Kitchener-Waterloo Real Estate Market July 2021

The 740 residential homes sold last month through the Multiple Listing Service® of the Kitchener-Waterloo Association of REALTORS®.

This set a new monthly high for June and represented an increase of 10.1 per cent compared to June 2020, and a 13.6 per cent decrease compared to May 2021.
 
“The number of homes sold in the Kitchener-Waterloo area these past 6 months surpasses any previous 6 months of activity through our MLS® System,” says Nicole Pohl, President of KWAR.

“Since the beginning of the year, we have reported 4,393 home sales in Kitchener-Waterloo and area, which is remarkable.”
 
Total residential sales during this second quarter (April, May, June) are up 83.7 per cent compared to last year. On a year-to-date basis, they are up 65.7 per cent.
 
Total residential sales in June included 411 detached (down 0.2 per cent from June 2020), and 103 condominium units (up 51.5 per cent). Sales also included 74 semi-detached homes (on par) and 152 townhouses (up 14.3 per cent).
 
In June, the average sale price for all residential properties in the Kitchener-Waterloo area was $759,115. This represents a 26.4 per cent increase over June 2020 and a 2.6 per cent increase compared to May 2021.
 
The average price of a detached home was $919,914. This represents a 31.9 per cent increase from June 2020 and an increase of 5.9 per cent compared to May 2021.

The average sale price for an apartment-style condominium was $445,493. This represents an increase of 19.3 per cent from June 2020 and a decrease of 2.3 per cent compared to May 2021.

The average sale price for a townhouse was $590,980. This represents a 29 per cent increase from June 2020 and a decrease of 1.9 per cent compared to May 2021.

The average sale price for a semi was $647,918. This represents an increase of 28.3 per cent compared to June 2020 and a decrease of 1.8 per cent compared to May 2021.
 
The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $745,800 in June. This represents a 32.1 per cent increase over June 2020 and a 0.4 per cent decrease compared to May 2021.

The benchmark price for a detached home was $820,800. This represents a 32.7 per cent increase from June 2020 and 0.6 per cent increase compared to May 2021.

The benchmark price for an apartment-style condominium was $373,400. This represents a 17 per cent increase from June 2020 and a 0.1 per cent decrease compared to May 2021.

The benchmark price for a townhouse is $566,900. This represents a 45 per cent increase from June 2020 and a 1.4 per cent decrease compared to May 2021.
 
“The greatest challenge of the housing market continues to be the limited supply of existing homes to purchase,” says Pohl.

“What we could use right now is for more homes to get built to help meet the robust buyer demand which continues to exceed supply.”
 
There were 860 new listings added to the MLS® System in KW and area last month, a decrease of 6.6 per cent compared to June of last year, and a 5.4 per cent decrease compared to the previous ten-year average for June.
 
The total number of homes available for sale in active status at the end of June was 365, a decrease of 43 per cent compared to June of last year, and 73.9 per cent below the previous ten-year average of 1,400 listings for June.
 
The number of months of inventory was 0.5 in June, a decline from 0.7 months in May. 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 June was 11 days, compared to 17 days in June 2020 and a previous 5-year average of 20 days.

DON’T FALL FOR A MONEY PIT

The K-W real estate market is very competitive at the moment which is causing many buyers to act much more quickly and aggressively than ever before.

It’s sometimes easy to fall in love with what appears to be your dream home but it’s important that your heart doesn’t rule the decision-making process. Here are a few areas that you’ll want to pay extra attention to:

Off-Putting
Routine home maintenance that’s been ignored can be a red flag. If certain issues aren’t dealt with early on, they can result in costly repairs down the road.

Rotting Roof
Roof leaks can be difficult to spot so if possible, inspect the underside of the roof in the attic as it will be much easier to identify potential issues.

Cracking Up
Check hard surface flooring for large cracks as well as around windows and doors as they could indicate a possible shifting of the foundation.

Root It Out
Take a look outside and examine the proximity of trees to the home as roots that are too close to the foundation could cause problems.

Basement Beware
Determine the age of the HVAC, plumbing and electrical systems and how well they’ve been maintained. Also, be on the alert for musty smells or signs of moisture.

When it comes to buying a home, it’s a good idea to get a home inspection but in a competitive market, many buyers are choosing to waive that option in order to make their offer more attractive. It’s therefore important to pay extra attention when you’re out touring homes.

Buying a home can be stressful at the best of times, so check your emotions at the door and do your due diligence in order to avoid ugly surprises after you move in. It’s also important to budget for any unexpected expenses that might come up afterwards.

If you ever have any questions about the K-W real estate market, please don’t hesitate to get in touch. Whether you’re thinking of buying or selling, you’ll definitely want to have a professional onside to help you navigate through this wild market.

CACHING IN ON K-W!

Geocaching is a high-tech treasure hunt where a GPS app is used to locate hidden caches that are stashed away in parks, trails and other out-of-the-way areas.

This world-renowned activity is an amazing way to get active with your family while exploring the great outdoors in and around the K-W area and beyond!

Popular spots in Kitchener-Waterloo include Mclennan Park, Breithaupt Park and the Iron Horse Trail. You can also enjoy a geocaching adventure at all of the Grand River Parks!

Caches, which are created by people in the geocaching community, are hidden stashes that contain small treasures such as toys and trinkets. They range in size but are usually small enough to fit in the palm of your hand.

Once you locate a geocache, you can either put the treasure back or replace it with something of your own. Then, before heading off, you can write down your details in the logbook and register your find online!

To get started, check out Geocaching.com as it lists all of the geocaches in the K-W area and beyond so whether you’re staying in town or heading further afield, it’s the perfect way to enjoy some “off the beaten path” adventures!

The website also offers an app that you can install on your smartphone to take along with you on your travels as well as answers to commonly asked questions.

If you plan on sticking close to home this summer, exploring local parks and trails will take on a whole new meaning and the best part is that geocaching doesn’t cost a cent!

Instead of searching around for the remote this Sunday afternoon, head outdoors into nature and kick off your geocaching journey.

CREATING A DOG-FRIENDLY BACKYARD

The dog days of summer are finally here so it’s the perfect time to create a dog-friendly backyard for your four-legged friend!

Dogs love the great outdoors as much as we do so here are a few things to consider if you’re looking to redesign your yard with your faithful friend in mind:

Fencing First
Make sure that your fence and gates are in good condition and that they’re low enough so that your pup can’t escape.

Mean Greens
Certain types of plants such as azaleas, lilies and mums are toxic to dogs if they’re ingested so make sure they’re well out of reach.

Potty Patrol
Dogs love patrolling the yard to protect their territory so create a pathway that leads them around the yard to a private out-of-the-way potty spot!

Play Place
If dogs are bored, they may start digging or barking so create some obstacles for them to explore or even a small agility course to keep them entertained.

Shady Shelter
Dogs love to lounge in the sun but they also need a shaded area to cool down in. A nice spot under a tree works well and a kiddie pool will win you extra points!

There’s nothing like watching your dog happily romp through the backyard! You may have to let go of your dream of a perfectly manicured lawn when you have a dog, but a little training with potty and play areas can go a long way!