New record set with over 800 residential home sales in May

Kitchener-Waterloo Real Estate Market Report 

New record set with over 800 residential home sales in May.

There were 816 residential properties sold through the MLS® system of the Kitchener-Waterloo Association of REALTORS® (KWAR) in May.

This was an increase of 8.2% compared to May 2016, and a 6% increase compared to last month.  This is the second consecutive month unit sales have hit an all-time high.

Home sales in May included 493 detached homes (up 3.8 per cent compared to May 2016), 180 condominium units (up 7.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.).  Sales also included 64 semi-detached homes (up 39.1 percent) and 70 freehold townhouses (up 22.8 per cent).

“With the persistent buyer demand we’ve been experiencing these past several months, it was great to see that spike in residential listings enter the market in May, as we’ve had a severe shortage of inventory,” says James Craig, President of the KWAR.

REALTORS® listed 1,271 residential properties in K-W and area last month, a 38.6 per cent increase compared to May of 2016, and a 29 per cent increase compared to the previous month.  It’s the first time in two years that the number of new listings put on the market has exceeded the 1,000 unit mark.  The five-year average for new listings in May is 989.

While more homes were listed in May, it continues to be a seller’s market in Waterloo region and across the Greater Golden Horseshoe (GGH) as inventories remain tight at near or less than one month of inventory.

The average sales price of all residential sales increased 31 per cent to $496,664 compared to May 2016.  Detached homes sold for an average price of $594,047 an increase of 35.3 per cent, while the average sale price for an apartment style condominium was $293,158, an increase of 25.8 per cent.  Townhomes and semis sold for an average of $361,198 (up 30 per cent) and $383,819 (up 29.3 per cent) respectively.

Ongoing demand for homes in Waterloo region has resulted in a shorter sales cycle.  The average days on market in May was 12, compared to 24 days a year ago.  On a month-to-month basis, it took two additional days on average from list to sale date in May compared to April.

Addressing the Fair Housing Plan that was announced by the Ontario government in April, the president of the KWAR notes that it is still too soon to know if the measures will have the intended cooling effect on the market.  “For now, home sales are still booming, and prices are going strong.  While we continued to see big year-over year price gains in May, the overall residential average price did dip 3 per cent compared to April.”  One month does not make a trend Craig concedes, but the spike in listings last month may have contributed to the flatter prices.

Downtown Kitchener Rib and Craft Beer Show 

Bring your friends, family and co-workers out to savour the flavour!

This year marks the 14th anniversary of this incredible community event held in Kitchener’s beautiful Victoria Park on the weekend of July 14th to 16th.

If you haven’t experienced this family friendly event before, now’s your chance to come out and enjoy the delicious, saucy barbequed ribs & chicken, corn on the cob, funnel cakes and freshly squeezed lemonade.

While you’re chowing down on endless variety of fabulous food, they’ll be a fantastic line up of live entertainment to enjoy all weekend long as well as a variety of tasty craft brewed beer!

There’s no cost for admission to Ribfest but donations to the Food Bank of Waterloo Region are gratefully accepted at the gate.  Last year, the festival raised over $10,000 to help feed those in need.  Hope to see you there!

Home Is Where the Smart Is 

Smart home technology is continuing to grow at a rapid rate!

Smart home technology has gone from basic security to smart windows that open and close based on the weather and indoor air temperature.  Here’s a look at a few smart home innovations that will revolutionize our lives:

1. Connectivity is King – The connected home is a huge theme this year that features connected appliances, smoke alarms, lightbulbs and doorbells.
2. Talk to Me – There’s a huge focus on voice activated products around the home including voice controlled garbage cans, air purifiers and fridges.
3. Home Help – Robots are being used to offer companionship for seniors and there’s also an innovative, lifesaving cane that sends out an alert in the event of an emergency.
4. Laundry Lackey – Washing machines that can do multiple loads at once will save us valuable time and there’s even a machine in the works that will fold the laundry!
5. Breathe Easy – Sensors can monitor your indoor air for Co2, VOCs, allergens and humidity levels and they’ll also be able to expel bad air and introduce clean air to your home.
6. Robot Cleaners – With intelligent visual navigation, app control and powerful suction that cleans in corners, you’ll never need to push a vacuum again!

Smart home technology is always improving and it’s a major selling point because the higher your home’s IQ, the higher the resale value will be!  Who knows what the future will bring but one thing’s for sure; smart home technology can provide you and your family convenience and peace of mind.

Soothe Your Soul with a Water Feature 

Bring new life to your outdoor space by creating a peaceful paradise.

Imagine relaxing after a stressful day at work and unwinding on a backyard lounger while listening to the sound of flowing water.

Your backyard’s the perfect place to take a break from the hectic pace of everyday life, and the addition of a water feature will help transform your garden into an oasis of tranquility, give it a beautiful focal point and may well increase the value of your home.

Water features also create an environmentally friendly haven for wildlife such as frogs, birds and butterflies.  There are a wide variety of solar powered fountains to choose from and by utilizing the sun’s rays, you’ll lower your electricity bills and won’t get tangled up in cords.

Water attractions can be as simple or complex as your budget allows, ranging from a simple tabletop fountain to a full-scale babbling brook.  Safety of course should be a concern if you have small children and if you plan on digging, make sure to contact the utility companies.

It’s important to spend a bit of time during the planning stage to ensure your water feature will integrate with your landscape and environment and then once you’ve finished implementing your new water feature, find a comfortable seat, close your eyes and imagine yourself in paradise.

Washing the Washing Machine 

If your washing machine is giving off a musty smell, it’s time for a wash!

Washing the washing machine may seem strange but over time, soap scum and bacteria build up in front loading washing machines which creates a musty smell.

Start by cleaning the rubber door gasket with white vinegar and water.  Next, mix ¼ cup of baking soda with ¼ cup of water and add it to the detergent compartment, then pour 2 cups of vinegar in the drum and run an empty load at the hottest setting.

Clean your washing machine every month to keep it in tip top shape.  If you leave the door open between loads, promptly remove laundry as soon as the load has finished and don’t use too much detergent, you’ll help keep your washing machine fresh and clean.