Kitchener-Waterloo Real Estate Market Update

K-W sees stronger than average home sales in October.

REALTORS® sold 514 homes through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in October, an increase of 7.8 per cent compared to October of last year.

On a year-to-date basis, 5,070 residential units have sold compared to 5,822 during the same period in 2017, a decrease of 12.9 per cent.

“It was a stronger than average October for home sales and listing activity,” said KWAR President Tony Schmidt. “Gradually increasing interest rates could be nudging both buyers and sellers from the sidelines of the housing market.”

Residential sales in October included 297 detached (up 4.6 per cent compared to October 2017), and 128 condominium units (up 19.6 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 36 semi-detached homes (down 18.2 per cent) and 47 freehold townhouses (up 23.7 per cent).

The average sale price of all residential properties sold in October increased 7.7 per cent to $489,725 compared to the same month a year ago. Detached homes sold for an average price of $576,731 an increase of 6.2 per cent compared to October of last year. During this same period, the average sale price for an apartment style condominium was $310,215 an increase of 24.1 per cent. Townhomes and semis sold for an average of $387,602 (up 10.9 per cent) and $403,750 (up 13.8 per cent) respectively.

The median price of all residential properties sold last month was up 6.5 per cent compared to October of last year at $444,500 and the median price of a detached home during the same period increased 8.5 per cent to $525,350.

“Not surprisingly we’re seeing the biggest surges in average price happening in the denser forms of housing such as condos,” says Schmidt. “This is partly a reflection of demand being strongest in the entry-level price ranges as well as there being more newly constructed units in the mix.”

REALTORS® listed 760 residential properties in K-W and area in last month, a 14 per cent increase compared to October of last year, and 12.7 per cent above the historical ten-year average of 674. The number of active residential listings on the KWAR’s MLS® System to the end of October totalled 1,014, which is 21 per cent higher than October of last year but still 461 units fewer than the previous ten-year average of 1,475 listings for October.

The Kitchener Christkindl Market

Make some memories at Canada's original German Christmas Festival!

The 22nd annual Christkindl Market at Kitchener City Hall is a four-day, indoor/outdoor event that lights up the heart of downtown Kitchener with its magical holiday spirit!

A variety of bands, choirs and dance groups will be on hand to entertain you on the huge outdoor stage. There will also be over 90 vendors so you can get a great head start on your Christmas shopping.

The opening ceremony, which begins with a candlelight procession up Gaukle Street to Kitchener City Hall, will feature the Hallelujah Chorus by the Grand Philharmonic Choir and will end with the official lighting of Carl Zehr Square.

Be sure to set aside some time between Thursday, December 6th and Sunday, December 9th to experience the joy of the Kitchener Christkindl Market. Ho Ho Hope to see you there!

Reaping Returns on Repairs

Completing basic repairs before selling your home pays off.

If you plan on selling your home in the near future, you'll want to tackle any necessary repairs ahead of time as buyers will be completely turned off if your home appears to have been neglected.

Buyers also factor fix-up jobs into the purchase price, often overestimating the costs involved, so it's best to just take care of them yourself. Here are a few repairs to consider:

Grimy Grout - Dirty grout is a real turn off as it looks like mold so apply new caulking to freshen up the entire area.
Flooring Fixes - Flooring can totally transform the look of your home so replace any cracked floor tiles or torn carpeting and refinish scratched hardwood.â€¨
Rough Roof - If your roof needs replacing, it's better to do it before you sell as buyers get so turned off by the cost and hassle that it could be a potential deal breaker.â€¨
Fresh Paint - Fill in all holes and cracks in the walls before painting. Make sure to repair and paint your baseboards so they don't look beaten up compared to your fresh walls.
Curb Appeal - Your home needs to make a perfect first impression so patch cracks in the driveway, caulk windows, spruce up your porch and invest in some landscaping.
Dripping Faucets - A dripping tap can signal expensive plumbing repairs to buyers. It'll probably only need a new rubber washer that costs less than a dollar so get it fixed!
The Kitchen is Key - Kitchens are critical and can make or break a sale. Repainting cabinets, adding new hardware or upgrading your countertop are all worthwhile investments.

Buying a home is an emotional experience so it's critical to create an incredible first impression that will make buyers want to own your home the moment they set eyes on it! Although it may initially seem like a hassle to repair a home you'll be moving out of, it'll be well worth the time and money in the end.

Move Over Mice

'Tis the season for mice who are looking for cozy winter homes!

Rather than dealing with mice who’ve already made themselves at home, try and prevent them from entering in the first place! Here are a few ways to refuse access:

Fallen Fruit - Pick up any fruit that has fallen from the trees in your yard.â€¨
Put a Lid On It - Store any food items including pet food and birdseed in rodent-proof containers.â€¨
Tight Squeeze - Mice can fit through a hole the size of a pencil so fill any gaps around your foundation and soffits.â€¨
Inside Job - Don’t forget to seal holes from the inside of your home and around any openings in your garage or shed.â€¨
Controlling Climbers - Mice are great climbers and will try and access your roof by using vines, shrubs and overhanging branches. Cut these back so they're not able to get a leg up on entry points!â€¨

One or two mice can quickly turn into a full-scale invasion and once you have them, they’re very hard to get rid of. There’s nothing that’ll keep you up more at night than the sound of mice scurrying around inside your walls so take steps now before it’s too late.

Foods NOT for Fido

We all share scraps with our pup but certain foods can be toxic.

The holiday season is almost upon us which means lots of delicious food! If your pup hides out under the table looking for scraps, it’s important to know what food you can share and what could be poisonous.

There are plenty of festive foods that Fido shouldn't be indulging in such as fat trimmings & bones, chocolate, salty snacks and sugary foods as they can cause serious issues or even death.

There are also many lesser-known foods that are harmful to dogs such as avocados, chives, leeks, garlic, dairy products, macadamia nuts, cooked bones, yeast dough, the sweetener xylitol, corn on the cob, persimmons, peaches, plums and grapes; to name just a few.

The holiday season is a time for sharing amazing meals with loved ones but not everything should be shared with the dog. Aside from fattening up Fido, certain foods can cause serious damage. If you’re ever in doubt, you can always look it up online.