A total of 535 residential homes sold last month through the Multiple Listing Service® of the Kitchener-Waterloo Association of REALTORS®.

This was a decrease of 22.1 per cent compared to last August’s record-smashing month, and a decrease of 12.3 per cent compared to July.

While sales were down relative to last month and last August, they remained well above average notes KWAR’s president, Nicole Pohl.

“The main reason for the decrease is simply that last month was the first full month in Step 3 of the reopening, and people were tired of the lockdown,” says Pohl.

“They got out and enjoyed their summer and shifted their real estate needs to the back burner for a much-needed change of focus.”

Total residential sales in August included 299 detached (down 30.6 per cent from August 2020), and 80 condominium units (down 1.2 per cent). Sales also included 38 semi-detached homes (down 2.6) and 118 townhouses (down 13.2 per cent).

In August, the average sale price for all residential properties in the Kitchener-Waterloo area was $753,296. This represents a 19.3 per cent increase over August 2020 and a 0.3 per cent decrease compared to July 2021.

The average price of a detached home was $895,756. This represents a 22.5 per cent increase from August 2020 and a decrease of 1.3 per cent compared to July 2021.

The average sale price for an apartment-style condominium was $445,280. This represents an increase of 18.2 per cent from August 2020 and an increase of 3.7 per cent compared to July 2021.

The average sale price for a townhouse was $623,767. This represents a 26.1 per cent increase from August 2020 and an increase of 0.1 per cent compared to July 2021.

The average sale price for a semi was $683,048. This represents an increase of 26.5 per cent compared to August 2020 and an increase of 2.3 per cent compared to July 2021.

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $757,900 in August. This represents a 29.5 per cent increase over August 2020 and a 1.2 per cent increase compared to July 2021.

The benchmark price for a detached home was $837,100. This represents a 31.5 per cent increase from August 2020 and 1.8 per cent increase compared to July 2021.

The benchmark price for an apartment-style condominium was $380,700. This represents a 11.7 per cent increase from August 2020 and a 1.3 per cent decrease compared to July 2021.

The benchmark price for a townhouse is $568,000. This represents a 37.3 per cent increase from August 2020 and a 0.6 per cent increase compared to July 2021.

There were 590 new listings added to the MLS® System in KW and area last month, a decrease of 27.6 per cent compared to August of last year, and a 13 per cent decrease compared to the previous ten-year average for August.

The total number of homes available for sale in active status at the end of August was 255, a decrease of 53.6 per cent compared to August of last year, and 79.5 per cent below the previous ten-year average of 1,252 listings for August.

“The number of homes coming to market continues to be overwhelmed by the number of homebuyers we have wanting to purchase in Waterloo Region,” says Pohl.

The number of months of inventory persisted from the July level of 0.4 months in August. 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 August was 12 days, compared to 17 days in August 2020 and a previous 5-year average of 26 days.

ACCELERATING YOUR MORTGAGE

Do you wonder sometimes if you’ll ever pay your mortgage off?

Fortunately, there’s a simple strategy that can shave years off your mortgage and save you thousands of dollars in interest!

Making bi-weekly accelerated payments is one of the easiest ways to make your mortgage disappear!

Most of us pay our mortgage each month but accelerated bi-weekly payments can put thousands of dollars back in your pocket without the need to save up lump sum payments.

All you need to do is divide your monthly payment by two and pay that amount every two weeks. The result will be 26 payments over the course of the year which translates into 13 monthly payments instead of 12.

You'll essentially be paying the equivalent of an extra monthly payment each year without even realizing it. The additional amount directly pays down the principal which will significantly reduce the amount of interest you’ll have to pay.

Let’s say for argument’s sake you had a $500,000 mortgage at 2.5% amortized over 25 years. If you take advantage of the accelerated bi-weekly payment strategy, you’ll save around $20,000 in interest and your mortgage will be paid off nearly three years sooner!

Fitness clubs often use this same payment strategy but in reverse. For example, a gym may offer a membership for $24 every two weeks so in your mind you think “that’s only $48 a month” but in fact, it’s actually going to cost you $52 a month because of the extra two payments each year.

Most banks won’t charge fees or penalties for this type of payment option but be sure to ask upfront to confirm. There are other ways to pay your mortgage off faster so please don’t hesitate to get in touch if you ever have any questions. You have nothing to lose and thousands to gain!

DON'T FORGET TO ARM YOUR ALARM

Fire Prevention Week begins on October 3rd and this year’s theme is “Learn the Sounds of Fire Safety”.

The goal of this year’s campaign is to draw attention to the different sounds smoke and carbon monoxide alarms make and what they mean.

A continued set of three loud beeps on your smoke alarm means that either smoke or fire has been detected so it’s important to get out immediately and call 911.

On the other hand, a chirp every 30 seconds means the battery must be replaced. If the chirping continues after the new battery has been installed, it means the alarm is at the end of its life and needs to be replaced.

Smoke alarms should be located in every bedroom, in the hallway outside sleeping areas and on each level of your home including the basement. Interconnected smoke and carbon monoxide alarms offer the best protection.

It’s important to test your alarms at least once a month by simply pressing the “test” button. Be sure to also blow out any dust or dirt that collects in and around your alarms.

Both the Kitchener and Waterloo fire departments offer a variety of fire prevention resources to help raise public awareness of fire safety during Fire Prevention Week. If you ever have any questions about fire safety, they’re always happy to help.

Planning for a house fire isn't something most people want to think about but if such an event were to occur, you’d need to act fast so now’s a good time to test out your alarms and discuss fire safety plans with your family.

POSITIVE POWER POSING

A person's body language speaks far more than words could ever say.

Projecting positive body language is a skill that should be mastered by everyone whether you’re a corporate bigwig or a child trying to make new friends on the playground.

With a little work, these changes are incredibly easy to implement. Here are a few tips that’ll instantly boost your self-confidence:

look into the person’s eyes with a relaxed smile
use a natural tone, volume and pace when you speak
avoid fidgeting as it shows you're disinterested, bored or nervous
use your hands for gesturing instead of sticking them in your pockets
stand up straight in a relaxed posture with your head held high

It’s amazing how a few small changes can make such a huge difference. In fact, studies have shown that “power posing” can actually change the chemicals in our brain. So there you have it – stand tall and be proud!