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Posts Tagged ‘real estate market’

Kitchener Waterloo Market Snapshot February 2024

Tuesday, March 5th, 2024

Waterloo Region Home Sales Sluggish in February, Prices Steady

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WATERLOO REGION, ON (March 5, 2024) — In February, there were 485 homes sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR), representing an increase of 9.7 per cent compared to the previous year and a decline of 19.0 per cent compared to the previous 10-year average for the month.

“Home sales remained sluggish in February, up over last year’s record-breaking low, but still well below historical norms for February,” says Christal Moura, president of WRAR.      

Total residential sales in February included 281 detached (up 9.3 per cent from February 2023), and 110 townhouses (up 10.0 per cent). Sales also included 73 condominium units (up 30.4 per cent) and 24 semi-detached homes (down 14.3 per cent).  

In February, the average sale price for all residential properties in Waterloo Region was $755,934. This represents a 0.7 per cent decrease compared to February 2023 and a 0.7 per cent decrease compared to January 2024.  

  • The average price of a detached home was $889,280. This represents a 0.5 per cent increase from February 2023 and a decrease of 2.2 per cent compared to January 2024.  
  • The average sale price for a townhouse was $629,734. This represents a 2.2 per cent decrease from February 2023 and a decrease of 1.8 per cent compared to January 2024.  
  • The average sale price for an apartment-style condominium was $459,455. This represents an increase of 0.2 per cent from February 2023 and an increase of 3.1 per cent compared to January 2024.  
  • The average sale price for a semi was $673,638. This represents an increase of 1.0 per cent compared to February 2023 and an increase of 4.2 per cent compared to January 2024. 

Average Sale Price – Monthly

02.2024-Average_Sale_Price-By_Property_Type

WRAR 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.

MLS® Home Price Index Benchmark Price

 
Kitchener-Waterloo 
Cambridge 
Benchmark Type:  February 2024  Monthly % Change  Yr./Yr. % Change  February 2024  Monthly % Change  Yr./Yr. % Change 
Composite  $729,300  2.0  0.0  $742,600  -0.7  0.9 
Detached  $841,000  2.5  1.8  $774,300  -0.5  1.2 
Townhouse  $601,200  0.6  0.8  $648,500  -1.6  2.2 
Apartment  $452,500  1.9  -3.8  $477,100  -2.0  -1.3 
February 2024 HPI Image for Stats Release

“Examining benchmark and average prices for various property types over the past twelve months reveals a stable housing market in Waterloo Region,” says Moura.  “With the approaching spring market, both buyers and sellers can take comfort in the steadiness of prices we’ve seen, reinforcing the value of homeownership as a secure and prudent investment in the long run.”  

There were 800 new listings added to the MLS® System in Waterloo Region last month, an increase of 18.7 per cent compared to February last year and a 6.9 per cent decrease compared to the previous ten-year average for February.  

The total number of homes available for sale in active status at the end of February was 943 an increase of 38.9 per cent compared to February of last year and 2.9 per cent below the previous ten-year average of 971 listings for February. 

At the end of February, there were 1.7 months of inventory, a 54.5 percent increase compared to last year and 17.2 percent above the previous 10-year average. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.   

The average number of days to sell in February was 23, compared to 20 days in February 2023. The previous 5-year average is 16 days.   

These statistics provide a snapshot of the real estate market in the Waterloo Region in February, showing both positive and challenging aspects for buyers and sellers. WRAR encourages buyers to reach out to local Realtors for valuable insights about the current state of the local market and to receive tailored advice based on their specific needs.  

View our HPI tool here to learn more: https://wrar.ca/hpi/ 

Click on any of the graphs below for an interactive view.

02.2024-Average_Sales_Price-By_Municipality
02.2024-Average_Sales_Price-By_Township
02.2024-Sales-By_Property_Type
02.2024-Months_Supply_of_Homes_for_Sale
02.2024-Months_Supply_of_Homes_for_Sale-By_Property_Type
02.2024-Medial_Sale_Price-By_Property_Type
02.2024-Average_Sale_Price-By_Property_Type_2
02.2024-Average_Days_on_Market
WRAR cautions that average sale price information can help identify long-term trends but should not be to indicate 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 Waterloo Region 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.

Kitchener Waterloo Market Snapshot January 2024

Friday, February 2nd, 2024

Waterloo Region’s Housing Market Shows Signs of Improvement in January

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In January, there were 375 homes sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR), representing an increase of 25.4 per cent compared to the previous year and a decline of 7.4 per cent compared to the previous 10-year average for the month.

“January is traditionally a slower time of year for home sales, but it’s reassuring to see the increase compared to last year,” says Christal Moura, president of WRAR. “This time last year, we hit an all-time low in January home sales, and while this year has begun with sales below the historical average, the market is showing signs of improvement.”

Total residential sales in January included 206 detached (up 15.7 per cent from January 2023), and 85 townhouses (up 39.3 per cent). Sales also included 56 condominium units (up 30.2 per cent) and 19 semi-detached homes (up 11.8 per cent).

In January, the average sale price for all residential properties in Waterloo Region was $762,174. This represents a 0.1 per cent decrease compared to January 2023 and a 3.2 per cent increase compared to December 2023.

  • The average price of a detached home was $911,262. This represents a 2.9 per cent increase from January 2023 and an increase of 7.5 per cent compared to December 2023.
  • The average sale price for a townhouse was $638,162. This represents a 2.0 per cent increase from January 2023 and an increase of 2.7 per cent compared to December 2023.
  • The average sale price for an apartment-style condominium was $446,146. This represents a decrease of 10.0 per cent from January 2023 and a decrease of 8.7 per cent compared to December 2023.
  • The average sale price for a semi was $631,995. This represents a decrease of 2.9 per cent compared to January 2023 and an increase of 3.1 per cent compared to December 2023.

Average Sale Price – Monthly

2024_January_Average_Sales_Price-By_Property_Type

WRAR 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.

MLS® Home Price Index Benchmark Price

  Kitchener-Waterloo Cambridge
Benchmark Type: January 2024 Monthly % Change Yr./Yr. % Change January 2024 Monthly % Change Yr./Yr. % Change
Composite $714,600 1.3 0.1 $747,800 5.8 3.8
Detached $820,700 2.8 2.6 $777,900 7.0 4.3
Townhouse $597,500 -0.7 -0.4 $658,700 0.2 3.7
Apartment $444,000 -5.9 -7.3 $487,100 -2.2 0.2
012024_HPI2

“We are optimistic that this year will have more stability than last,” says Moura. “With the Bank of Canada holding steady at a 5.0% benchmark interest rate, they recognize the overall economy has slowed down. However, housing is a key metric, and we expect the Bank to maintain a balanced response so long as housing continues with moderate growth in 2024 rather than any dramatic increases.”

President Moura points out that navigating shifting markets is a challenge and encourages consumers to work with a local REALTOR to ensure they receive the depth of local market knowledge required to protect their interests.

There was 720 new listings added to the MLS® System in Waterloo Region last month, an increase of 23.5 per cent compared to January last year and a 3.9 per cent decrease compared 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 855 an increase of 33.4 per cent compared to January of last year and 1.2 per cent below the previous ten-year average of 865 listings for January.

At the end of January, there were 1.5 months of inventory, a 50.0 percent increase compared to last year and 15.4 percent above the previous 10-year average. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.

“With the exception of condo apartment property types, we saw mostly yearly and monthly price gains across the housing types,” says Moura. “This is because there is more supply in the condo segment (2.8 months) compared to the other property types.”

The average number of days to sell in January was 33, compared to 25 days in January 2023. The previous 5-year average is 20 days.

These statistics provide a snapshot of the real estate market in the Waterloo Region in January, showing both positive and challenging aspects for buyers and sellers. WRAR encourages buyers to reach out to local Realtors for valuable insights about the current state of the local market and to receive tailored advice based on their specific needs.

View our HPI tool here to learn more: https://wrar.ca/hpi/

Click on any of the graphs below for an interactive view.

012024_Average_Sales_Price-By_Municipality
012024_Average_Sales_Price-By_Township
012024_Average_Sales_Price-By_Property_Type
012024_Average_Supply_of_Homes_for_Sale
012024_Monthly_Supply_of_Homes_for_Sale-By_Property_Type
012024_Monthly_Median_Sales_Price-By_Property_Type
012024_Monthly_Average_Sale_Price-By_Property_Type
012024_Average_Days_On_Market

WRAR cautions that average sale price information can help identify long-term trends but should not be to indicate 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 Waterloo Region 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.

 

 

Kitchener Waterloo Market Snapshot June 2023

Thursday, July 6th, 2023

Waterloo Region Real Estate Market Shows Resilience With Increase in Home Sales and Average Prices

If you are considering to Sell your home or Buy a home in the next short while it would be highly beneficial for you to connect with one of our Team Agents at

The Riz Team

Do you want to know what your home is worth today? Click Below for our Online No Obligation Market EvaluationClick Here

WATERLOO REGION, ON (July 6, 2023) — In June, there were 780 homes sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR), representing an increase of 4.6 per cent compared to the previous year and a decline of 12.3 per cent compared to the previous 5-year average for the month.

“The real estate market in Waterloo Region showed signs of a rebound in June, with monthly sales increasing on a year-over-year basis for the first time this year,” says Megan Bell, president of WRAR. “The total number of home sales are down nearly 25 per cent for the first half of 2023 compared to last year but have been steadily climbing since January.”

Total residential sales in June included 468 detached (up 5.9 per cent from June 2022), and 149 townhouses (up 4.9 per cent). Sales also included 118 condominium units (up 22.9 per cent) and 42 semi-detached homes (down 32.3 per cent).

In June, the average sale price for all residential properties in Waterloo Region was $839,869. This represents a 6.4 per cent increase compared to June 2022 and a 2.0 per cent increase compared to May 2023.

  • The average price of a detached home was $1,005,519. This represents a 10.4 per cent increase from June 2022 and an increase of 4.1 per cent compared to May 2023.
  • The average sale price for a townhouse was $665,984. This represents a 0.2 per cent increase from June 2022 and a decrease of 4.4 per cent compared to May 2023.
  • The average sale price for an apartment-style condominium was $470,163. This represents a decrease of 6.2 per cent from June 2022 and a decrease of 3.3 per cent compared to May 2023.
  • The average sale price for a semi was $691,507. This represents a decrease of 1.1 per cent compared to June 2022 and a decrease of 5.0 per cent compared to May 2023.

WRAR 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.

June average sales price by property type

MLS® Home Price Index Benchmark Price

  Kitchener-Waterloo Cambridge
Benchmark Type: June 2023 Monthly % Change Yr./Yr. % Change June 2023 Monthly % Change Yr./Yr. % Change
Composite $777,800 0.1 -2.0 $778,600 -1.6 -3.4
Detached $889,400 0.2 0.7 $815,300 -1.9 -1.0
Townhouse $645,200 1.7 -5.9 $660,100 1.2 -14.7
Apartment $479,000 -1.8 -8.7 $481,900 0.2 -16.6

 

June 2023 HPI Graph

“In June we saw robust demand for detached properties, driving a significant 10.5 per cent increase in the average sale price of a detached home,” says Bell. “While the central bank raised its benchmark interest rate to 4.75 per cent near the beginning of the month, demand remains strong. Buyers and sellers can expect a competitive market as the number of homes for sale continues to be well below the long-term average,” says Bell.

There were 1,321 new listings added to the MLS® System in Waterloo Region last month, a decrease of 21.6 per cent compared to June of last year and a 3.5 per cent increase compared to the previous ten-year average for June.

The total number of homes available for sale in active status at the end of June was 1007, a decrease of 23.1 per cent compared to June of last year and 32.8 per cent below the previous ten-year average of 1499 listings for June.

The number of months of inventory is up 5.9 per cent compared to June of last year, but still historically low at 1.8 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.

The average number of days to sell in June was 15, compared to 13 days in June 2022. The previous 5-year average is 17 days.

View our HPI tool here to learn more: https://wrar.ca/hpi/

Click on any of the graphs below for an interactive view.

Average Sales Price By Municipality
Average sales price by township
Monthly sales by property type
Monthly supply of homes for sale
Monthly median sales price by property type
Monthly average sales price by property type
Monthly average days on market

WRAR cautions that average sale price information can help identify long-term trends but should not be to indicate 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 Waterloo Region 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.

 

Kitchener Waterloo Market Snapshot March 2023

Wednesday, April 5th, 2023

Home Prices Inch Up in March as We Enter the Spring Market

If you are considering to Sell your home or Buy a home in the next short while it would be highly beneficial for you to connect with one of our Team Agents at

The Riz Team

Do you want to know what your home is worth today? Click Below for our Online No Obligation Market EvaluationClick Here
WATERLOO REGION, ON (April 5, 2023) — Sales volume through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR) set another low last month, with 611 homes sold in March, representing a decrease of 38.4 per cent compared to March 2022 and 33.6 per cent below the previous 5-year average for the month.

“Sales activity was well below average in March, and while the number of homes sold is down, sale prices have increased modestly month over month,” says Megan Bell, president of WRAR. “With borrowing costs stabilizing and lenders promoting more appealing rates, I think we will see more buyers coming off the sidelines this spring, adding demand to our already popular Waterloo Region and pushing home prices up slightly.”

Total residential sales in March included 356 detached (down 39.9 per cent from March 2022), and 126 townhouses (down 29.6 per cent). Sales also included 86 condominium units (down 32.8 per cent) and 42 semi-detached homes (down 53.3 per cent).

In March, the average sale price for all residential properties in Waterloo Region was $779,017. This represents a 18.6 per cent decrease compared to March 2022 and a 2.4 per cent increase compared to February 2023.

  • The average price of a detached home was $910,152. This represents a 17.4 per cent decrease from March 2022 and an increase of 2.9 per cent compared to February 2023.
  • The average sale price for a townhouse was $640,484. This represents a 19.9 per cent decrease from March 2022 and a decrease of 6 per cent compared to February 2023.
  • The average sale price for an apartment-style condominium was $482,882. This represents a decrease of 15.2 per cent from March 2022 and an increase of 5.3 per cent compared to February 2023.
  • The average sale price for a semi was $700,208. This represents a decrease of 18.2 per cent compared to March 2022 and an increase of 4.9 per cent compared to February 2023.

WRAR 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.

March average sales price by property type

MLS® Home Price Index Benchmark Price

Kitchener-Waterloo Cambridge
Benchmark Type: March 2023 Monthly % Change Yr./Yr. % Change March 2023 Monthly % Change Yr./Yr. % Change
Composite $739,400 1.8 -21.2 $746,300 0.5 -20.6
Detached $839,500 2.0 -20.4 $776,100 0.7 -21.1
Townhouse $600,500 2.0 -23.5 $641,700 0.7 -17.5
Apartment $474,000 0.1 -18.0 $483,000 -1.9 -13.5

 

“This is a peculiar market. While we certainly will not have the same volume of sales as in 2022, demand remains strong. For those that were previously hesitant to sell their properties, March’s slight uptick in sales prices is a good indication of the continued pent-up demand within the Region and we do not anticipate this slowing down anytime soon,” says Bell. “These and other shifting influences mean it has never been more important for buyers and sellers alike to work with a local REALTOR® to help provide expertise during the homebuying and selling process.”

While on a year-over-year basis, prices have come down close to 20 per cent, they are up compared to two years ago.

There were 859 new listings added to the MLS® System in Waterloo Region last month, a decrease of 44.1 per cent compared to March of last year and a 30.5 per cent decrease compared to the previous ten-year average for March.

The total number of homes available for sale in active status at the end of March was 716, an increase of 17.2 per cent compared to March of last year and 42.4 per cent below the previous ten-year average of 1243 listings for March.

The number of months of inventory is up 85.7 per cent compared to March of last year, but still historically low at 1.3 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.

The average number of days to sell in March was 19, compared to 8 days in March 2022. The previous 5-year average is 15 days.

View our HPI tool here to learn more: https://wrar.ca/hpi/

Click on any of the graphs below for an interactive view.

Avg Sales Price Municipalities
Avg Sales Price Townships
Monthly Sales Price Property Type
Monthly Supply Homes for Sale
Monthly median sales price property type
monthly average sales price by property type
monthly average days on market

Kitchener Waterloo Market Snapshot February 2023

Friday, March 3rd, 2023

Home Sales Down, Prices Stabilizing in February

If you are considering to Sell your home or Buy a home in the next short while it would be highly beneficial for you to connect with one of our Team Agents at

The Riz Team

Do you want to know what your home is worth today? Click Below for our Online No Obligation Market EvaluationClick Here

WATERLOO REGION, ON (March 3, 2023) —Sales volume through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR) set a low for the month of February, with 439 homes sold, representing a decrease of 45.0 per cent compared to February 2022 and 31.5 per cent below the previous 5-year average for the month.

“Once again, we experienced record low listing sales in February,” says Megan Bell, president of WRAR. “Increased borrowing costs, coupled with a shortage of housing supply and strong demand, have put a strain on prospective buyers as affordability continues to be a top concern; however, home prices have remained stable for the past several months.”

Total residential sales in February included 256 detached (down 45.3 per cent from February 2022), and 100 townhouses (down 33.3 per cent). Sales also included 55 condominium units (down 52.6 per cent) and 28 semi-detached homes (down 56.3 per cent).

In February, the average sale price for all residential properties in Waterloo Region was $758,698. This represents a 25.1 per cent decrease compared to February 2022 and a 0.6 per cent decrease compared to January 2023.

  • The average price of a detached home was $877,884. This represents a 26.0 per cent decrease from February 2022 and a decrease 0.9 per cent compared to January 2023.
  • The average sale price for a townhouse was $642,777. This represents a 25.6 per cent decrease from February 2022 and an increase of 2.7 per cent compared to January 2023.
  • The average sale price for an apartment-style condominium was $461,322. This represents a decrease of 19.2 per cent from February 2022 and a decrease of 6.9 per cent compared to January 2023.
  • The average sale price for a semi was $667,250. This represents a decrease of 25.8 per cent compared to February 2022 and an increase of 2.6 per cent compared to January 2023.

WRAR 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.

Febstats1

MLS® Home Price Index Benchmark Price

  Kitchener-Waterloo Cambridge
Benchmark Type: February 2023 Monthly % Change Yr./Yr. % Change February 2023 Monthly % Change Yr./Yr. % Change
Composite $726,500 3.0 -24.2 $742,300 1.6 -25.3
Detached $822,800 4.2 -24.8 $770,800 1.8 -27.0
Townhouse $588,500 0.9 -22.3 $637,400 -0.2 -13.8
Apartment $473,800 -1.6 -14.3 $492,100 0.9 -7.6

 

 

“Limited supply and the small number of listings coming to the market continues to be a trend within the region,” says Bell. “There may be some hesitation for those considering selling their property due to decreased reported sale prices; however, with demand continuing to outpace supply and prices stabilizing, sellers are in a healthy position to make their move.”

Bell points out that although prices have fallen more than 20 per cent from their peak in February 2022, they remain significantly higher than three years ago.

There were 671 new listings added to the MLS® System in Waterloo Region last month, a decrease of 37.1 per cent compared to February of last year and a 24.8 per cent decrease compared to the previous ten-year average for February.

The total number of homes available for sale in active status at the end of February was 692, an increase of 75.2 per cent compared to February of last year and 38.0 per cent below the previous ten-year average of 1117 listings for February.

The number of months of inventory is up 140.0 per cent compared to February of last year, but still historically low at 1.2 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.

The average number of days to sell in February was 20, compared to 8 days in February 2022. The previous 5-year average is 16 days.

View our HPI tool here to learn more: https://wrar.ca/hpi/

Click on any of the graphs below for an interactive view.

febstats2
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Kitchener Waterloo Market Snapshot November 2022

Friday, December 2nd, 2022

Waterloo Region Home Prices Continue to Cool in November

“Home sales continued to decrease in November, as they traditionally do at this time of year,” “At the same time, we know ever-increasing homeownership costs are contributing to the decline and putting downward pressure on sales prices which have plateaued since July.”

If you are considering to Sell your home or Buy a home in the next short while it would be highly beneficial for you to connect with one of our Team Agents at

The Riz Team

Do you want to know what your home is worth today? Click Below for our Online No Obligation Market EvaluationClick Here

WATERLOO REGION, ON (December 2, 2022) —The number of homes sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR) totaled 453 units, a decrease of 43.7 per cent compared to November 2021 and 34.2 per cent below the previous 5-year average for the month.

Total residential sales in November included 280 detached (down 38.3 per cent from November 2021), and 78 townhouses (down 57.1 per cent). Sales also included 58 condominium units (down 49.6 per cent) and 37 semi-detached homes (down 28.8 per cent).

“Home sales continued to decrease in November, as they traditionally do at this time of year,” says Megan Bell, President of WRAR. “At the same time, we know ever-increasing homeownership costs are contributing to the decline and putting downward pressure on sales prices which have plateaued since July.”

In November, the average sale price for all residential properties in Waterloo Region was $736,024. This represents a 10.4 per cent decrease compared to November 2021 and a 3.6 per cent decrease compared to October 2022.

  • The average price of a detached home was $838,609. This represents a 13.1 per cent decrease from November 2021 and a decrease of 3.5 per cent compared to October 2022.
  • The average sale price for a townhouse was $618,669. This represents a 12.3 per cent decrease from November 2021 and a decrease of 2.6 per cent compared to October 2022.
  • The average sale price for an apartment-style condominium was $458,384. This represents a decrease of 7.5 per cent from November 2021 and a decrease of 6.2 per cent compared to October 2022.
  • The average sale price for a semi was $642,328. This represents a decrease of 9.4 per cent compared to November 2021 and an increase of 3.2 per cent compared to October 2022.

WRAR 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.

Capture
MLS® Home Price Index Benchmark Price
  Kitchener-Waterloo Cambridge
Benchmark Type: November 2022 Monthly % Change Yr./Yr. % Change November 2022

Monthly % Change

Yr./Yr. % Change
Composite $711,200 -1.7 -12.8 $744,200 1.8 -10.6
Detached $791,000 -2.1 -14.8 $770,600 2.5 -12.0
Townhouse $602,200 -0.2 -7.0 $652,000 -1.7 -2.0
Apartment $492,600 -0.4 8.0 $504,100 -3.1 3.7

 

November 2022 HPI Image for Stats Release

“The Waterloo Region market has been moving towards more of a balanced market throughout the latter part of the year, and November followed that trend,” says Bell. “We have a long way to go before the pendulum swings into it being a buyer’s market. However, if the Bank of Canada yet again raises its key interest rate on December 7, it is likely to result in fewer buyers competing for more inventory.”

There were 752 new listings added to the MLS® System in the Waterloo Region last month, a decrease of 6.6 per cent compared to November of last year and a 1.3 per cent increase compared to the previous ten-year average for November.

The total number of homes available for sale in active status at the end of November was 860, an increase of 209.4 per cent compared to November of last year and 29.9 per cent below the previous ten-year average of 1227 listings for November.

The number of months of inventory is up 333.3 per cent compared to November of last year, but still historically low at 1.3 months. Between 2009 and 2015, November’s average months of inventory was 3.2 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.

The average number of days to sell in November was 21, compared to 10 days in November 2021. The previous 5-year average is 21 days.

WRAR’s president says, “It has never been more important for both buyers and sellers to work with a REALTOR® to help provide expertise during the homebuying and selling process. Affordability, combined with ongoing supply constraints, are making it difficult for buyers to navigate the continuous market changes while sellers are also having to adjust in concurrence with the evolving circumstances”.

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://wrar.ca/hpi/

Click on any of the graphs below for an interactive view.

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WRAR cautions that average sale price information can help identify long-term trends but should not be to indicate 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 Waterloo Region 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.

Kitchener-Waterloo Market Snapshot March 2022

Monday, April 4th, 2022

KITCHENER-WATERLOO HOME SALES UP IN MARCH, AVERAGE PRICE DIPS FROM FEBRUARY

“The skyrocketing prices of the last two months took a bit of a breather in March, with the overall average price dipping five per cent compared to what we saw in February,” said Megan Bell, President of KWAR. “While it is too soon to draw conclusions from just one month of home sales, I know many will be comforted to see a leveling off on the average price, no matter how incremental.”

If you are considering to Sell your home or Buy a home in the next short while it would be highly beneficial for you to connect with one of our Team Agents at

The Riz Team

Do you want to know what your home is worth today? Click Below for our Online No Obligation Market Evaluation

 

Total residential sales in March included 416 detached (down 29.7 per cent from March 2021), and 114 condominium units (down 9.5 per cent). Sales also included 64 semi-detached homes (down 17.9 per cent) and 131 townhouses (down 33.8 per cent).

In March, the average sale price for all residential properties in the Kitchener-Waterloo area was $960,181. This represents a 25.5 per cent increase over March 2021 and a 4.6 per cent decrease compared to February 2022.

  • The average price of a detached home was $1,132,637. This represents a 25.9 per cent increase from March 2021 and a decrease 6.4 per cent compared to February 2022.
  • The average sale price for an apartment-style condominium was $565,782. This represents an increase of 33.4 per cent from March 2021 and a decrease of 1.2 per cent compared to February 2022.
  • The average sale price for a townhouse was $796,696. This represents a 27.4 per cent increase from March 2021 and a decrease of 7.6 per cent compared to February 2022.
  • The average sale price for a semi was $876,371. This represents an increase of 34.5 per cent compared to March 2021 and a decrease of 5.0 per cent compared to February 2022.

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 $960,100 in March. This represents a 29.6 per cent increase over March 2021 and a 1.5 per cent decrease compared to February 2022.

  • The benchmark price for a detached home was $1,046,200. This represents a 28.1 per cent increase from March 2021 and 4.0 per cent decrease compared to February 2022.
  • The benchmark price for an apartment-style condominium was $484,000. This represents a 32.9 per cent increase from March 2021 and a 4.2 per cent increase compared to February 2022.
  • The benchmark price for a townhouse is $765,500. This represents a 41.3 per cent increase from March 2021 and a 4.9 per cent increase compared to February 2022.

“Even though the average price decreased across all property types on a month-to-month basis, the MLS® HPI showed continued monthly gains for both townhouse and apartment property types,” notes Bell.  “As the province feels its way out of the pandemic, we are beginning to see some very preliminary signs of a potential cooling. We are not seeing quite as many multiple offers and some offers are coming in with conditions. Of course, when we say cooling, we’re talking about a market that has been scorching hot which is why we are pleased to see this happening.”

There were 1,131 new listings added to the MLS® System in KW and area last month, a decrease 16.8 per cent compared to the record topping number of listings added in March of last year, and a 28.0 per cent increase compared to the previous ten-year average for March.

The total number of homes available for sale in active status at the end of March was 441, an increase of 1.1 per cent compared to March of last year, and 59.0 per cent below the previous ten-year average of 1,072 listings for March.

The number of months of inventory nudged up to 0.7 months in March from 0.5 months in February. Inventory has been under the one-month mark since October 2020. 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 March was 8 days, the same as it was in March 2021. The previous 5-year average is 16 days.

The More Homes for Everyone Act

Statement from KWAR President Megan Bell

Last week the Government of Ontario introduced a new bill, the More Homes for Everyone Act to address the province’s housing affordability crisis.

While we welcome several aspects of the proposed More Homes for Everyone bill, such as measures to support more timely municipal decision making and developing policies and tools to support multi-generational homes in existing neighbourhoods—bolder actions to increase supply were notably missing.

Ontario’s Housing Affordability Task Force had recommended limiting exclusionary zoning and allowing “as of right” residential housing up to four units and up to four storeys on a single residential lot. Instead, the government has committed to the Task Force’s recommendations as part of a “long term roadmap”.

KWAR is optimistic Waterloo Region will be bold about housing in their official plan update

Ending exclusionary zoning to allow for gentle density in our neighbourhoods is critical to filling the lack of “missing middle” supply for family-sized households.

While Minister Clark states that some municipalities (such as Toronto and Mississauga) were not ready, KWAR is optimistic that the Region of Waterloo (ROW) will take a more progressive view toward increasing density.  On the development side, the Waterloo region has been exceeding density targets set by the province. At KWAR’s recently held Where Do We Grow From Here Symposium we learned from the ROW’s Commissioner, Rod Regier the Region is proposing policies for the ROW official plan that would see a tiered approach to missing middle housing by allowing 4 units and up to 4 storeys, as-of-right, on all land currently zoned residential and on any new greenfield land (residential); and allow a range of 8 to 12 storeys, along specific corridors, such as the ION corridor.

KWAR encourages the Region of Waterloo to stay the course on its bold proposals for its Regional Official Plan and create ways to bring a broad range of housing options to our community.

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 Chart

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.

Kitchener-Waterloo Market Snapshot February 2022

Thursday, March 3rd, 2022

ABOVE AVERAGE NUMBER OF HOME SALES AND MORE LISTINGS IN FEBRUARY

If you are considering to Sell your home or Buy a home in the next short while it would be highly beneficial for you to connect with one of our Team Agents at

The Riz Team

Do you want to know what your home is worth today? Click Below for our Online No Obligation Market Evaluation

 

The 600 residential homes sold last month through the Multiple Listing Service® (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) is almost on par with February 2021, and an increase of 48.5 per cent compared to the previous month. The previous ten-year average number of residential sales for February is 424.

“In January we reported that the average price of a detached home crossed the million-dollar mark for the first time in December. Now in February, we have reached a new milestone with the average sale price of all residential property types coming in at just over one million dollars in the Kitchener-Waterloo and area,” said Megan Bell, President of KWAR. “While I think it’s premature to suggest this is the new norm, it does reflect the continued appeal of Waterloo Region to buyers. We also need to be aware and recognize the impact this has on affordability for a growing number of people.”

Total residential sales in February included 331 detached (down 2.1 per cent from February 2021), and 110 condominium units (up 7.8 per cent). Sales also included 44 semi-detached homes (down 4.3 per cent) and 115 townhouses (up 2.7 per cent).

In February, the average sale price for all residential properties in the Kitchener-Waterloo area was $1,007,109. This represents a 33.6 per cent increase over February 2021 and a 5.6 per cent increase compared to January 2022.

 

  • The average price of a detached home was $1,214,067. This represents a 33.1 per cent increase from February 2021 and an increase of 5.3 per cent compared to January 2022.
  • The average sale price for an apartment-style condominium was $572,731. This represents an increase of 37.4 per cent from February 2021 and an increase of 6.9 per cent compared to January 2022.
  • The average sale price for a townhouse was $862,994. This represents a 41.6 per cent increase from February 2021 and an increase of 2.1 per cent compared to January 2022.
  • The average sale price for a semi was $917,535. This represents an increase of 33.8 per cent compared to February 2021 and an increase of 8.0 per cent compared to January 2022.

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 $974,600 in February. This represents a 36.8 per cent increase over February 2021 and a 5.4 per cent increase compared to January 2022.

  • The benchmark price for a detached home was $1,090,000. This represents a 38.2 per cent increase from February 2021 and 5.0 per cent increase compared to January 2022.
  • The benchmark price for an apartment-style condominium was $ 464,400. This represents a 33.8 per cent increase from February 2021 and a 6.1 per cent increase compared to January 2022.
  • The benchmark price for a townhouse is $729,900. This represents a 41.9 per cent increase from February 2021 and a 7.0 per cent increase compared to January 2022.

“The low listing inventory is not because people are not selling their homes, in fact we saw a spurt in the number of new listings in February, said Bell. “With homebuying demand still going strong, competition remains high, and homes were snapped up quickly.”

There were 806 new listings added to the MLS® System in KW and area last month, an increase of 9.5 per cent compared to February of last year, and a 24.3 per cent increase compared to the previous ten-year average for February.

The total number of homes available for sale in active status at the end of February was 290, a decrease of 2.7 per cent compared to February of last year, and 70.3 per cent below the previous ten-year average of 975 listings for February.

The number of months of inventory nudged up to 0.5 months in February from 0.3 months in January. Inventory has been under the one-month mark since October 2020. 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 February was 8 days, compared to 10 days in February 2021 and a previous 5-year average of 19 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 Chart

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.

Kitchener-Waterloo Market Snapshot December 2021

Wednesday, January 5th, 2022

Average Price of a Detached Home Reaches Million-dollar Milestone in December

HOME SALES IN 2021 SMASHED LAST YEAR’S RECORD-BREAKING TOTAL BY OVER 1000 UNITS

The 7,581 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in 2021 represent an increase of 18.3 per cent compared to last year’s record-setting number of sales that ended the year 2020.

On a monthly basis, there were 344 residential homes sold last month, a decrease of 1.7 percent compared to the same month last year.

“Home sales in 2021 have absolutely smashed last year’s record by more than 1,000 units,” says KWAR’s president, Megan Bell. “While this is a good time to sell your home, it remains a tremendously difficult market for buyers. Affordability for all types of housing within our community continues to be a concern which we expect to continue throughout 2022.”

Total residential sales in December included 177 detached (down 12.4 per cent from December 2020), and 56 condominium units (down 11.1 per cent). Sales also included 23 semi-detached homes (up 9.5 per cent) and 88 townhouses (up 37.5 per cent).

For 2021, total residential sales included 4,272 detached (up 10.8 per cent), and 1,127 condominium units (up 43.4 per cent). Sales also included 578 semi-detached homes (up 31.1 per cent) and 1,602 townhouses (up 20.9 per cent).

In December, the average sale price for all residential properties in the Kitchener-Waterloo area was $842,014. This represents a 32.5 per cent increase over December 2020 and a 2.5 per cent increase compared to November 2021.

  • The average price of a detached home was $1,021,353. This represents a 34.7 per cent increase from December 2020 and an increase of 3.4 per cent compared to November 2021.
  • The average sale price for an apartment-style condominium was $500,352. This represents an increase of 30.6 per cent from December 2020 and an increase of 1.0 per cent compared to November 2021.
  • The average sale price for a townhouse was $717,475. This represents a 39.4 per cent increase from December 2020 and an increase of 2.1 per cent compared to November 2021.
  • The average sale price for a semi was $770,246. This represents an increase of 33.5 per cent compared to December 2020 and an increase 7.3 per cent compared to November 2021.

On a year-to-date basis, the average sale price for all residential properties in the Kitchener-Waterloo area increased 25.8 per cent to $770,596 compared to 2020.

  • The year-to-date average price of a detached home was $920,726. This represents a 28.0 per cent increase compared to 2020.
  • The year-to-date average sale price for an apartment-style condominium was $448,208. This represents an increase of 17.3 compared to 2020
  • The year-to-date average sale price for a townhouse was $632,875. This represents an increase of 34.9 per cent compared to 2020.
  • The year-to-date average sale price for a semi was $673,543. This represents an increase of 29.4 per cent compared to 2020.

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 $851,700 in December. This represents a 32.1 per cent increase over December 2020 and a 3.2 per cent increase compared to November 2021.

  • The benchmark price for a detached home was $945,600. This represents a 33.5 per cent increase from December 2020 and 3.3 per cent increase compared to November 2021.
  • The benchmark price for an apartment-style condominium was $412,700. This represents a 21.1 per cent increase from December 2020 and a 3.7 per cent increase compared to November 2021.
  • The benchmark price for a townhouse is $647,000. This represents a 40.0 per cent increase from December 2020 and a 3.0 per cent increase compared to November 2021.

There were 291 new listings added to the MLS® System in KW and area last month, an increase of 1.7 per cent compared to December of last year, and a 14.6 per cent increase compared to the previous ten-year average for December.

On a year-to-date basis, there were 9,040 new listings added to the MLS® System in KW and area in 2021, an increase of 11.5 per cent compared to 2020, and a 3.8 per cent increase compared to the previous ten-year annual average.

The total number of homes available for sale in active status at the end of December was 104, a decrease of 45.3 per cent compared to December of last year, and 85.7 per cent below the previous ten-year average of 727 listings for December.

The number of months of inventory touched an all time low of 0.2 in December. Inventory has settled at under 1 month for fourteen 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.

“Supply not keeping up with demand was a steady refrain in 2021, and unfortunately I expect that will continue to be the case in the year ahead,” says Bell. “We need all levels of government working together to bring more supply into the housing market.”

The average number of days to sell in December stayed at 10 days, compared to 16 days in December 2020 and a previous 5-year average of 28 days.

The average days to sell in 2021 was 10 days, compared to 16 days in 2020 and a previous 5-year average of 22 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.

Kitchener-Waterloo Market Snapshot November 2021

Friday, December 3rd, 2021

A NEW RECORD HIGH FOR NUMBER OF HOME SALES IN NOVEMBER AND AN ALL-TIME RECORD LOW SUPPLY READING

KITCHENER-WATERLOO, ON (December 3, 2021) –– There were 597 residential homes sold last month through the Multiple Listing Service® (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) setting a new record high for November. Compared to the same month last year, November sales were up 4.4% and on par with last month. The previous ten-year average number of residential sales for November is 446.

“The elevated pace of home sales we’ve seen for the past year and a half showed no sign of slowing down in November,” says KWAR’s president, Megan Bell. “Despite some speculation of there being a housing market correction in store for Waterloo Region, sustained homebuying demand combined with a record low level of inventory in November produced continued price growth in the MLS® HPI benchmark price.”

Total residential sales in November included 324 detached (down 3.9 per cent from November 2020), and 106 condominium units (up 27.7 per cent). Sales also included 30 semi-detached homes (down 25 per cent) and 136 townhouses (up 21.4 per cent).

In November, the average sale price for all residential properties in the Kitchener-Waterloo area was $821,969. This represents a 28.9 per cent increase over November 2020 and a 2 per cent decrease compared to October 2021.

  • The average price of a detached home was $990,447. This represents a 31 per cent increase from November 2020 and a decrease of 0.6 per cent compared to October 2021.
  • The average sale price for an apartment-style condominium was $494,548. This represents an increase of 23.5 per cent from November 2020 and an increase of 7.1 per cent compared to October 2021.
  • The average sale price for a townhouse was $700,476. This represents a 44.8 per cent increase from November 2020 and an increase of 0.9 per cent compared to October 2021.
  • The average sale price for a semi was $717,143. This represents an increase of 27.3 per cent compared to November 2020 and a decrease of 1.3 per cent compared to October 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 $825,000 in November. This represents a 34.1 per cent increase over November 2020 and a 2.6 per cent increase compared to October 2021.

  • The benchmark price for a detached home was $915,800. This represents a 35.8 per cent increase from November 2020 and 3.2 per cent increase compared to October 2021.
  • The benchmark price for an apartment-style condominium was $398,000. This represents a 16.7 per cent increase from November 2020 and a 2.1 per cent decrease compared to October 2021.
  • The benchmark price for a townhouse is $627,900. This represents a 45.5 per cent increase from November 2020 and a 4.0 per cent increase compared to October 2021.

“Lack of supply continues to be the refrain in November,” says Bell. “With inventory hitting an all time low it is a tough time to be house hunting right now.”

There were 605 new listings added to the MLS® System in KW and area last month, an increase of 3.2 per cent compared to November of last year, and a 14.6 per cent decrease compared to the previous ten-year average for November.

The total number of homes available for sale in active status at the end of November was 207, a decrease of 40.2 per cent compared to November of last year, and 80.7 per cent below the previous ten-year average of 1,071 listings for November.

The number of months of inventory reached an all time low of 0.3 in November. Inventory has settled at under 1 month for thirteen 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 November stayed at 10 days, compared to 14 days in November 2020 and a previous 5-year average of 24 days.

Bell notes that while the housing market typically slows down around the holiday season, she still expects to see a busier than normal December. “There is growing anxiety out there among buyers caused by the fear of missing out against rumblings of interest rates eventually going up in the year ahead.”

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.


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