Sales Dip in December, While Prices Continue toEscalate
KITCHENER-WATERLOO, ON (Jan 6, 2020) ––There were 5,925 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in 2019, an increase of 1.6 per cent compared to 2018. Contrasted to past years, 2019’s annual sales were 2.3 per cent below the previous 5-year average, and 3 per cent above the previous 10-year average.
On a monthly basis, sales dipped 9 percent compared to last year, with 244 home sales in the month of December.
“Overall, it was a steadfast pace of home sales in 2019,” says Colleen Koehler, President of KWAR. “When annual home sales in Kitchener-Waterloo hit near 6000 transactions, I consider it to be a strong real estate market.”
Total residential sales in 2019 included 3,590 detached (up 5.9 per cent), and 648 condominium units (down 7.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 421 semi-detached homes (down 0.7 per cent) and 1,266 freehold townhouses (down 3.7 per cent).
The average sale price of all residential properties sold in 2019 increased 9.3 per cent to $527,718 compared to 2018. Detached homes sold for an average price of $614,743 an increase of 7.1 per cent compared to 2018. During this same period, the average sale price for an apartment style condominium was 332,409 for an increase of 9.6 per cent. Townhomes and semis sold for an average of $409,979 (up 10 per cent) and $439,844 (up 11 per cent) respectively.
The median price of all residential properties sold last year increased 10.1 per cent to $490,000 and the median price of a detached home during the same period increased 8.6 per cent to $570,000.
“In 2019, the lack of supply continued to be a hurdle for anyone who was trying to buy their first home, move-up from their current residence, or downsize. This ongoing state of the market caused further escalation of home prices in 2019. With interest rates expected to stay low in the year ahead combined with Waterloo region’s ongoing growth, I expect 2020 will see more price gains alongside a steady increase in sales,” says Koehler.
The number of months of inventory averaged 1.5 throughout the year, hitting its highest point in May when there was 2.1 months of supply, and ending the year at 0.7 (3-4 months supply is historically normal for Waterloo region). The average days to sell in 2019 was 23 days, compared to 24 days in 2018 and a previous 10-year average of 38 days.
Dollar volume of all residential real estate sold last year increased 10.9 per cent to $3.1 Billion compared with 2018.
While the majority of residential MLS® System activity is properties for sale, REALTORS® are increasingly representing landlords and tenants. Last year 733 residential leases occurred through KWAR’s MLS® System, which is on par with last year and, 2.5 times as many as just four years ago.
There were 270 residential sales in January through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), a decrease of 18 per cent compared to January 2017.
“On the surface, activity appears to be somewhat sluggish in January, says Tony Schmidt, KWAR President. “However if we set aside the past two years, it was a very typical January in terms of the number of sales. What is less typical is that listing inventory is still at historic low levels, and we continue to see multiple offers on properties putting upward pressure on prices.”
Total residential sales in January included 149 detached (down 23.6 per cent), and 70 condominium units (down 11.4 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 27 semi-detached homes (down 18.2 per cent) and 22 freehold townhouses (up 10 per cent).
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.”
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!!!
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.
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.
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!
Helpful hints in making a small room appear bigger!
Small rooms are the bane of the home decorator. How do you achieve a pleasing look that doesn’t feel cramped and claustrophobic? Short of building an addition or knocking down walls, you are limited to a few, but effective, decorating tricks that create the illusion of space.
The strategic use of colour and light is the best way to achieve this. Choose light shades of paint or wallpaper for the walls. Lighter colours reflect light making for a brighter room. Use an even lighter shade of the same colour or white for ceilings and floors. A darker colour on the ceiling will make the ceiling look lower and tends to make the walls look as though they are closing in.
Avoid harshly contrasting colours. In fact, a monochromatic colour scheme that carries throughout the room into fabrics and accessories is very effective. Steer away from too many patterned items. The goal here is to blur perspective.
Anything you can do to bring light into the room will also give the effect of increased space. A corner wall sconce that casts light up onto the wall works well. Try to vary lighting effects for interest. A skylight is a great way to add light to a room, but isn’t always practical or affordable. Mirrors are a great solution for small rooms. Place mirrors directly across from another for maximum impact. A mirror placed across from a window is also effective. Place a lamp in front of a mirror to add more light to your room.
If you have wood or patterned flooring, have it installed so that the lines run diagonally across the room. This makes for longer lines, which give the appearance of a larger space. When furnishing the room, pick objects that are proportioned to the size of the room. For example, opt for a loveseat over a full-sized sofa. Lastly, keep the clutter to a minimum. Avoid using a lot of knick-knacks and keep the room tidy and well organized.
Remaining objective can be a difficult task when viewing an open house. It is easy to fall in love with a home’s appearance, blind to problems that may make it unsuitable. While aesthetics can be an important consideration, it is necessary to look beyond window-dressing.
Aqualified home inspector should be hired before purchasing a home, but there are areas that consumers can examine on their own. This will shorten your list of potential homes and reduce the likelihood that a home inspector will reject it as unsafe or unsuitable. Here are some considerations and common problem areas to look for when touring an open house:
General Upkeep
Much can be surmised from the general state of the home. Is the home clean? Are lawns left uncut? Are the walls chipped and in need of paint? If smaller chores have been ignored it may be an indication of a broader disregard for home maintenance.
Water Leaks
Check ceilings and drywall for stains, bulges and other signs of water damage. Water that works its way inside via a leaky roof or a cracked foundation can rot wood, create mildew and mold, destroy possessions and can be expensive to repair.
Does it Work?
Test lights, faucets, the heater, air conditioning, major appliances (that are to be included with the home) – even flush the toilets to ensure everything is working as it should.
Floors
As you walk across the floors be aware of spongy (soft or springy) sections. Excessive squeaking and uneven, bumpy floors may also be indicative of expensive forthcoming repairs.
Doors & Windows
Check that doors and windows fit snugly in their jambs and operate smoothly. Look for flaked paint and loose caulking. If the wood around windows and doors is not protected from moisture, it can rot away. Feel for drafts in these areas too.
Poor Drainage
On a wet day walk around the yard and look for areas where water collects. This can be an especially bad sign if there are soggy areas near the home’s foundation.
Grout & Caulking
If the grout and caulking around bathroom and kitchen tiles is loose and crumbly, there is a good chance that water is finding its way into the wall or under the floor.
Structural
Although this is definitely an area where you want the services of a qualified home inspector, you can get an idea about possible structural problems if you see deep cracks in the foundations or loose mortar and bricks.
Miscellaneous Concerns
Naturally, one the most important factors will be determining if the house suits your family’s needs. If you do not want to replace all of your furniture, make sure it will fit into the rooms of the new house. This is difficult to do by eye, so be sure to bring a measuring tape. Also, take note of storage space. If you are moving from a home with large closets and a shed, make sure your new house is able to store an equivalent amount of belongings.
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.
The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Kitchener-Waterloo Real Estate Board.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA)
and identify real estate professionals who are members of CREA. Used under license.
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.
