Kitchener-Waterloo Real Estate Market Update July 2019




K-W Real Estate Market Update 
Home sales up compared to same time last year.

658 residential properties sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in June, representing an increase of 8.8 per cent compared to the same month last year.

Home sales in June included 404 detached (up 8.9 per cent), and 50 condominium apartments (down 28.6 per cent). Sales also included 159 townhouses (up 27.2 per cent) and 45 semi-detached homes (up 15.4 per cent).

“Home sales continued their strong momentum from last month,” says Brian Santos, KWAR President. “On a year-to-date basis we’re seeing sales have increased slightly over last year’s mid-year mark.”

A total of 3,154 homes have sold in Kitchener-Waterloo and area during the first half of this year, an increase of 1.4 per cent compared to 2018. The average sale price of all residential properties sold in June increased by 8.9 per cent to $533,619 compared to June 2018. Detached homes sold for an average price of $618,186 an increase of 7.9 per cent compared to June of last year.

During this same period, the average sale price for an apartment style condominium was $332,716 for an increase of 4.4 per cent. Townhomes and semis sold for an average of $411,126 (up 10.7 per cent) and $430,427 (up 9.9 per cent) respectively.

The median price of all residential properties sold last month increased 9.9 per cent to $494,500, and the median price of a detached home during the same period increased by 11.7 per cent to $581,500.

REALTORS® listed 888 residential properties in K-W and area last month, an increase of 4.3 per cent compared to June of 2018, and a slight increase of 0.5 per cent in comparison to the previous ten-year average for the month of June.

The total number of homes available for sale in active status at the end of June totalled 890, a decrease of 10.8 per cent compared to June of last year, and well below the previous ten-year average of 1,581 listings for June. Months Supply of Homes for sale stood at 1.8 months in June, which is 14.3 percent lower than the same period last year.

The average days it took to sell a home in June was 20 days, compared to 22 days in June 2018. “We’re still in a solid seller’s market situation heading into the summer months,” says Santos. “While more new listings are coming onto the market, strong buying demand is keeping supply tight.”
Uptown Waterloo Jazz Festival 
The smooth sounds of jazz will be filling the air at the Uptown Waterloo Jazz Festival!

It’s that time of year again when the heart of Uptown Waterloo comes alive with the sounds of various jazz genres! This is the festival’s 27th year and the theme is “Community and Dialogue”.

The festival will appeal to all jazz lovers out there. From electro-jazz-funk to acapella, or from Latin rhythms to traditional large and small ensembles, they’ll be something for everyone!

The exciting lineup includes Jazz greats such as Tim Louis, the Loop Doctors, Chefs of Moher, Snaggle, Steven Taetz and John MacMurchy, to name just a few.

This year’s Uptown Waterloo Jazz Festival will be held between Friday, July 19th and Sunday, July 21st at the Uptown Waterloo City Centre.

The Jazz Festival is a community-based event that’s free to attend and will be held rain or shine so let’s cross our fingers and hope for good weather!
The Mortgage Market Maze 
Buying a home is the biggest purchase you’ll ever make!

Arranging a mortgage is a huge financial decision, so it’s important to be organized and do plenty of research before you sign on the dotted line. Here are a few points to consider:

  1. Know Your Numbers - A budget will provide confidence and peace of mind, so examine your finances to determine exactly what you can afford.


  2. Lock it Down - Many banks are able to place a hold on interest rates to protect you in case they rise while you’re out house hunting.


  3. Consider This - Interest rates are important but there are other considerations such as the type of mortgage (fixed/variable or open/closed) as well as the loan's duration.

  4. Get With the Program - Homebuyer programs are a great way to get into the market but they often require a bit of proactive planning so seek professional advice early on.


  5. Seal of Approval - A mortgage pre-approval can prevent you from losing out on your dream home as you'll be in a much stronger negotiating position.


  6. Do the Math - Current homeowners can also take advantage of mortgage refinancing options as even a slight adjustment to your terms can amount to huge savings!

While it’s important to shop around for the best terms, you should also draw up a proper budget and understand the risks of the current and future market. It can sometimes be a little overwhelming so please get in touch if you ever have any questions.
Hard Times for Hardwood Floors 
Hardwood floors look beautiful, but they can take a real beating!

It can be a hard knock life for hardwood floors as general wear and tear slowly destroys their natural beauty. Here are a few common issues to be aware of:

  1. Smooth Move - Place felt pads underneath chairs and furniture to avoid scratches
.

  2. Mop to It - Mop up spills immediately as they can warp the wood and cause it to swell.


  3. Pet Peeves - Be sure to regularly trim your dog's nails as their long, sharp claws can cause serious damage.


  4. Sticks & Stones - Grit acts like sandpaper, so place rugs by the doors and vacuum thoroughly with a brush attachment before washing.

Prevention is key to maintaining the beauty of your hardwood floors. Many cleaners will actually ruin your finish so make sure you use the right solution and that you also keep your home at the ideal humidity level of around 55%.
Beat the Heat with Frozen Treats 
Treat your pup to a frozen treat during the dog days of summer!

Most dogs love treats, but on a hot summer day, a homemade frozen treat will also help them keep their cool. Here are a few simple, icy cold DIY treat ideas:

  1. Chicken Pupsicles - Freeze some chicken or beef broth in ice cube trays.


  2. Ice Dreams - Place a mixture of yogurt and blueberries in a muffin tray and freeze.


  3. King Kong - Blend some banana and peanut butter in a kong and throw it in the freezer.

Dogs can easily get overheated during the hot summer months so it’s important to keep them cool by not overexerting them and making sure they always have lots of water. A few frozen treats will be the icing on the cake!




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