Kitchener-Waterloo Real Estate Market August 2020
|There were 734 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in July.
This was an increase of 25.7 per cent compared to the same month last year, and well above the previous ten-year average for July of 531.
“Competition was high for buyers looking to lock down a house in July,” said Colleen Koehler, President of KWAR.
“The rate of home sales in July resembled the kind of month we would normally see in May, and I chalk up much of that to the pent up demand that built as we moved into Stage 3 of reopening in mid-July.”
Total residential sales in July included 464 detached homes (up 39.3 per cent from July 2019), and 65 condominium apartments (up 3.2 per cent). Sales also included 153 townhouses (up 4.8 per cent) and 52 semi-detached homes (up 23.8 per cent).
The average sale price of all residential properties sold in July increased 22.8 per cent to $639,814 compared to the same month last year, while detached homes sold for an average price of $745,149 an increase of 21.4 per cent.
During this same period, the average sale price for an apartment-style condominium was $392,770 for an increase of 15.2 per cent. Townhomes and semis sold for an average of $465,756 (up 12.8 per cent) and $522,872 (up 20.4 per cent) respectively.
The median price of all residential properties sold in July increased 21.7 per cent to $595,000 and the median price of a detached home during the same period increased 17.4 per cent to $675,000.
“Elevated homebuyer activity combined with constrained supply put huge pressure on prices last month,” said Koehler.
“Homebuyers remain very confident about owning a home in Waterloo Region, and with mortgage rates still at near-record-low levels I expect we will continue to see strong home buyer demand going into the fall”.
There were 888 new listings added to the MLS® System in KW and area last month, an increase of 4.3 per cent compared to July of last year, and 15.5 per cent more than the previous ten-year average for July.
The total number of homes available for sale in active status at the end of July was 592, a decrease of 32.6 per cent compared to July of last year. The average days to sell in July was 17 days, compared to 22 days in July 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 July, 27.8 per cent below the same period last year. The previous ten-year average supply of homes for July was 3.1 months, and in the past 5 years, the average supply for July was 2.1 months.
Koehler notes real estate was deemed an essential service from the beginning of the lockdown and REALTORS® have been taking all the necessary precautions to ensure transactions are done safely.
KWAR’s president advises consumers talk to their REALTOR® about what measures they will be taking to protect your health and safety as they help you on your real estate journey.
Waterloo Region’s Best Hiking Trails
Most people are sticking closer to home this summer, so it’s the perfect time to get out and explore some of the natural gems that our area has to offer!
Hiking’s a great way to get fresh air and exercise while connecting with the great outdoors and Kitchener-Waterloo has lots of scenic trails that will help you do just that!
Some wind through the twin cities while others meander through parks and woodlands. A few favourites are the Walter Bean Trail, the Huron Natural Area and the Homer Watson Park Trails.
If you’re looking for a mountain bike adventure, Waterloo Region is home to a world-class mountain bike trail known as The Hydrocut where there are 25 connected trails made up of moderate, advanced and expert trails.
Woolwich Township also has 10 public trails that stretch over 80 kilometres. A popular one is the Kissing Bridge Trailway which is a 45 km trail through rural communities and wetlands. If you take a quick detour, you can visit the West Montrose Kissing Bridge which is the last covered bridge in Ontario.
There are so many trails to choose from but if you’re not sure where to go, you can check out a complete list of all the hiking trails in the Waterloo Region. Whether you’re a walker, jogger or cyclist, there’s an exciting outdoor adventure waiting for you!
How to Create a Functional Home Office
Many of us are now working from home as a result of the pandemic. Whether it’s working at a desk in a closet or converting the garage into an office, we’re quickly learning to appreciate the benefits of a functional workspace.
There are many advantages to working from home, but it also comes with a whole new unique set of challenges. Here are a few tips that’ll help you get the most out of your newfound home office space:
Standing Room Only
Consider purchasing an adjustable standing desk as it’s better for your posture. In the meantime, make sure your monitor, keyboard and mouse are at the correct ergonomic level.
Try to choose a space with lots of natural light as it’ll help reduce eye strain by cutting down the glare on your screen. Also, consider a SAD lamp to help lift your spirits on those darker days.
If you spend a lot of time on conference calls, you may want to think about soundproofing your space. Hard surfaces amplify sounds while carpets, rugs and curtains help absorb loud noise.
Try to make the most of your office space by hanging shelves on the walls or by maximizing the space underneath your desk.
Focus Your Flow
It’s important to separate work time from home life so try your best to avoid distractions. Putting on a load of laundry for instance can significantly affect your flow and focus.
Now that everyone on your Zoom calls can peek inside your office, it’s important to ensure that your background looks professional and doesn’t have too many distractions.
Make Some Green
Spruce up your space by adding a few plants in and around your office as they’ll help improve the air quality and increase your general level of happiness :)
A comfortable home office can make a huge difference to your productivity so it’s important to take the time to properly set up your space. It’s hard to say how COVID-19 will impact home design in the long run but if you’re thinking of selling any time soon, a well-designed home office will likely be high on many home buyer’s wish lists.
Handy Home Design Apps
If you’re redecorating or renovating your home, there are a number of apps out there that are designed to help make your life a lot easier! Here are a few ones to check out:
This ingenious app turns your smartphone into an easy to use and surprisingly accurate spirit level! It makes hanging pictures, mirrors or even cabinets a cinch!
Leave your tape measure at home as this handy app lets you take a picture of a room and then calculates and stores all of the measurements right on your smartphone!
If you’d like to paint a room but you’re worried that the colour might not be right then this app is for you! Just snap a shot of the room and it’ll let you try out different colours on your wall!
Whether you’re looking to hang a shelf, install new kitchen cabinets or paint your bedroom, there’s an “app for that”. Instead of lugging a bulky toolkit around to tackle a task, all you need to do is pull out your phone!