Kitchener-Waterloo Real Estate Market Update

Mike Bolger Kitchener-Waterloo home sales were steady during August.

A total of 483 residential sales occurred through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in August.

This was 19.2 per cent below August 2016’s record breaking 598 units sold but still ahead of the previous 5-year August average of 473 sales.

Residential sales last month brings a year-to-date total of 4,876 residential units, an increase of 3.7 per cent compared to 2016. “I think we’re seeing some stability return to the market” says James Craig, President of KWAR. “Last summer’s record setting sales was unsustainable and created a market that no one enjoyed.”

Residential sales in August included 286 detached homes (down 18.8 per cent), and 105 condominium units (down 30.9 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 50 semi-detached homes (up 25 per cent) and 32 freehold townhouses (down 34.7 per cent).

The average sales price of all residential sales increased 10.1 per cent to $441,992 compared to August 2016. Detached homes sold for an average price of $519,910 for an increase of 5.9 per cent while the average sale price for an apartment style condominium was $294,787 for an increase of 26.5 per cent. Townhomes and semis sold for an average of $338,191 (up 13.4 per cent) and $351,233 (up 17.3 per cent) respectively.

REALTORS® listed 589 residential properties in K-W and area last month which is on par with August of 2016. Inventory levels continue to be low at just two months of inventory at the end of August. The number of months of inventory represents the time it would take to deplete current inventories at the current rate of sales. The long term average of months of inventory for KW and area is three and half months. Last month there were 800 active listings on the KWAR’s MLS® System, compared to 760 in August of last year.

The average days on market in August was 26, compared to 33 days a year ago. On a month to month basis, it took three additional days on average from list to sale date in August compared to July. “While the tight supply in the market continues to favour sellers we are pleased to see more inventory coming online; the steady rate of sales continues to reinforce that Kitchener-Waterloo and area remains an attractive place to invest in homeownership.” says Craig.

Oktoberfest Celebrations in Kitchener-Waterloo

Mike Bolger There’s so much to do in K-W during the month of October!

October is a busy month for K-W with a variety of pumpkin patch farms and Halloween themed activities taking place in and around the Region.

Our biggest event of course is Oktoberfest which runs this year from Friday, October 6th to Saturday, October 14th so mark your calendars now!

The delicious and highly anticipated Kitchener-Waterloo OktoberFEAST event which features a variety of local food trucks is returning for a sixth year on Saturday, October 14th at The Inn of Waterloo.

The various festhalle events are extremely popular but there are also over 40 different family and cultural events that are part of the celebrations. Friends, family and having a great time is what the ultimate Oktoberfest experience is all about – Prost!

Thinking Big in Small Spaces

Mike Bolger With a little help, you can still live large in a small space!

If you live in a small space, it’s important that you don’t feel boxed in. The following tips will help transform your cramped quarters into something more expansive:

Shady Solutions- Painting walls a soft shade and the ceiling bright white will give the illusion of added height.
Is That a Door In Your Pocket?- Installing pocket doors is an easy and inexpensive way to create lots of extra useable space.
Lighten Up- Keep window areas clear of heavy drapes to expand wall area and let the sun shine in as it helps a space feel larger.
Mirror Mirror- Strategically placed mirrors will create the illusion of added space and they’ll also reflect light into adjoining rooms.
Cut a Rug- Having the same type of flooring throughout your home will make it feel more spacious so avoid using too many area rugs.
Hide & Seek- Maximize every hidden space you have by using shelving pockets behind doors or bed risers for that all important under the bed storage.
Cut the Clutter- Have a place for everything so that the surfaces in your home don’t get cluttered. Storage baskets for example are great for hiding remotes & magazines.
Open Up- Arrange your furniture so you can see as much of the floor as possible. Rooms with blocked views can feel cramped so move furniture away from entrances.

Whether you're getting ready to put your home on the market or you just want to create more space for yourself, these easy and inexpensive tips will help give you a little extra breathing room. By thinking big and getting creative, you can comfortably live large in even the smallest of spaces.

How to Keep your Houseplants Lean and Green

Mike Bolger A few houseplants will offer your home a breath of fresh air!

Houseplants are visually appealing and also improve our home's air quality by adding oxygen and removing harmful pollutants. Here are a few hardy plants that will thrive in any environment:

Spider Plants (Chlorophytum comosum) are great for beginners as they’re almost impossible to kill and they also look great in hanging baskets.
Cast Iron Plants (Aspidistra elatior) are foolproof as they only require dim light and don’t need much water.
The Lucky Bamboo (Dracaena sanderana) simply stands in water and has been used by the Chinese for centuries in the art of feng shui to create harmony in the home.

Accidental drowning is a leading cause of death for houseplants. Water them thoroughly but make sure there are drainage holes so excess water can escape as you don’t want your plants to be sitting in water.

Improper lighting is another reason why promising young plants become statistics. It's important to match the lighting needs of plants with the amount of light you have to offer.

Houseplants are a simple and cost-effective way to infuse natural, serene style into your home. Better yet, research suggests they reduce stress and cold related illnesses and also increase our energy levels so go out today and outfit your home with some of nature's lean mean green machines!

The Lowdown on Radon

Mike Bolger Do you know if you and your family are protected against radon?

Radon is an invisible radioactive gas that occurs naturally in the environment from the breakdown of uranium in soil and rocks.

It doesn't present a concern outdoors but when radon becomes trapped inside a house, it can be very harmful to your health as it increases the risk of lung cancer.

Radon can seep into your home through gaps in floors, walls and foundations. The only way to know if you have high radon levels is to purchase an inexpensive testing kit or to install a radon detector.

Radon concentrations vary from home to home so don't take any chances -- protect your family by testing your home for radon today.