Kitchener-Waterloo Real Estate Market June 2020




There were 419 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in May 2020, a decrease of 40.5 per cent compared to May 2019, and an 80 per cent increase compared to April 2020 when sales contracted sharply due to COVID-19.
 
“Real estate was included as an essential service in Ontario from the outset of the COVID-19 shutdown, and Realtors have stepped up to ensure those who need to list or buy can do so safely,” said Colleen Koehler, President of KWAR.
 
Total residential sales in May included 255 detached homes (down 41 per cent from May 2019), and 42 condominium apartments (down 42.5 per cent). Sales also included 79 townhouses (down 42.8 per cent) and 43 semi-detached homes (down 29.5 per cent).
 
The average sale price of all residential properties sold in May increased 6.5 per cent to $568,275 compared to the same month last year, while detached homes sold for an average price of $657,274 an increase of 5.4 per cent.

During this same period, the average sale price for an apartment-style condominium was $330,336 for an increase of 0.6 per cent. Townhomes and semis sold for an average of $454,197 (up 13 per cent) and $482,479 (up 11.4 per cent) respectively.
 
The median price of all residential properties sold in May increased 10.1 per cent to $545,000 and the median price of a detached home during the same period increased 9.6 per cent to $630,000.
 
“In May we saw the strong appetite for homes in the Kitchener-Waterloo area is still very much alive,” said Koehler.

“But as the virus continued to circulate in the community many would-be sellers were reluctant to put their homes on the market. For the homebuyers who cannot wait out the pandemic, they are not finding any fire sales as homes are not only maintaining their value, but also increasing.”
 
There were 577 new listings added to the MLS® System in KW and area last month, a decrease of 48.7 per cent compared to May of 2019, far fewer than the previous 10-year average of 1,035 listings in May.
 
The total number of homes available for sale in active status at the end of May was 567, a decrease of 43.9 per cent compared to May of last year. The average days to sell in May was 20 days, compared to 19 days in May 2019.
 
The number of Months Supply (also known as absorption rate) continues to be very low at just 1.3 months for the month of May, 38.1 per cent below the same period last year. The previous ten-year average supply of homes for May was 3.25 months, and in the past 5 years, the average supply for May was 2.32 months.
 
Koehler acknowledges the pandemic has pushed even the most traditional real estate practitioners to adapt digital and virtual technology to interact with clients. She advises consumers should talk to their Realtor about the digital tools they use to minimize the need for physical contact and to ensure that all of Health Canada’s guidelines are in place to reduce the risk of transmission of the virus when in-person showings are required.
K-W Events & Community News

K-W Events & Community News

Summer will be a bit different this year as large, in-person events in and around K-W have been cancelled or postponed. That said, event organizers are coming up with creative ways to provide virtual or rebranded experiences.

For instance, our local Canada Day celebrations have been moved online with a family focus that will feature local talent for Canada’s 153rd virtual birthday celebrations! Details are still being finalized so keep an eye out for further updates. 🇨🇦

Also, THEMUSEUM in Kitchener may be closed but their website is a one-stop-shop for at-home entertainment and cool activities that the entire family will enjoy! Events are live-streamed weekly on Facebook and then uploaded to their website.

If you’re looking for a way to support K-W’s small businesses, a website called More Viral than the Virus is challenging us to send our family, friends and neighbours at least three items from a list of local vendors in a “random act of business”.

Finally, the Volunteer Action Centre in Kitchener has launched the Pandemic Volunteer Program. Anyone wanting to help out will be matched up with opportunities based on their interests and skills as they become available.

This summer will be like no other but we can still take in the virtual or rebranded events and also spend some time enjoying the beautiful spots in and around the city as we look forward to the brighter days that lie ahead!

Future Home Design Trends from COVID-19

Future Home Design Trends from COVID-19

The past few months at home have definitely made us more aware of the space we live in. Here are a few home design trends that are likely to emerge as a result of the pandemic:

Hands-Free
We’re bound to see an increase in hands-free faucets and light switches along with voice-activated windows, appliances and sound systems.

Material Things
There are certain materials, such as copper and brass, that are antimicrobial. The pandemic will likely create a demand for hardware made from these materials.

Private Plan
We’ve all valued our alone time lately so there will likely be a shift towards more private areas within the home rather than the open concept that’s been popular for so many years.

Mud Room
Having a separate area to wash up and leave belongings before entering the rest of the home will be on people’s minds, so a mudroom off the garage could become a popular request.

Office Space
Functional work areas have become essential now that so many of us are working from home. Video calls could also have us reconsidering the concept of soundproofing our homes.

Outdoor Oasis
Being cooped up inside has given us a new appreciation for the outdoors. Whether it’s a space to grow vegetables or simply a spot to relax, a nice yard will be high on people’s wish list.

Our homes have provided us with a comfortable retreat from the rest of the world over the last few months. It’s also given us the opportunity to reconsider what we need from our space, so it’ll be very interesting to see how the coronavirus affects the future of home design.

Put a Damper on Dampness

Future Home Design Trends from COVID-19

We’ve been spending more time at home lately, so indoor air quality is an understandable concern. Mould and mildew are serious problems that shouldn’t be ignored as damp homes can cause serious health issues.

Damp conditions can also cause other issues such as peeling paint, wood rot and structural damage. Here are a few things you can do to make sure your home stays nice and dry:

Inspect
Check your home, especially the basement, for any signs of moisture.

Easy Eaves
Check your eavestroughs on a rainy day to make sure they drain properly.

Good Grades
The ground around your foundation should grade away from your home.


Crack Down
Repair cracks and plug up holes to fix any leaks.


Blow Out
Always use exhaust fans in the kitchen and bathrooms.


Drip Dry
Set up a dehumidifier and be sure to empty it regularly.


Venting
Make sure your clothes dryer vent isn’t clogged.

It's important to deal with dampness right away because the longer it's put off, the harder it is to fix. If you take steps to eliminate the dampness in your home, you’ll significantly reduce the chance of respiratory illnesses and your home will be a much happier and healthier place to live.





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