| There were 758 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in September, the most ever recorded for the month.
September’s home sales represented an increase of 41.6 per cent compared to the same month last year, and an increase of 8 per cent compared to the previous month. The previous ten-year average number of residential sales for September is 460. “This is far more home sales then what we would normally see in September as buyers continue to play catch up from the COVID-19 hindered spring market,” said Colleen Koehler, President of KWAR. “While the pandemic has had devastating impacts on many aspects of our lives it has only solidified the importance of home and homeownership.” Total residential sales in September included 431 detached homes (up 28.6 per cent from September 2019), and 93 condominium apartments (up 127 per cent). Sales also included 178 townhouses (up 43.5 per cent) and 54 semi-detached homes (up 59 per cent). The average sale price of all residential properties sold in September increased 17.5 per cent to $637,691 compared to the same month last year, while detached homes sold for an average price of $768,762 an increase of 25 per cent. During this same period, the average sale price for an apartment-style condominium was $390,690 for an increase of 13 per cent. Townhomes and semis sold for an average of $ 476,636 (up 8.7 per cent) and $544,874 (up 16.5 per cent) respectively. The median price of all residential properties sold in September increased 13.7 per cent to $580,250 and the median price of a detached home during the same period increased 16.5 per cent to $676,000. “We saw more new listings coming to the market in September which was welcome,” said Koehler. “However, demand continues to outpace supply.” There were 929 new listings added to the MLS® System in KW and area last month, an increase of 13 per cent compared to September of last year, and 17.7 per cent more than the previous ten-year average for September. The number of Months Supply (also known as absorption rate) continues to be very low at just 1 month for the month of September. The previous ten-year average supply of homes for September was 3.3 months, and in the past 5 years, the average supply for September was 2.2 months. The year-to-date number of residential sales has increased 2.6% over 2019 indicating that the decreased activity in April and May has been more than made up in the past four months. KWAR’s president believes one of the results of the pandemic is that it has forced many employers to realize their staff can in fact work remotely. This has freed employees to migrate from some large urban areas to more affordable areas such as Waterloo Region that offers a higher quality of life. The average days to sell in September was 14 days, compared to 23 days in September 2019. |
Halloween Fun in K-WAlthough many of Kitchener-Waterloo’s Halloween events have already been cancelled due to COVID, fear not as scare seekers will still be able to get their frightful fix this year! Bingemans Screampark Halloween tradition is set to go ahead from now until November 1st with all the necessary protocols in place to ensure a safe (but utterly terrifying!) experience. The horror has moved outside to allow for distancing, they will be limiting guest capacity and masks will be required. Bingemans has also joined forces with THEMUSEUM to bring you some exciting kid-friendly fun. The Dinosaur Drive-Thru will take you back to the Mesozoic Era with 30 animatronic dinosaurs on display that you can tour from the comfort of your car between October 10th to October 25th. Finally, if you stop by any of the Waterloo Public Library locations on Saturdays during October, kids will receive a special Halloween surprise bag full of treats and crafts! Whatever you end up doing this Halloween, make sure to stay safe and have fun! |
Calculating Closing CostsHouse hunting is lots of fun but once you purchase a home, there are various fees you’ll be responsible for when closing time rolls around. Your mortgage and down payment will cover the cost of your home but it’s important to proactively factor in the extra fees so you don’t get caught off guard. Here are some of the common costs to expect: Appraisal Fees Title Insurance Legal Fees Taxes & Adjustments Mortgage Insurance Closing costs vary depending on individual circumstances but they usually amount to around 3% of the purchase price. For a more accurate estimate, along with tips on how to reduce your closing costs, please reach out so we can discuss your options. Buying a home can be an emotional roller coaster but you’ll definitely enjoy a smoother ride if you’re aware of what lies ahead! |
Reduce Your Bills & ChillsHigher energy bills are a harsh reality, especially now that so many of us are working from home, but just a few small changes can make a huge difference! Here are some energy-saving tips that will help you reduce your bills and chills: Make Some Adjustments FANtastic Idea! Full of Hot Air Seal of Approval A Bright Idea It doesn’t take much time or effort to implement these energy-saving solutions around the home but it’s oftentimes the simple things that are overlooked. If we change our daily habits just slightly, the results can add up to huge savings! |
