylish bathroom vanity lighting). Buy neutral new shower curtains, a simple new bath mat and vanity set, and have fresh flowers in the room during open houses.

5 Take down curtains
Dated window treatments need to come down, pronto (if it’s over 10 years old, get rid of it). If privacy isn’t an issue, just leave the windows bare to maximize natural light and make the room’s dimensions seem more generous. Otherwise, buy basic-issue cotton or linen drapes from Linens ‘N Things or another well-priced retailer. Always tie drapes back during viewings and open houses.

6 Put up mirrors
Make small rooms appear bigger and dark rooms seem brighter by adding an attractive wall mirror. A boxlike dining room will benefit from a leaning floor mirror (Lowes sells well priced ones, and HomeSense often has great deals) and an entranceway more welcoming with a console mirror.

7 Update porch hardware
Increase your home’s curb appeal by updating the hardware on your front porch. Buy a doorknocker or bell, mailbox, kick plate, doorknob and lockset in a set or in complementary styles. Brushed nickel is a neutral finish that will never date, while oil-rubbed bronze is another favourite.

8 And the porch light
Update your porch light to coordinate with the new hardware, if needed. They don’t have to be an exact match or even come from the same period, but the finishes and styles should look pleasing together.

9 Spiff up the front yard
Refresh your front yard according to the season. In spring, summer and fall, trim back dead plants and foliage and plant attractive annuals or perennials in flowerbeds. In winter, keep the walkway shoveled and cut back any tree or shrub branches damaged by heavy snowfall. A pair of planters flanking the front door and filled with seasonal arrangements instantly conveys pride of ownership.

10 Tend the backyard
Simple fix-its will make the most of your existing yard layout. Replace any damaged boards on your deck or fence, and apply a fresh coat of paint, or stain and sealant if the finish needs it. Weed and groom your garden and add some perennials for colour when in-season. If kids’ toys are taking over the space, put some in storage. Think “tidy,” “update” and “refresh”: never do anything costly or major like adding a swimming pool or pond, which may put off potential buyers.

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If a wall unit is attached by a hook or other device that can be easily removed, then it may not be included with the house