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July 2019 Real Estate Roundup – Kitchener Waterloo

July 2019 Real Estate Roundup – Kitchener Waterloo

The Kitchener-Waterloo real estate market presented strong home sales in the month of July. The Multiple Listing System developed by the association of realtors at Kitchener-Waterloo helped sell around 586 residential properties in the area. When compared to the same month in the previous year, it shows the overall rise of 15.1 per cent for home sales in Kitchener-Waterloo real estate market.

The Kitchener homes sales for the month of July went up by 16.4 per cent for the detached home as 322 units were sold. However, for condominium apartments, it went down by 6.1 per cent as realtors were able to sell only 62 units in the month of July. The townhouse sales rose by 45.1 per cent as estimated 148 units were sold successfully while they were able to sell only 42 semi-detached homes leading to a fall of 22.2 per cent.

KWAR president, Brian Santos said that homes sales for the month of July presented a strong momentum. He also added that if the sales are compared with the previous year’s market performance, the results indicate a positive outcome. Note that, the average sale prices for the residential units that were sold during July 2019 increased by 9.3 per cent in comparison to July 2018 while reaching maximum value of $521,101.

Furthermore, the detached homes in this year were sold at an estimated price of $613,244 showing a rise of 5.4 per cent as compared to previous year. The average sale price for apartment-style condominium increased by 15.9 per cent while reaching the maximum value of $339,137. Whereas the semis and townhomes were sold at an average price of $434,136 and $414,062 respectively. It shows a considerable rise of 11.9 per cent and 17 per cent for these structures.

The median price for the homes Kitchener that were sold by the month of July rose to $489,450 with an estimated rise of 10.8 per cent. At the same time, the median price for detached homes increased by 8.8 per cent while reaching the maximum value of $575,750.

Around 844 residential properties were listed for real estate in Kitchener-Waterloo area during July month, and it shows the estimated rise of 12.8 per cent when compared to July 2018. The range is high for the previous 10 year’s average as well with the per cent increase of 10.4. The maximum number of homes available with active sales status was only 863 by the end of July month. It shows a decay of 8.7% when compared to month of July last year. It is low for the 10 years average of 1467 listings.

Experts in the market reveal that the heat in the Kitchener-Waterloo real estate market is rising and it can ensure great returns for coming months. The scenario may provide scope for profitability to the buyers and sellers as well. Hope, the positive influence will continue for the August month, and realtors will be able to make best out of this stable and profitable market.

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June 2019 Real Estate Roundup – Kitchener Waterloo

June 2019 Real Estate Roundup – Kitchener Waterloo

Well, the first half of the year is finally wrapped up, and if we look at the real estate market scenario in Kitchener/Waterloo, it is still showing some strength. We must say that the year 2019 started with strong sales volume and it was a peak season for properties that were priced below $750,000. However, the second quarter gave more strength to the high-end market.

In the month of June, almost 658 residential properties were sold via multiple listing system, and with this, the sales volume increased by 8.8% as compared to June 2018. The average home price in the same month stood somewhere around $533,619. However, these stats appear slightly lower as compared to the growth shown by the Kitchener/Waterloo real estate market in May; we are still maintaining all-time high when compared to past ten years.

The home sales for the month of June included only 404 detached apartments and the sale for this category was up by 8.9% whereas it went down by 28.6% for the condominium apartments as they were able to close deals for 50 units only. The sales report of June month also included townhouses and the sales rate was incredibly up by 27.2%; they managed to sell 159 units in this category. Then comes semi-detached homes and sales for them were also observed to be on the higher side with the estimated rise of 15.4% as 45 number of units were sold.

KWAR president, Brian Santos recently said that homes sales are gaining considerable momentum at Kitchener/Waterloo from last month. The sales are growing high on year by year basis, and they have increased slightly above the mid-year mark of year 2018.
Real estate professionals have sold 3154 homes in all at Kitchener/Waterloo real estate market during the first half of the year 2019, and this value shows 1.4% rise when compared to states of year 2018.

All residential properties in the area ranked high with the average sale price of $533,619 in the month of June, and it shows the estimated rise of 8.9% as compared to 2018. The deals for detached homes were closed at $618,186 average price, and it is observed to be 7.9% high as compared to June 2018. During this period, the apartment-style condominiums were sold at a price of $332,716 that is high by 4.4%. Other than this, deals for semis and townhomes were closed at $430,427 and $411,126; the range is high by 9.9% and 10.7% respectively.

Real Estate Agent reveals that the median price for Waterloo/Kitchener residential properties was increased to $495,500 with the rise of 9.9% whereas detached home in the same period had median price of $581,500 and it is observed to be high by 11.7%.

Realtor in Kitchener listed almost 888 residential properties in the area, and this count is 4.3% high as compared to June 2018. Moreover, this count is high by 0.5% when compared to the previous ten years average of June month.

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May 2019 Real Estate Roundup – Kitchener Waterloo

May 2019 Real Estate Roundup – Kitchener Waterloo

As most of the investors around the world are looking for some of the best real estate markets around, Kitchener/Waterloo is one of the most attractive sites for them. There are so many amazing things to know about this market that may attract you to make a profitable investment.

Kitchener/Waterloo home sales have set a benchmark in the month of April and May this year, and it is expected to grow more ahead. If we talk about the all-time high value of all property types for April 2017, it was $512,656; however, in the month of May 2019, it rose up to $534,348. It shows an average rise of 10% as compared to May 2018. Detached homes also have a great rise in the Kitchener/Waterloo real estate market, and buyers from different corners of the world are investing in them. The average rise in price was 9.1% in the month of May when the average sale went up to $623,289. It also crossed the $600k mark that was observed recently in the month of April 2019. The estimated sales for apartment condos rose by 11.3 percent, whereas, for townhomes, the marked value was 9.8%. The semi-detached homes further went up by 9.3% in the month of May this year.

The local real estate market in the area is gaining popularity worldwide, and it is now having a great contribution to the national economy. If we look at the stats, the average rise of 2.6 percent was observed in the month of May as residential sales touched the figure of 429. The market witnessed the sales of 68 condominium apartments; it was down by 23.6 percent. The sales for townhouses also went down by 4.2 percent and for 60 semi-detached homes; they rose by 36.4 percent.

Brian Santos recently shared his experience in a recent interview saying that this year is a golden year for Kitchener/Waterloo real estate market as the sales for residential properties are rising by a great extent. The sales picked the highest momentum after Victoria Day holiday, and it is now expected to rise for several months ahead. Real Estate Agent Kitchener also consider it a profitable time for the local market.

The average rise in sale properties was observed to be 10.6 percent for the month of May, with the price tag of $534,348. For the detached homes, it rose by 9.1 percent with the average price rise up to $623,289. In the same duration, the average sales price for the condominium-style apartments increased by 11.3 percent, and it reached the figure of $332,309. On the other side, the price rose by 9.8 percent and 9.3 percent for townhomes and semi-detachable homes with an average price of $402,426 and $432,207 respectively.

The medium price for the residential properties in the month of April at Kitchener/Waterloo rose by 11.2 percent whereas, for the detached homes, it was high by 10.4 percent. There were 1012 properties listed for sale in the month of May this year, and they sold most of them with a great hike in price. Realtor in Kitchener can also help you find a new home in the area.

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Should You Sell or Renovate Your Home?

Should You Sell or Renovate Your Home?

If you are thinking about selling your house and have seen some TV shows about renovating and think it is easy that you are considering renovating in your own way to increase the value of your house. However, before you embark on the renovations project you should be aware of a few things first. These projects can be costly, so you need the expert advice of a realtor, finding a good Kitchener Real Estate agent can help you make the right decision when selling or renovating your home. And in addition to finding a professional real estate agent, here are some other things to consider.

Renovate A House VS Buy A New One

Before making a decision, it is imperative to consider what you and your family need in a home and if those needs can be met with a renovation. If you want to drastically increase the number of square meters, make changes in all the rooms or design a custom house, it may be convenient to consider the demolition and reconstruction of the house. If you only plan to remodel the basement to convert it into a useful space, expand the kitchen or add a second floor, renovating your home may be the cheapest and smartest choice.

But before making a decision it is essential to consider what are the advantages and disadvantages of renovating a house or demolishing it and building a new one.

Advantages Of Buying A New Home

  • The design is 100% customizable, so you can get the type of house you want as long as the budget fits your pocket.
  • The satisfaction of getting involved in the design and construction process of your home is indescribable.

Advantages Of Renovating A House

  • Renovating a house can be very entertaining and allows you to incorporate the characteristics and style you want.
  • If you like the area where you live, renovating your home is a great alternative to improve various aspects of housing without the need for removals.
  • If you plan to sell the house in the near future, the remodels could add value to the sale price and make it a more attractive option for potential buyers.

Costs

As we have explained before, if you are planning a very radical renovation that includes structural changes (ceilings, floors, electrical installations, plumbing, etc.), it may be cheaper to start from scratch.
Also, no matter how much planning you have, the costs of remodeling a house can also go up due to unforeseen problems that arise during the work; That is why it is essential to request a budget of everything before making a decision. A Kitchener Realtor can help you find a new home with your own budget.

Age Of The Dwelling

If you have recently been looking at old houses to remodel because you like the wooden floors or the decorative ceilings, you know that it is not worth breaking down the house to build a new one. However, you should be very careful with the state in which the house is located, because if it is too old, structural problems may arise and become a real danger.

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April 2019 Real Estate Roundup – Kitchener Waterloo

Increases All Around

Residential property prices are set to rise in the Kitchener-Waterloo region due to a number of different factors. The average purchase price for residential real estate properties in the town have seen an average increase over the past several years, and even when compared to the average median price of last year April there has also been an increase as well. Again, this is due to a number of different factors such as an increase in demand and the general number of homes being put up for sale being on a decline as well.

The increase in home prices and sales have been shown for all types of residential properties, whether it is semi-detached home properties, condo units, and townhouses. But the highest increase in sales and the number of properties were in the detached home category. The other real estate property segments saw a decrease in the total number that was being put up for sale.

But the number of detached homes being sold in Kitchener-Waterloo have actually seen a slight increase, as there have been new properties been put up for sale. This is due to the affordability and the popularity of detached homes for the average buyer.

Sales prices on average increase around 3 percent for the month of April. This is an increase from the same amount in April of last year. Again, detached homes saw the most in sales, with an incremental increase in the number of detached homes being sold in Kitchener-Waterloo. Townhouses and were sold on average for 370 hundred thousand dollars, while condo units were sold on average for 320 hundred thousand dollars.

All of these means that the high demand for homes in the Kitchener-Waterloo are signs that it is a good time to make an investment in a real estate property in the region. Prospective buyers should find a realtor for the area right now and consider purchasing residential properties. This is because prices are still relatively low right now compared to how much they may increase in the future. Home buyers right now will definitely get a more affordable home in the present when compared to the future prices of residential properties in the Kitchener-Waterloo area, as home prices are projected to definitely rise in the next few years.

In Conclusion

The trend for the increase in demand and the rise in prices for homes in the Kitchener-Waterloo are because of the fact that the quality of life in the area is quite good. The crime rate is low and the average family income is also quite high, meaning that Kitchener-Waterloo offers a safe, clean and comfortable standard of living. And when compared to the average residential property prices in bigger urban areas, the median prices in Kitchener-Waterloo are very affordable. It is an excellent idea to invest in properties in the region as you will definitely see a rise in the value of your investment over the next few years due to the trend in increasing real estate sales in the area.

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March 2019 Real Estate Roundup – Kitchener Waterloo

MLS has recorded that around 511 residential properties were sold around the Kitchener-Waterloo area. This shows a strong projection for the future of property sales and real estate development in the town. Which makes it obvious that now is the time to make an investment in real estate properties in the town of Kitchener-Waterloo. With its strong growth over the past decade, the new coming months and years for residential property sales in the area are set to increase over time.

Decrease in Non-detached

The most sales activities for residential properties in the Kitchener-Waterloo area was in detached homes. Other strong sales recorded in the purchase of townhouses, semi-detached homes, and condominium units. That being said, these other residential properties showed a decline, though this is most likely due to the fact that there were fewer choices for property buyers in those segment of the market.

All of the residential properties sold in the Kitchener-Waterloo area during March also showed a good incremental increase in the average sales price. This was a three percent increase to around 505 hundred thousand dollars when compared to the same month during March of last year. This means that previous investment in residential real estate properties has seen a good return for sellers.

On the other hand, the median selling price for these residential properties in the Kitchener Waterloo area also showed an almost four percent increase from the same time last year in March, up to around 475 hundred thousand dollars. And detached homes had an increase in median sales price too, up to around one percent increase in price. Which means that in all residential property sales, investments should a significant increase in percentage return rates. 

This increase in sales prices for residential properties in the Kitchener-Waterloo area has signaled and accurately reflected the high demand for homes in the town due to its offering of a good quality of life for its residents. This combined with its current affordability when compared to the larger urban areas around Canada has meant that these sales prices have also reflected the increase of demand in March for residential properties in the Kitchener-Waterloo area. This is because of an increase in demand for homes in the region. Investing in such a highly demanded area is definitely a good idea for Canadians.

In Conclusion

The total number of residential properties that were put up for sale in the past month, in and around the Kitchener-Waterloo area has also decreased, as more people are looking to buy than to sell. This has been reflected over the past decade, and even when compared to March of last year. This means that if this trend of decreasing properties being put up for sale in the Kitchener-Waterloo region, the price will continue to rise. This trend signals the fact that now is the time to make an investment in residential real estate properties in the area, to ensure that the purchase price for it still remains affordable for the average buyer.

 

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February 2019 Real Estate Roundup – Cold February Home Sales

KITCHENER-WATERLOO, ON (Mar 5, 2019) –– There were 343 residential sales in February through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), a decrease of 8.3 per cent compared to February 2018.

“The series of winter storms in February not only kept buyers indoors and off the roads, but also away from open houses and viewings,” says Brian Santos, KWAR President. “This was the lowest amount of sales we’ve seen in February in a long time, but it really isn’t surprising given the wild weather we experienced last month.”

Total residential sales in February included 178 detached (down 14.8 per cent), and 105 condominium units (down 11 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 23 semi-detached homes (down 8 per cent), 36 freehold townhouses (down 112 per cent).

The average sale price of all residential properties sold in February increased 3 per cent to $490,668 compared to February 2018.  Detached homes sold for an average price of $597,965 an increase of 3.9 per cent compared to February of last year. During this same period, the average sale price for an apartment style condominium was $319,536 for an increase of 20.5 per cent. Townhomes and semis sold for an average of $395,331 (up 2.6 per cent) and $448,123 (up 14.4 per cent) respectively.

The median price of all residential properties sold last month increased 6.9 per cent to $465,000 and the median price of a detached home during the same period increased 2 per cent to $533,500.

“Despite the chill we saw in the number of sales last month, the price gains reflect that demand continues to outpace supply,” says Santos.

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January Real Estate Roundup – Better than Last January

There were 307 residential sales in January through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), an increase of 14.6 per cent compared to January 2018.

“January was surprisingly busy with an above average number of home sales,” says Brian Santos, KWAR President. “The number of units sold last month were up nearly fifteen per cent compared to the previous ten-year average for January.”

Total residential sales in January included 189 detached (up 26 per cent), and 80 condominium units (up 19.4 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 20 semi-detached homes (down 28.6 per cent) and 17 freehold townhouses (down 19 per cent).  

The average sale price of all residential properties sold in January increased 5.3 per cent to $484,076 compared to January 2018.  Detached homes sold for an average price of $564,718 an increase of 1.9 per cent compared to January of last year. During this same period, the average sale price for an apartment style condominium was $303,379 for an increase of 22.1 per cent. Townhomes and semis sold for an average of $368,227 (up 0.7 per cent) and $407,852 (up 4.6 per cent) respectively.

The median price of all residential properties sold last month increased 5.3 per cent to $455,000, and the median price of a detached home during the same period increased 7.1 per cent to $530,000

“It was a positive sign to see an uptick in the number of residential listings hitting the MLS® system last month,” says Santos. “However, the total number of homes available for sale continues to perform well below historical averages.”

REALTORS® listed 585 residential properties in K-W and area last month, an increase of 25.5per cent compared to January of 2018. The number of active residential listings on the KWAR’s MLS® System to the end of January totalled 810, which is 11.4 percent more than January of last year, but still well below the previous ten-year average of 1,189 listings for January.

The average days it took to sell a home in January was 26 days, which is 5 days less than the amount of time it took in January 2018.

Santos says, “We have a positive outlook for 2019. I think we’re going to see home prices remain steady or have small increases, sales will continue to be strong but we’re also beginning to see more homes being listed for sale to increase our inventory and provide buyers with additional options. So long as everything else remains equal Waterloo Region should remain a strong and stable market.”    

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December Real Estate Roundup – Kitchener Waterloo Dips in December Sales

Like the title says – the Waterloo Region saw a dip in sales through MLS compared to December in recent years. Not only that, but there were 5,823 homes sold in 2018 this is an 11.1% decrease from 2017. 263 transactions took place in December and this is a 13.2% decrease from December. This is only a slight dip from the 10-year December average of 268 sales for the month.

Similar to previous months the reasoning for this is rising interest rates and mortgage stress test is causing this. KWAR believes the first time and young home buyers are most impacted by these types of scenarios.

Total residential sales in 2018 included 3,355 detached (down 16.2%), and 1,553 condominium units (up 6.4%) which include any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 417 semi-detached homes (down 23.6%) and 431 freehold townhouses (down 7.7%).   

But… The Average Price Still Went Up in 2018?

The average sale price of all residential properties sold in 2018 increased 3.4% to $483,537 compared to 2017. Detached homes sold for an average price of $575,412, an increase of 4.8% compared to 2017. During this same period, the average sale price for an apartment style condominium was $304,676 for an increase of 12%. Townhomes and semis sold for an average of $373,307 (up 5.5 %) and $396,391 (up 4.7%) respectively.  The gross dollar amount actually decreased by about 8% year over year.

This is simply due to supply and demand. Ultimately, the area is still very desirable next to its Ontario counterparts as an extremely viable area to invest in. However, outside investors aren’t as speculative as they used to be. They are starting to understand the area’s trend line and are investing based on that.

Experts believe it will still be a seller’s market in 2018 and anyone that is trying to decide whether or not they should purchase should only expect the price of purchasing a home will rise. Not to create any unneeded urgency, but come on people! If you purchase a house, by the time it’s move-in date you will have already seen an increase in your investment.

The Rental Market Continues to Be Hot

Last year 733 residential leases occurred through MLS, an increase of 22% compared to 2017 and, a 40% increase compared to 2016. This is an interesting stat and is a result of the oversaturation of the rental market in the area. More and more owners are being represented by Realtors because they don’t know the area as much. They are investors from Toronto and abroad that ultimately need help getting a return on their investment. KW should see this number continue to increase and then plateau as the occupancy rate starts to return to normal.

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Real Estate Roundup November 2018 – KW Performing Above Average

Even with the rise in interest rates, the Kitchener-Waterloo area outperformed yearly averages and had the second most homes sold in November to date. 483 residential properties were sold in the area. This number is 14.2% higher than the same time the year previous as well as 19% higher than the yearly average for November.

Experts believe this is a result of the area continuously being discovered as a desirable place to live despite it being very expensive. People see the LRT, a thriving tech sector, and a variety of other factors as being the main reason it is a good idea to invest in the area. This was also the second straight month with stronger than average sales.

Basically, all property types saw an increase in sales. There were 152 condo units sold which is a 52% improvement from the previous November. This could be a result of more prebuild opportunities and builds finishing construction. In addition, those GTA investors don’t want to spend their time managing property or are purchasing for their children who are students in the area.

According to KWAR this could also be as a result of the increase in interest rates. Homeowners are seeing this as a chance to make some cash as home-buyers are worried the interest rates will continue to rise in Canada as a potential recession looms.

Prices Continue to Rise

As previously mentioned, the prices have risen and are above average for the property types being sold. That continued this month where the average sale price increased 7.6%. There have been rises in all property types similar to the amount sold.

Decrease in Realtor Listed Properties

There was a decrease compared to last year’s number of just 1.8%. There are also 12.8% less active listings. That said, the amount listed are well above the projected 10-year average – by about 18%. I don’t believe the decrease in realtor listed properties is an indicator of poor health in the area. There can be a lot of reasons that account for this that ultimately do not affect investors to substantially.

In conclusion, the area saw healthy growth compared to other areas in Ontario. Even outperforming area in Southern Ontario. London still looks like a fantastic area to invest as it continues to perform extremely well next to its Southern Ontario sister cities. The numbers above indicate its basically a good time to buy and a good time to sell. Buying now is a safe position to make even if interest rates don’t rise, real estate is generally a good investment when the economy is bad. Selling now would also be an intelligent decision in order to make the margin on rising home prices in the area.

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