The Riz Team Blog

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.”

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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.

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

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

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

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

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

Looking for that cottage life?

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

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

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

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

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

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

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

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

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

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

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

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

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

Canada Day Local Events

Canada Day @ Waterloo Region Museum (DOON)

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

Columbia Lake Events starting at 4:00 P.M

~ featuring Bobs & LoLo and TVOKids host Gisele

~ featuring live performances by The Strumbellas and Kim Mitchell

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

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

~Fireworks finale at 10 p.m.

Kitchener City Hall

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

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.

21st Anniversary Wolle Christmas Classic
Food Bank Drive

(In support of The Food Bank of Waterloo Region)

 Saturday, December 6th, 2014

Royal LePage Wolle Realty invites you to share the spirit of the holidays by participating in our Christmas Food Bank Classic.  We will be sending invitations out soon for tickets, but for now we are reaching out for donations.

This year is the 21st anniversary of our event and we would like to make it our best year ever!

Once again, this year’s Christmas Food Bank Classic will collect FOOD and CASH donations for The Food Bank of Waterloo Region.  In the past 20 years, we have collected over 20,000 pounds of food and raised $83,000 for The Food Bank. Our utmost gratitude goes out to all our sponsors for their continued support.

Sadly, not everyone will be able to enjoy the holidays, as most of us will.  Each year, more than 85,000 emergency food hampers are distributed throughout Waterloo Region.  Approximately 46% of food hamper recipients are single parent and two-parent families.  About 15% of households have a part-time or full-time job.  24% are receiving Ontario Disability Support.  37% are children under the age of 18.  Putting food on the table will be just one of the many challenges they face not just during the holiday, but every day.

On December 6th we will collect food donations in lieu of admission for a private cinematic movie screening for our clients and their families which will feature a very special visit from Santa Claus, face painters and goodie bags for the kids.

But we would like to do better! That is why we NEED your help. Your corporate donation will help us make an even better difference!

Please join us in helping The Food Bank by making a generous donation of food or cash. A donation of $100 will provide 300 meals.  Donations can be made in person  at our office, mailed to our office at the address below or  below to donate online (please mark a special occasion  as Wolle Christmas Classic)   Please make your cheque payable to The Food Bank of Waterloo Region.  A tax receipt will be issued by The Food Bank for your generous donation. We will recognize all corporate donors on the day of the event and in local publications.  Donations will be accepted up to December 5th.

Our wish is for everyone to have a happy holiday!

At this special time of year, we would like to thank you for joining us in making a difference.

TO DOWNLOAD A PDF COPY OF THIS REQUEST:
CLICK HERE

For more information, please contact:
ROYAL LEPAGE WOLLE REALTY
842 Victoria St., N.,
Kitchener, Ontario
N2B 3C1
PHONE (519) 578-7300
FAX: (519) 742-9904
EMAIL: info@wollerealty.com

TO DONATE ONLINE: CLICK THE “DONATE NOW” BELOW AND MAKE SURE TO CLICK “MARK A SPECIAL OCCASION” THEN SELECT “WOLLE CHRISTMAS CLASSIC”

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