|Kitchener-Waterloo Real Estate Market Update
| January home sales snowed under by low inventory.
There were 270 residential sales in January through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), a decrease of 18 per cent compared to January 2017.
“On the surface, activity appears to be somewhat sluggish in January, says Tony Schmidt, KWAR President.
“However if we set aside the past two years, it was a very typical January in terms of the number of sales. What is less typical is that listing inventory is still at historic low levels, and we continue to see multiple offers on properties putting upward pressure on prices.”
Total residential sales in January included 149 detached (down 23.6 per cent), and 70 condominium units (down 11.4 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 27 semi-detached homes (down 18.2 per cent) and 22 freehold townhouses (up 10 per cent).
The average sale price of all residential properties sold in January increased 9 per cent to $458,750 compared to January 2017. Detached homes sold for an average price of $554,857 an increase of 10.7 per cent compared to January of last year. During this same period, the average sale price for an apartment style condominium was $246,821 for an increase of 4 per cent. Townhomes and semis sold for an average of $371,095 (up 14.5 per cent) and $388,974 (up 9.7 per cent) respectively.
The median price of all residential properties sold last month increased 6.8 per cent to $431,143, and the median price of a detached home during the same period increased 4.2 per cent to $495,000.
“While the tougher mortgage rules that came into play on Jan 1st have sidelined some homebuyers, the reality is we’re still experiencing more demand than supply right now,” says Schmidt.
REALTORS® listed 486 residential properties in K-W and area last month, an increase of 10.45 per cent compared to January of 2017. The number of active residential listings on the KWAR’s MLS® System to the end of January totaled 588, which is 56 per cent more than January of last year, but still well below the previous ten-year average of 1507 listings for January. Months of inventory continues to track at a low 2 months.
The average days it took to sell a home in January was 32 days, compared to 23 days in January 2017. While the majority of MLS® System activity is properties for sale, REALTORS® also represented landlords and tenants in 51 residential leases in January, an 18.6 per cent increase compared to January 2017.
Schmidt says, “There is no question that the expansion of the stress test on mortgages is going to be hard on consumers. For those entering the market, the stress test combined with higher borrowing costs is going to push some buyers out of their desired market. Some homebuyers will be looking to other areas, and more affordable housing types, which is a vicious circle. For some home hunters, Waterloo region is still seen as one of the more affordable markets.”
|K-W Home & Garden Show
| Get a head start on your gardening and reno plans!
The annual K-W Home & Garden Show is coming to town which means that spring is just around the corner!
Come out and enjoy Waterloo Region’s most popular home and garden show where over 150 exhibitors are on hand to help you with your renovating, decorating and landscaping questions.
This show is the place to be if you’re planning on sprucing up your home as it’s a great opportunity to connect with a variety of professionals and get answers to your questions – all under one roof!
The K-W Home & Garden Show will be held at the Kitchener Auditorium between Friday, March 23rd and Sunday, March 25th. Hope to see you there!
|Hot Home Trends for 2018
| Curious about what’s trending in homes and gardens this year?
It’s that time of year when homeowners are thinking about revamping and refreshing their space. Here are a few of the latest trends and styles that are gaining steam:
If you're thinking about breathing some new life into your home with a new year’s makeover, be sure to take the latest trends into account during the planning stage. Hopefully these ideas have given you inspiration to inject some new style into your home!
|Smoke Alarm Smarts
| Smoke detectors are important but they’re often overlooked.
Countless tragedies are prevented each year by smoke detectors. Here are a few tips to ensure your smoke detectors are in full working order:
Alarms can be hard wired, battery powered or preferably a combination of both. Interconnected smoke alarms are best because when one alarm goes off, they all do. If you have any questions, your local fire department will be more than happy to help.
|Educate and Donate
| Smarten up and end hunger, a few grains of rice at a time!
Next time your kids are on their devices, send them over to www.FreeRice.com where they can learn and donate at the same time!
Users answer multiple choice questions on a range of subjects including math, language, geography and science. When a question is answered correctly, 10 grains of rice are donated via the World Food Program.
These questions aren’t just for kids; in fact, anyone can benefit from this game as you can adjust the difficulty level. The vocabulary section will definitely give you some mental stimulation so it’s a win-win!