Kitchener-Waterloo Real Estate Market June 2021




Strong home sales continued in May as the Kitchener-Waterloo Association of REALTORS® (KWAR) once again posted a record-setting number of monthly home sales.

There were 854 residential homes sold through the Multiple Listing Service® (MLS® System) of KWAR last month, an increase of 100.9 per cent compared to May 2020, and a 0.9 per cent increase compared to April 2021.

“While last May home sales were restrained due to the pandemic, May 2021 was another extraordinary month of home buying and selling activity,” says Nicole Pohl, President of KWAR.

Total residential sales in May included 485 detached (up 85.8 per cent from May 2020), and 106 condominium units (up 152.4 per cent). Sales also included 74 semi-detached homes (up 72.1 per cent) and 188 townhouses (up 138 per cent).

In May, the average sale price for all residential properties in the Kitchener-Waterloo area was $740,103. This represents a 30.4 per cent increase over May 2020 and a 2.4 per cent decrease compared to April 2021.

The average price of a detached home was $868,990. This represents a 32.6 per cent increase from May 2020 and a decrease of 3.4 per cent compared to April 2021.

The average sale price for an apartment-style condominium was $457,935. This represents an increase of 38.6 per cent from May 2020 and an increase of 3.1 per cent compared to April 2021.

The average sale price for a townhouse was $601,987. This represents a 33.7 per cent increase from May 2020 and a decrease of 1.8 per cent compared to April 2021.

The average sale price for a semi was $659,975. This represents an increase of 36.8 per cent compared to May 2020 and an increase of 1.2 per cent compared to April 2021.

“Last month the market took a breath and calmed a bit, but there is still very strong demand throughout our region,” says Pohl.

“This started prior to the new mortgage stress test that came into effect on June 1. While these changes will impact the affordability for some, I do not expect it to be very impactful due to the sheer number of buyers in our market."

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $749,100 in May. This represents a 35.8 per cent increase over May 2020 and a 0.4 per cent increase compared to April 2021.

The benchmark price for a detached home was $815,800. This represents a 35.8 per cent increase from May 2020 and 0.8 per cent decrease compared to April 2021.

The benchmark price for an apartment-style condominium was $373,700. This represents a 16.9 per cent increase from May 2020 and a 2.1 per cent decrease compared to April 2021.

The benchmark price for a townhouse is $574,900. This represents a 49 per cent increase from May 2020 and a 0.5 per cent decrease compared to April 2021.

There were 1,061 new listings added to the MLS® System in KW and area last month, an increase of 83.2 per cent compared to May of last year, and a 2.6 per cent increase compared to the previous ten-year average for May.

The total number of homes available for sale in active status at the end of May was 448, a decrease of 20. per cent compared to May of last year, and 70.5 per cent below the previous ten-year average of 1,520 listings for May.

The number of months of inventory was 0.7 in May, which is unchanged from April. 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 May was 9 days, compared to 21 days in May 2020 and a previous 5-year average of 20 days.

UPCOMING K-W EVENTS

UPCOMING K-W EVENTS

Instead of the traditional Canada Day celebrations in downtown Kitchener or uptown Waterloo, the cities are in the process of announcing a different format for July 1st, 2021. Keep an eye on their websites for further updates on Canada’s 154th virtual birthday celebrations! 🇨🇦 

Also, the city of Waterloo will soon be announcing details on Movies in the Parking Lot which is a free, pop-up, drive-in event so keep an eye out for dates and movie titles.

If you’re looking to support local businesses and take a break from cooking dinner, KW Food Trucks has a Facebook page that shares where food trucks will be parked and when they’re open. From traditional comfort food like pizza, mac n cheese and perogies to delicious crepes with gluten-free and vegan options, there’s something for everyone!

All summer programs and events from the cities of Waterloo and Kitchener this year are designed to be flexible so they can adapt to the changing restrictions, and hopefully bring smaller, unique experiences across neighbourhoods so we can all enjoy some community fun!

LIVING WITH EXTENDED FAMILY

LIVING WITH EXTENDED FAMILY

Multigenerational homes have been growing in popularity over the last year as buyers are looking for ways to bring their families together.

Feelings of isolation and loneliness are often alleviated when grandparents live with extended family as they’re able to spend more time with their grandkids which in turn helps reduce childcare costs.

Home prices have also risen sharply over the past few years so students who are already used to studying from home may choose to extend their stay in order to save up for a downpayment.

Conflicts can however arise when relatives live in such close quarters so here are a few things to consider before everyone packs their bags and moves in together:

Know Your Needs
Discuss details such as separate entrances, a second kitchen and parking before you begin looking at homes or decide to renovate your existing home so you have a clear understanding of your needs and wants.

Who Does What
The sharing of responsibilities such as child care, cooking, cleaning, yard work and paying the bills should be agreed upon ahead of time. You should also discuss what happens if a member of the family wants to sell and move elsewhere.

United Front
Parenting styles vary from generation to generation so if there are young children sharing the home, it’s very important that you clearly set out the rules that revolve around playtimes, mealtimes and bedtimes so parental authority isn’t undermined.

Buffer Zone
Spending so much time together under one roof has its challenges so you’ll want to make sure everyone has their own personal space. Have an honest and open discussion about privacy and boundaries before you move in together to ensure everyone’s on the same page.

Multigenerational family households are making a huge comeback as they provide common sense solutions to a variety of social and financial obstacles.

That said, the key to successfully living under the same roof is to discuss all of the available options ahead of time and then keep an open line of communication with regular family meetings.

THE GRASS CAN ALWAYS BE GREENER

THE GRASS CAN ALWAYS BE GREENER

This summer, it’s important that our lawns look thick, healthy and lush since we’re spending so much time outside enjoying our backyards.

Here are a few natural lawn care tips that will turn your neighbours green with envy:

Stay Sharp
Avoid mowing when it’s wet and remember to sharpen the blade several times during the season.

Zig Zag
Mowing the grass in a different direction each time prevents wear patterns and encourages upright growth.

No Short Cuts
Don't cut your lawn too short. Tall grass is more stress-tolerant, shades out weeds and has deeper roots to increase the intake of nutrients and water.

Breathe Deeply
Aerating puts holes in your lawn to loosen the ground which allows water to easily get to the roots.  This natural treatment will make your lawn look like a golf course!

Natural Nutrients
Unless your grass is in really bad shape, it’s best to leave the grass clippings on the lawn as they’ll provide important nutrients.

Doggy Doo Don’ts
If your furry friend is creating brown urine patches on your lawn, water the area of grass they go on as it’ll dilute the nitrogen and minimize the damage.

Properly taking care of your lawn will greatly increase your home's curb appeal but it’s not all about looks.

Caring for your grass also has great environmental benefits as a healthy lawn releases oxygen and captures dirt and dust which helps keep you and your family healthy!

GRILLED PORTOBELLO & GOAT’S CHEESE

GRILLED PORTOBELLO & GOAT’S CHEESE

Portobello mushrooms are the steaks of the mushroom family, so you’ll impress everyone including your vegetarian guests! Here’s what you’ll need:

  • 6 large portobello mushrooms
  • extra virgin olive oil
  • 8 oz goat’s cheese
  • 1 tbsp fresh basil, chopped
  • 2 tsp fresh thyme, chopped
  • 1 garlic clove, minced
  • fresh chives, chopped
Remove the stems and gills from the mushrooms before drizzling olive oil over both sides. Next, mix the goat’s cheese, basil, thyme and garlic together in a bowl.

Grill the mushrooms top side up on medium for 5 minutes. Next, flip them over and spoon the mixture into each mushroom.

Finally, grill cheese side up for another 5 minutes and then garnish with a sprinkle of fresh chives. Enjoy!




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