Kitchener-Waterloo Real Estate Market February 2021

There were 351 residential homes sold through the Multiple Listing Service (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in January.

This was an increase of 24.9 per cent compared to January 2020, and an increase of 1.4 per cent compared to the previous month. The previous 10-year average number of residential sales for January is 286.
 
“January’s home sales were more active than what we typically see this time of year,” says Nicole Pohl, President of KWAR. “But nothing has been typical about our housing market.”
 
Total residential sales in January included 201 detached (up 31.3 per cent from January 2020), and 71 condominium units (up 97 per cent). Sales also included 21 semi-detached homes (unchanged) and 56 freehold townhouses (down 17.6 per cent).
 
In January, the average sale price of all residential properties sold in 2021 increased by 23.9 per cent to $695,582 compared to the same month last year.

Meanwhile, the average price of a detached home hit a new milestone by exceeding 800-thousand-dollars for the first time, coming in at $853,945 an increase of 27.3 per cent.

During this same period, the average sale price for an apartment-style condominium was $383,196 for a decrease of 1.4 per cent. Townhomes and semis sold for an average of $566,345 (up 29 per cent) and $626,512 (up 29.3 per cent) respectively.
 
The median price of all residential properties sold in January increased 25.9 per cent to $680,000 and the median price of a detached home during the same period increased 23.3 per cent to $801,500.
 
“With demand for homes unabated and consumer preferences leaning predominantly toward single detached homes, in January we saw buyers paying a premium for this property type,” says Pohl.

“Conversely, even as condo sales were increasing in January, we saw prices for this style of housing soften by comparison.”
 
KWAR’s president points to supply not being able to keep up with continuing demand, much of it coming from the GTA, for the strong increases in home prices in Waterloo Region and in many other parts across the province.

The number of months of inventory in the Waterloo region has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.
 
There were 432 new listings added to the MLS® System in KW and area last month, a decrease of 7.4 per cent compared to January of last year, and 37.6 per cent decrease compared to the previous ten-year average for January.
 
The average number of days to sell in January was 16 days, compared to 22 days in January 2020 and a previous 5-year average of 30 days.

Bright Ideas For Your Basement

We’re spending more time at home than ever before so creating more living space for extra privacy is on everyone’s mind.

Basements are a great option but low ceilings and limited light can sometimes make it a hard spot to retreat to. Here are a few ways to brighten things up in this often-overlooked space:

Fresh Coat
Paint the walls a light shade and the ceiling even lighter to help give the illusion of added height.

Lighten Up
Recessed LED lights work really well in basements since they blend into the ceiling, provide bright light and are energy efficient.

Floored
Try to maintain the same flooring material throughout the entire basement as it will help the space appear much larger.

Open Door Policy
Glass doors will help open up the area while still giving you the option for privacy.

Mirror Mirror
Place mirrors across from your basement windows in order to maximize the impact of natural light.

Power Plants
Add a few plants to help liven things up! Artificial plants have come a long way and are perfect for darker areas.

Creative Curtains
Hanging long, light curtains will give the illusion of added height to a room. Drapes are also perfect for hiding messy areas.

These are just a few easy and inexpensive ways to transform your basement from dark and dreary to bright and beautiful. All it takes is a few simple adjustments and before you know it, your basement will become one of your most popular hangouts!

The Consumer Electronics Show

Every year, the Consumer Electronics Show in Las Vegas reveals the latest smart home innovations. Here are a few items that were featured at this year’s virtual event:

Can’t Touch This!
A variety of new touchless doorbells were launched as well as touch-free faucets, paper towel dispensers, light switches and toilets that flush all by themselves.

Who Let the Dogs Out?
Remote-controlled pet doors with live video streaming and two-way communication allow you to let your pet in and out while denying access to squirrels and other critters.

So Fresh & So Clean
A variety of cleaning gadgets were featured including portable UV light cleaners, high-tech air purifying systems as well as antimicrobial backpacks and luggage.

Mr. Roboto
Robots, complete with artificial intelligence, are now able to learn how to do chores such as changing the garbage, doing the laundry and putting away the dishes!

There were various other pandemic-related items at this year’s virtual event such as smart masks, digital health services and solutions to help those of us who are working from home. Some are a bit over the top but it’s always interesting to get an idea of where home-based technology is headed!