Kitchener-Waterloo Real Estate Market May 2021

Following last month’s record-smashing number of home sales, the Kitchener-Waterloo Association of REALTORS® (KWAR) posted the second-highest number of monthly home sales in April.

There were 843 residential homes sold through the Multiple Listing Service® (MLS® System) of KWAR last month, an increase of 263.4 per cent compared to April 2020, and a decrease of 15.5 per cent compared to March 2021.

“Even if we do not take into account April 2020, when Ontario was in the early days of its state of emergency, it was still an exceptional number of homes sold last month,” says Nicole Pohl, President of KWAR. “The previous 10-year average number of residential sales for April was 618.”

Total residential sales in April included 484 detached (up 233.8 per cent from April 2020), and 111 condominium units (up 382.6 per cent). Sales also included 67 semi-detached homes (up 294.1 per cent) and 181 townhouses (up 285.1 per cent).

In April, the average sale price for all residential properties in the Kitchener-Waterloo area was $757,906. This represents a 34.3 per cent increase over April 2020 and a 0.9 per cent decrease compared to March 2021.

The average price of a detached home was $899,315. This represents a 36.9 per cent increase from April 2020 and an increase of 0.04 per cent compared to March 2021.

The average sale price for an apartment-style condominium was $441,887. This represents an increase of 21.2 per cent from April 2020 and an increase of 4.2 per cent compared to March 2021.

The average sale price for a townhouse was $612,550. This represents a 52.1 per cent increase from April 2020 and a decrease of 2.03 per cent compared to March 2021.

The average sale price for a semi was $652,609. This represents an increase of 33.0 per cent compared to April 2020 and an increase of 0.18 per cent compared to March 2021.

“We are starting to see home prices calm down in March and April compared to what was happening in January and February,” says Pohl.

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $742,800 in April. This represents a 40.4 per cent increase over April 2020 and a 0.6 per cent increase compared to March 2021.

The benchmark price for a detached home was $809,000. This represents a 39.9 per cent increase from April 2020 and 1.0 per cent decrease compared to March 2021.

The benchmark price for an apartment-style condominium was $374,100. This represents a 31.1 per cent increase from April 2020 and a 4.3 per cent increase compared to March 2021.

The benchmark price for a townhouse is $591,300. This represents a 47.2 per cent increase from April 2020 and a 6.6 per cent increase compared to March 2021.

There were 1,098 new listings added to the MLS® System in KW and area last month, an increase of 162.7 per cent compared to April of last year, and a 17.15 per cent increase compared to the previous ten-year average for April (calculated from 2019 to 2010 to adjust for the impact of the state of emergency on activity in April 2020).

The total number of homes available for sale in active status at the end of April was 458, a decrease of 21.8 per cent compared to April of last year, and 66.9 per cent below the previous ten-year average of 1,384 listings for April (calculated from 2010 to 2019 to adjust for the impact of the state of emergency on activity in April 2020).

The number of months of inventory was 0.7 in April, which is unchanged from March. Inventory 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.

The average number of days to sell in April was 9 days, compared to 19 days in April 2020 and a previous 5-year average of 21 days.

BACKYARD TRENDS FOR 2021

Having a functional and inviting outdoor space has become an increasingly important feature as homeowners look to extend their indoor living area outside.

Here are a few of the latest backyard trends that will help you create an oasis that you and your family can relax and have fun in:

Turning Inside Out
Connecting the indoors to the outdoors is huge right now! Outdoor rugs, a string of patio lights and a comfortable seating area will help create a stylish set-up with a natural flow.

Sanctuary Space
Create a peaceful backyard sanctuary by adding a soothing water feature, a few windchimes and a path of stepping stones that lead to a hammock where you can stretch out and relax.

Working Out
Many of us are still working from home, but instead of being cooped up inside slouched over a desk, set an office up outside so that you can take care of business while also taking in nature!

Let It Grow
Transform your backyard into an edible landscape that includes berries, vegetables, fruits and herbs. Adding a few pollen-rich flowers such as coneflowers or zinnias will also help attract butterflies!

Boredom Busters
Using the backyard to keep the kids occupied and enjoy family fun has meant a huge rise in the popularity of playground structures, zip lines, basketball nets and volleyball courts.

Smart Tech
Smart sprinkler systems, robotic lawn mowers and advanced outdoor lighting sensors will make your life easier so you can sit back and relax while enjoying a backyard movie night under the stars!

At the end of the day, there’s really no place like home so it’s important that we make the most of it! Adding comfort and liveability to your backyard will add value to your home, whether you’re looking to sell or simply want to enjoy your yard to its fullest potential this summer. ☀️

NATIONAL RESCUE DOG DAY

Our pets are such a huge part of our family that homebuyers often put their needs at the top of the list when purchasing a home and then dutifully set about making updates to enhance their comfort.

For all you dog lovers out there, May 20th marks National Rescue Dog Day which was created to help bring awareness to the huge number of dogs who are currently waiting in shelters for a new place to call home.

The COVID-19 crisis has put a stop to most in-person charitable events which have traditionally been responsible for raising funds to help keep the shelters running smoothly. Many organizations have pivoted to online fundraising but they don’t usually have the same impact.

Local organizations such as The Humane Society of Kitchener-Waterloo are largely dependent on individual and corporate donations so check out the great work they’re doing and find out how you can help!

While more people adopted and fostered pets at the start of the pandemic, there are unfortunately always animals in the K-W area that need loving homes.

It’s well documented that owning a dog or cat can ease loneliness as well as reduce stress, anxiety and depression. If you’re not in a position to take on a full-time pet, many shelters offer a variety of volunteer opportunities that aren’t quite as demanding.

If you share your home with a rescue dog, remember to post a picture to social media on May 20th with the hashtag #nationalrescuedogday along with a short story of how you and your dog have changed each other’s lives!

A WINDOW TO THE SOUL

Sometimes it’s the simple things around our home that can make a huge difference to the way we think, feel and act. Your windows, for instance, have the potential to light up your life!

The easiest way to increase the natural light that flows into your home is to cut back any trees or shrubs in your yard that are obstructing your windows.

Once that’s done, strategically place a few mirrors around the room to further maximize the amount of natural light. Talk about a bright idea!

If you’re unable to attract additional sunlight into your room, consider changing your point of view, so to speak.

For example, if you spend a lot of time reading next to a window, enhance your view with outdoor features such as a water fountain, a birdbath or a beautiful bed of flowers.