Kitchener-Waterloo Real Estate Market July 2020

There were 673 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in June 2020, an increase of 2.1 per cent compared to June 2019, and an increase of 8.5 per cent compared to the previous 10-year average for June.
 
“After a pandemic–induced delay to the typical spring market, home sales sprung back to life in a big way in June,” said Colleen Koehler, President of KWAR. “As the Waterloo Region entered stage two of reopening, we saw many buyers and sellers resuming their home buying and selling plans.”
 
Total residential sales in June included 413 detached homes (up 1.7 per cent from June 2019), and 67 condominium apartments (up 36.7 per cent). Sales also included 134 townhouses (down 15.7 per cent) and 59 semi-detached homes (up 31.1 per cent).
 
Total residential sales during this second quarter (April, May, June) are down 33 per cent compared to last year. On a year-to-date basis, they are down 15.6 per cent.
 
“I expect for the remainder of 2020 will see the number of home sales returning to near historical levels,” says Koehler. “There will be some catching up to do in the coming weeks, but I don’t think you will see the market taking a hiatus this summer.”
   
The average sale price of all residential properties sold in June increased 12.8 per cent to $601,285 compared to the same month last year, while detached homes sold for an average price of $698,736 an increase of 13.2 per cent.

During this same period, the average sale price for an apartment-style condominium was $372,392 for an increase of 13.2 per cent. Townhomes and semis sold for an average of $457,851 (up 11.4 per cent) and $504,816 (up 17.3 per cent) respectively.
 
The median price of all residential properties sold in June increased 14.4 per cent to $564,000 and the median price of a detached home during the same period increased 11.9 per cent to $650,000.
 
There were 920 new listings added to the MLS® System in KW and area last month, the most added in a single month since May of last year, and 1.9 per cent more than the previous ten-year average for June.
 
The total number of homes available for sale in active status at the end of June was 640, a decrease of 28.7 per cent compared to June of last year.
 
The number of Months Supply (also known as absorption rate) continues to be very low at just 1.4 months for the month of June, 22.2 per cent below the same period last year. The previous ten-year average supply of homes for June was 3.22 months, and in the past 5 years, the average supply for June was 2.22 months.
 
The average days to sell in June was 16 days, compared to 20 days in June 2019.

How to Get the Most Out of Your Next Virtual Tour

COVID-19 has affected various aspects of the real estate industry, but a wide array of digital tools have helped ensure a smooth process while providing peace of mind to buyers and sellers.

For instance, video previews and virtual walkthroughs have recently become crucial elements in the home buying process. Here are a few points to keep in mind if you’re viewing a home online:

PLAN AHEAD
Ask for a floor plan ahead of time to help give you a better idea of the home’s flow, the size of the rooms, the height of the ceilings, etc.

BLIND SPOTS
If you’re doing a virtual walkthrough, make sure you ask to take a peek inside the closets and cupboards and have a close look at the appliances.

THE FINER DETAILS
It’s hard to capture certain aspects in a video such as noise, natural light or the view, so check out various angles from different rooms and the yard or balcony to get a better perspective.

CURB APPEAL
The neighbourhood can oftentimes be as important as the house itself so take a walk or drive around the area or, if that’s not possible, check it out on Google Maps.

Virtual walkthroughs are a great way to preview homes. That said, there’s a huge emotional component to buying a home and it’s hard to get a proper feel unless you’re there to see it for yourself.

If you’re thinking about making a move but you’d rather do your house hunting from home, we can always set up a virtual walkthrough and then once we find a home you really like, we can arrange to view it in person. Just reach out if you ever have any questions!

What’s in Store at the ReStore?

You’ve probably heard of Habitat for Humanity, the non-profit organization working towards a world where everyone has a safe and decent place to live, but did you know that Waterloo has a Habitat ReStore that helps support the organization?
 
The first ReStore was opened in 1991 by five Canadians and now there are more than a thousand locations worldwide! They’re basically a chain of home and building supply stores that accept and resell new and used building materials to help support those in need.

Every ReStore is different and the inventory is always changing depending on the donations. You’ll find items like windows, doors, paint, hardware, lumber, tools, furniture and appliances. It’s the perfect place to go if you have a passion for restoring and upcycling old furniture.

The Waterloo ReStore is located at 120 Northfield Drive East, but they also have an online store so you’re able to shop from the comfort of your home!

If you haven’t yet visited the ReStore, you should definitely check it out! It’s always a fun experience because you never know exactly what you’re going to find and in addition to helping fund future home building projects, you’ll also be keeping materials out of the landfill!

Flip the Script on the BBQ!

Marinating your meat or vegetables is a very important step in the barbecue process, but why not flip the script and add your marinade after everything’s been grilled?

Reverse marinating is a rapidly growing trend because you don’t lose any of the flavour. It’s also super easy!

All you need to do is grill your protein, pull it off the BBQ and then pour your delicious homemade marinade on top while it rests so that it soaks up the incredible fresh flavour as it cools.

To make your own marinade, you’ll need to start with the basic elements which are 3 parts oil (olive oil is a great choice), 1 part acid (vinegar, lemon juice or wine), a bit of garlic and finally a few of your favourite herbs!

If you’re cooking with chicken or pork, try adding some chilli flakes, ginger and honey. For beef, you can add Worcestershire sauce, fresh horseradish and brown sugar while scallions, soy and maple syrup go great with vegetables. Enjoy!