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.

The Ontario Real Estate Association had asked the government to expand the land-transfer tax rebate program for first-time buyers as one way to help more of them get into the housing market.
Finance minister Charles Sousa is giving first-time home buyers a $4,000 land transfer tax rebate
The change, which takes effect on Jan. 1, means first-time buyers will not pay land transfer tax on the first $386,000 of the cost of their homes.

Under the land transfer tax break, more than half of first-time home buyers won’t have to pay land transfer tax at all.

Source:  https://www.thestar.com/news/queenspark/2016/11/14/first-time-home-buyers-to-get-4000-land-transfer-rebate.html

2016 Was The Most Active February We’ve Seen On Record Since 2008

Residential sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were up 28.2% compared to the same month last year with 452 homes being sold in the month of February, 18.6% above the 5-year average for the month.

Residential sales (KW & Area) in February included 280 single detached homes (up 40.7% from last February), 33 semi-detached (down 17.5%), 31 townhomes (up 6.9%) and 103 condominium units (up 25.6%).

“This was the most active February we’ve seen on record since 2008, when 464 residential homes were sold,” stated Charlotte Zawada, President of the KWAR. “With interest rates holding steady and Waterloo Region remaining an attractive place to live and invest, I think we will continue to see buoyancy in our local housing market.”

Single detached homes sold for an average price of $419,480 an increase of 7.7% compared to last year. The average sale price for a condominium was $242,272, an increase of 8.3% while townhomes and semis sold for an average of $328,569 (up 10.0%) and $291,770 (up 12.0%) respectively. The average sale price of all residential sales through the KWAR’s MLS® System increased 10.3% to $361,889 compared to February 2015 with 42.0% of home sales in February occurring in the $250,000-$350,000 range.

“This time last year we were experiencing some really frigid temperatures that helped contribute to a 5-year low in home sales for the month. Things have been quite a bit warmer these past few weeks in comparison, and it goes to show how much of a role weather can play when it comes to buying or selling one’s home,” said Zawada.

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.

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.

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

{Source}

WANT TO WIN A $2500

HOME SHOPPING SPREE?

What does “I’m home” mean to you? Is it family, comfort, style or relaxation? Is it gardening, a
favourite room, or cooking dinner? Royal LePage would like to know what you love about the
place you call home.

Post a photo of a favourite moment at home to royallepage.ca/IMHOME to enter the
Royal LePage #IMHOME Contest and share it on social media with the hashtag #IMHOME!
Enter to win great prizes

From June 16, 2015 to October 5, 2015, share your photos and be entered for a chance to win:

• A $2,500 Grand Prize home shopping spree at Hudson’s Bay, Home Depot or Best Buy
Canada, awarded at contest end
• A $250 gift card of your choice*, awarded monthly
• A $25 gift card of your choice*, awarded weekly

How to enter the Royal LePage #IMHOME Contest

Entering the contest is as easy as sharing a moment at home of you with your friends and/or
family or on your own! Upload up to 5 photos a week. Share the contest for an extra entry. Use
the hashtag #IMHOME when sharing on social media.

Full details and contest rules and regulations are available at royallepage.ca/IMHOME,
but keep these guidelines in mind:

• Be in the photo!
• Keep it PG
• Get consent from everyone in the photo
• Exclude brands and logos
• Make sure your photo is in JPG or PNG format and does not exceed 5 MB
• Read and agree to the rules and regulations of the contest
Show us what #IMHOME means to you! Enter today!

*Gift cards must be chosen from selection made available through Giftbit, including retailers like Amazon.ca, Roots, WaySpa.com and more.

Screen doors let the breeze in and keep the bugs out. They open your home to the sounds and scents of summer, and help cool your house without wasting energy on air conditioning. Want to let in a little more summer this year? Here’s what you need to know about picking the perfect door.

Screen doors have come a long way from the hard-to-open metal models and flapping wood doors of your childhood. Available in metal, vinyl or wood, many feature smooth hydraulic or pneumatic closers and springs or chain stops that keep them from slamming shut or swinging open. Designed for both practicality and curb appeal, doors are available in a wide variety of colours, styles and finishes. Your choices include:

1. Basic vinyl or aluminum. Durable and affordable, these doors come in a surprising variety of attractive styles; you’ll find everything from traditional designs to art deco-inspired geometrics.
2. Storm/screen door combo. Traditionally, people replace the screen door with a storm door in the winter. A combination door makes the “swap” easier; simply remove or slide the glass down in summer and replace it with a screen.
3. Wood. From rustic doors featuring carved animals to pretty “granny doors,” wood can really add to the look of your home. However, winter cold and damp can be hard on them, so manufacturers suggest that you take them down when it gets cold to prevent warping.
4. Sliding. Inexpensive and easy to maintain, sliding screen doors that go with patio doors make it easy to open up your home to a fresh breeze.
5. Retractable screens. If you don’t like the look of a screen door, these are a great option, and are available at your local home improvement store. Screens pull out from the sides and lock shut with a magnetic catch. Handy homeowners will be able to install them with little effort.
With the right screen door for your home, comfort and curb appeal are a breeze!

Tips for installation
Thinking about installing your screen door yourself? Manufacturers include installation instructions that only require hand tools, but most DIY resources suggest an intermediate level of “handiness.” If that doesn’t sound like you, consider using an experienced carpenter or the store’s installation service.

Condo Cool
You don’t have to live in a house to kick back and enjoy the breeze. Welcome summer into your space by installing a screen door to your balcony. It’s a great way to make your indoor and outdoor spaces feel unified and to make your condo feel more spacious.

Looking for that cottage life?

Do you have a dream of owning a place outside of the city where you can escape, kick back and relax? If so, you’re not alone. As demand continues to increase and average prices continue to rise, now more than ever you will need to be patient, establish a list of ‘musts’ and work with a Realtor who understands the recreational market, if you want your dreams to come true.

To begin your search, target potential areas and consider a road-trip to visit your most coveted spots. Once you find your ideal location, narrow your search by establishing a list of priorities. Do you plan to use your recreational property for seasonal versus year-round use? Do you wish to build a new cottage or buy an existing one? What are your hobbies? Is proximity to hospitals, public transit or schools important? If you are near water, lakes can vary tremendously in terms of allowances for boating, fishing and swimming. In the winter, do you want to use both cross-country and downhill skiing facilities?

With your priorities established, you will also be in a strong position to act fast if you need to. Popular sites are in demand.

Buying a recreational property can be considerably more complex than a standard home purchase and it generally takes longer. There is considerably more time and travel involved. The effort, according to a growing number of Canadians, is more than worth it.

Before you begin your search, give me a call. I can get you started down the right path toward your home away from home. If I cannot assist you directly in your purchase transaction, I can refer you to a quality Royal LePage Realtor in your desired area from our network of over 13,000 real estate professionals from coast to coast.

For the most recent Royal LePage Recreational Property Report, visit www.royallepage.ca and click Press Releases.,Demystifying Mortgages – How Much Can You Borrow?

A home is typically the largest purchase you will make in your lifetime, and for most Canadians this means obtaining a mortgage. The amount of your mortgage will determine the size and location of your new home – not to mention the size of your payments. So how do lending institutions decide how large your mortgage loan can be?

Call RIZ today to purchase your home away from home! 519-716-7253 (direct)

What goes under foot is seldom an easy decision. Colour, surface texture, room usage and price all come into play. Today, greener options abound, adding to the myriad of choices already available.

Increasing interest in incorporating renewable resources into the home has resulted in many beautiful eco-friendly flooring options.

For homeowners looking on the greener side, it’s worth a look at the many sustainable products available today:

• Give a tree another lease on life with salvaged wood flooring. A rustic look can be created with reclaimed wood. Buying reclaimed lumber continues to get easier, and in some instances, less expensive relative to the cost of new hardwoods.
• Bamboo is a good option for rooms with low humidity. High abundance and a natural look make sustainable bamboo an attractive flooring option. Bamboo grows to maturity in three to five years, about a quarter of the time it takes to grow trees used for hardwood.
• Linoleum flooring has retained its popularity over decades. Unlike vinyl flooring, which is a synthetic product made of chlorinated petrochemicals, linoleum is manufactured from natural compounds including linseed oil, cork dust, tree resins and ground limestone. With natural, renewable elements used in its manufacturing, this eco-friendly flooring option continues to remain a popular option.
• Cork flooring has many eco-friendly attributes. Like bamboo, cork is quickly renewable. It is harvested from the bark of the cork oak tree and grows back every three years. Cork has anti-microbial properties to reduce allergens, is fire retardant and provides a comfortable feel under foot. Cork flooring can be finished in a variety of paints and stains to complement any room setting.
• Polyester (P.E.T.) Berber carpet is a sustainable option made of recycled plastic bottles. Anytime we can reuse these materials, we reduce the amount of new materials being manufactured and we reduce non-biodegradable materials in our landfills. Polyester Berber is spill resistant and comes in a variety of aesthetically – pleasing colours and patterns.

Whatever your home’s style or design, an eco-friendly flooring option exists to complement the desired look and existing patterns.

Canada Day Local Events

Canada Day @ Waterloo Region Museum (DOON)

9:30 a.m. to 5:00 p.m. FREE Admission! Waterloo Region Museum is throwing a party to celebrate Canada Day and everyone is invited! Admission is FREE to the museum and Doon Heritage Village for this fun family event including musical entertainment, fun games like croquet and horseshoes. Guests bring your own picnic lunch or purchase a tasty BBQ lunch.

Columbia Lake Events starting at 4:00 P.M

~ featuring Bobs & LoLo and TVOKids host Gisele

~ featuring live performances by The Strumbellas and Kim Mitchell

~including face painting, water slide, inflatable rides and more

~featuring Waterloo Brewing Co. and a diverse range of local food vendors

~Fireworks finale at 10 p.m.

Kitchener City Hall

Come celebrate Canada Day with us in Downtown Kitchener from 4 p.m. – 11 p.m. This exciting celebration will feature live Canadian entertainment, fireworks from the roof top of Kitchener City Hall, a licensed beer garden, downtown vendors to satisfy your hunger, and much more!