HOME PRICES CONTINUE TO CLIMB IN SEPTEMBER

LISTINGS CONTINUE TO BE OUTSTRIPPED BY BUYING DEMAND

KITCHENER-WATERLOO, ON (October 4, 2021) –– A total of 506 residential homes sold last month through the Multiple Listing Service® (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), a decrease of 32.1 per cent compared to last September and a decrease of 5.9 per cent compared to August.

“While the total number of homes sold last month was down considerably compared to last September, it can still be considered an above average month of activity when we remember that last September smashed any previous September for number of sales,” says KWAR’s president, Nicole Pohl. “In fact, I would say we are on track for setting a record number of annual sales in 2021.”

Total residential sales in September included 267 detached (down 37.3 per cent from September 2020), and 83 condominium units (down 11.7 per cent). Sales also included 41 semi-detached homes (down 21.2) and 115 townhouses (down 33.5 per cent).

In September, the average sale price for all residential properties in the Kitchener-Waterloo area was $792,599. This represents a 24.2 per cent increase over September 2020 and a 5.7 per cent increase compared to August 2021.

• The average price of a detached home was $963,646. This represents a 24.9 per cent increase from September 2020 and an increase of 7.9 per cent compared to August 2021.
• The average sale price for an apartment-style condominium was $497,949. This represents an increase of 28.6 per cent from September 2020 and an increase of 12.4 per cent compared to August 2021.
• The average sale price for a townhouse was $646,026. This represents a 35.7 per cent increase from September 2020 and an increase of 3.7 per cent compared to August 2021.
• The average sale price for a semi was $686,316. This represents an increase of 26.1 per cent compared to September 2020 and an increase of 0.5 per cent compared to August 2021.

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 MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $784,200 in September. This represents a 33.0 per cent increase over September 2020 and a 3.5 per cent increase compared to August 2021.

• The benchmark price for a detached home was $869,220. This represents a 34.2 per cent increase from September 2020 and 3.8 per cent increase compared to August 2021.
• The benchmark price for an apartment-style condominium was $392,600. This represents a 21.5 per cent increase from September 2020 and a 3.1 per cent increase compared to August 2021.
• The benchmark price for a townhouse is $581,700. This represents a 40.0 per cent increase from September 2020 and a 2.4 per cent increase compared to August 2021.

There were 698 new listings added to the MLS® System in KW and area last month, a decrease of 23.4 per cent compared to September of last year, and a 13 per cent decrease compared to the previous ten-year average for September.

The total number of homes available for sale in active status at the end of September was 345, a decrease of 35.3 per cent compared to September of last year, and 73.2 per cent below the previous ten-year average of 1,285 listings for September.

“Home prices reached all new highs in September, “says Pohl. “And while there is a growing call to add more transparency to how real estate is traded in Ontario —the brutal reality of this market is that supply is simply not keeping up with demand and that is what is driving up prices.”

The President of KWAR says: “While there are many who have zeroed in on the blind bidding process, the greater concern is that homes are being purchased without all the normal conditions you would see in a balanced market. As a practicing REALTOR® I completely support and hope the government will add the ability for REALTORS® to provide greater transparency on offers,” says Pohl. “But as it is, we are legislatively restricted from disclosing anything more than simply the number of offers, which is not working for homebuyers.”

The number of months of inventory nudged up slightly from August’s 0.4 months to half a month in September. Inventory has settled at under 1 month for the past 11 consecutive months. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in September was 10 days, compared to 14 days in September 2020 and a previous 5-year average of 23 days.

Those requiring specific information on property values should contact a local REALTOR®.  Working with a Realtor is the best way to get a complete picture of the property and community you are considering.

View our HPI tool here to learn more: https://kwar.ca/hpi-dashboard

Historical Sales By Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Average Days on Market

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. Months Supply is the inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months 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.

HOMEBUYING DEMAND CONTINUES TO OVERWHELM HOUSING SUPPLY

KITCHENER-WATERLOO, ON (September 3, 2021) –– A total of 535 residential homes sold last month through the Multiple Listing Service® (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), a decrease of 22.1 per cent compared to last August’s record-smashing month, and a decrease of 12.3 per cent compared to July.

While sales were down relative to last month and last August, they remained well above average notes KWAR’s president, Nicole Pohl. “The main reason for the decrease is simply that last month was the first full month in Step 3 of the reopening, and people were tired of the lockdown,” says Pohl. “They got out and enjoyed their summer and shifted their real estate needs to the back burner for a much-needed change of focus.”

Total residential sales in August included 299 detached (down 30.6 per cent from August 2020), and 80 condominium units (down 1.2 per cent). Sales also included 38 semi-detached homes (down 2.6) and 118 townhouses (down 13.2 per cent).

In August, the average sale price for all residential properties in the Kitchener-Waterloo area was $753,296. This represents a 19.3 per cent increase over August 2020 and a 0.3 per cent decrease compared to July 2021

• The average price of a detached home was $895,756. This represents a 22.5 per cent increase from August 2020 and a decrease of 1.3 per cent compared to July 2021.
• The average sale price for an apartment-style condominium was $445,280. This represents an increase of 18.2 per cent from August 2020 and an increase of 3.7 per cent compared to July 2021.
• The average sale price for a townhouse was $623,767. This represents a 26.1 per cent increase from August 2020 and an increase of 0.1 per cent compared to July 2021.
• The average sale price for a semi was $683,048. This represents an increase of 26.5 per cent compared to August 2020 and an increase of 2.3 per cent compared to July 2021.

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 MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $757,900 in August. This represents a 29.5 per cent increase over August 2020 and a 1.2 per cent increase compared to July 2021.

• The benchmark price for a detached home was $837,100. This represents a 31.5 per cent increase from August 2020 and 1.8 per cent increase compared to July 2021.
• The benchmark price for an apartment-style condominium was $380,700. This represents a 11.7 per cent increase from August 2020 and a 1.3 per cent decrease compared to July 2021.
• The benchmark price for a townhouse is $568,000. This represents a 37.3 per cent increase from August 2020 and a 0.6 per cent increase compared to July 2021.

There were 590 new listings added to the MLS® System in KW and area last month, a decrease of 27.6 per cent compared to August of last year, and a 13 per cent decrease compared to the previous ten-year average for August.

The total number of homes available for sale in active status at the end of August was 255, a decrease of 53.6 per cent compared to August of last year, and 79.5 per cent below the previous ten-year average of 1,252 listings for August.

“The number of homes coming to market continues to be overwhelmed by the number of homebuyers we have wanting to purchase in Waterloo Region,” says Pohl.

The number of months of inventory persisted from the July level of 0.4 months in August. Inventory has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in August was 12 days, compared to 17 days in August 2020 and a previous 5-year average of 26 days.

Those requiring specific information on property values should contact a local REALTOR®.  Working with a Realtor is the best way to get a complete picture of the property and community you are considering.

View our HPI tool here to learn more: https://kwar.ca/hpi-dashboard

Historical Sales By Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Average Days on Market 

Home Sales in March Came in Like a Lion Went out Like a Lamb

KITCHENER-WATERLOO, ON (April 3, 2020) ––There were 577 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in March, an increase of 13.1 per cent compared to the same month last year, and 0.2 per cent below the previous 5-year average.

“We had a very strong start to the month which carried through right up until the province declared its COVID-19 related state of emergency on March 17^th,” says Colleen Koehler, President of KWAR. “Before the pandemic hit our region, I believe we were on pace to set a record number of sales for March with the continuance of high demand, low inventory, and a strong seller’s market.

During the first quarter of 2020, there were 1,327 home sales, 14.6 per cent above last year’s result for the same period and 4 per cent above the previous 5-year average.

Total residential sales in March included 348 detached homes (up 7.1 per cent), and 68 condominium apartments (up 5.1 per cent). Sales also included 136 townhouses (up 17.2 per cent) and 25 semi-detached homes (up 4.2 per cent).

The average sale price of all residential properties sold in March increased 15.3 per cent to $583,752 compared to the same month last year, while detached homes sold for an average price of $679,728 an increase of 15.9 per cent. During this same period, the average sale price for an apartment-style condominium was $378,443 for an increase of 17.9 per cent. Townhomes and semis sold for an average of $457,547 (up 23 per cent) and $492,752 (up 17.4 per cent) respectively.

The median price of all residential properties sold in March increased 14.6 per cent to $544,500 and the median price of a detached home during the same period increased 16.2 per cent to $628,500.

“Of course, what is on everyone’s mind is the Coronavirus, and how this global pandemic is impacting every facet of our lives. The Ontario government included real estate services, legal and land registry as an essential service, but by no means is this business as usual for Realtors or their clients,” says Koehler. “As people everywhere follow instructions to only leave their homes for essential reasons, this is impacting the number of showings, and how properties are shown. Not everyone is in the position to postpone the purchase or sale of their home, and Realtors are adapting the technology we already use to serve our clients in this new environment and rigidly following Health Canada’s guidelines.”

REALTORS® listed a higher than average number of homes during the Month of March. There were 864 new listings added to the MLS® System in KW and area last month, an increase of 7.6 per cent compared to March of 2019, and the greatest number since 2015. The number of new residential listings was also 3.7 per cent higher than the previous ten-year average for March.

The total number of homes available for sale in active status at the end of March was 535, a decrease of 35.9 per cent compared to March of last year.

Despite the much-needed addition of new inventory coming to the market, the number of Months Supply (also known as absorption rate) continues to be very low at just 1.1 months for the month of March, 35.3 per cent below the same period last year. The previous ten-year average supply of homes for March was 2.73 months, and in the past 5 years, the average supply for March was 1.94 months.

KWAR’s president wishes to emphasize that while real estate continues to be an essential service in Ontario, consumers can expect that a REALTOR® will be taking all the necessary protections to ensure we’re doing our part to flatten the curve.

Koehler notes last month 51 listings were suspended on KWAR’s MLS® System, which means the listing is temporarily “off-market,” and there can be no marketing showings or offers during this period. KWAR’s president encourages buyers and sellers to discuss the current situation with their REALTOR®, to find out what they are doing to ensure the safety of everyone involved in the transaction and to make the best and safest decision on how to move forward or hold your real estate decisions during this unprecedented time.

Trying to sell your home while in quarantine, self-isolating or worse yet, while someone in the house is sick, is not going to be in anyone’s best interest. We know many people are postponing their plans to list their home for the time being.

The average days to sell in March was 15 days, compared to 21 days in March 2019.

Media Contact: Tania Benninger, Stakeholder Relations, 519-584-1141

Read Online: https://kwar.ca/home-sales-march-2020

Historical Sales By Property Type 

Months Supply of Homes for Sale 

Kitchener Market Snapshot January 2020

Fewer Home Sales in January as the Number of Homes for Sale Continues to Elude Buyers in Kitchener- Waterloo

“For the third consecutive month sales were down in January,” says Colleen Koehler, President of KWAR.  “Slower January sales are a result of fewer homes being put up for sale. This is causing further price acceleration as we have enough willing and able home buyers contending for those few homes that are available.”

Total residential sales in January included 153 detached homes (down 19 per cent), and 39 condominium units (up 18.2 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 21 semi-detached homes (on par) and 68 freehold townhouses (up 7.9 per cent).

The average sale price of all residential properties sold in January increased 15.7 per cent to $561,029 compared to the same month last year, while detached homes sold for an average price of $670,944 an increase of 18.8 per cent. During this same period, the average sale price for an apartment-style condominium was 382,636 for an increase of 26.1 per cent. Townhomes and semis sold for an average of $439,765 (up 20.3 per cent) and $484,190 (up 18.7 per cent) respectively.

The median price of all residential properties sold in January increased 17.3 per cent to $536,000 and the median price of a detached home during the same period increased 22.6 per cent to $650,000.

“Consumers can’t buy what’s not there. The available number of homes for sale, or lack thereof, continued to evade home buyers in January,” says Koehler. “There is no doubt we would be reporting more sales if we had the inventory to match the demand.”

Koehler notes Kitchener-Waterloo and area continues to be an exceptionally attractive place to buy a home and a creditworthy buyer can negotiate an attractive interest rate with their mortgage lender.

REALTORS® listed 464 residential properties in KW and area last month, a drop of 21.1 per cent compared to January of 2019, and a decrease of 35.4 per cent in comparison to the previous ten-year average for January. The total number of homes available for sale in active status at the end of January was 392, a decrease of 38.7 per cent compared to January of last year, and 63.7 per cent below the previous ten-year average of 1,080 listings for January. The number of Months Supply (also known as absorption rate) in January was just 0.8 months, 38.5 per cent below the same period last year. The previous ten-year average supply of homes for January was 2.32 months, however, in the past 5 years the average supply for January was 1.96 months.

The average days to sell in January was 22 days, compared to 27 days in January 2019.

Historical Sales By Property Type  

Months Supply of Homes for Sale 

Historical Average Sales Price – By Property Type 

Historical Sales – By Price Range 

Average Days on Market

A total of 483 residential sales occurred through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in August. This was 19.2 per cent below August 2016’s record breaking 598 units sold but still ahead of the previous 5-year August average of 473 sales. Residential sales last month brings a year-to-date total of 4,876 residential units, an increase of 3.7 per cent compared to 2016. “I think we’re seeing some stability return to the market” says James Craig, President of KWAR. “Last summer’s record setting sales was unsustainable and created a market that no one enjoyed.”

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!!!

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.