Kitchener-Waterloo Real Estate Market December 2019
|424 residential properties sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in November, a decrease of 12.4 per cent compared to the same month last year.
Home sales in November included 265 detached (down 1.5 per cent), and 46 condominium apartments (down 28.1 per cent). Sales also included 75 townhouses (down 38.5 per cent) and 38 semi-detached homes (up 31 per cent).
“Home sales were slower in November,” says Colleen Koehler, KWAR President. “However, looking at the last six months of activity combined, unit sales are up four per cent over last year, and trending above average,” says Koehler.
The average sale price of all residential properties sold in November increased by 18.7 per cent to $566,866 compared to November 2018. Detached homes sold for an average price of $660,071 an increase of 14.2 per cent compared to November of last year.
During this same period, the average sale price for an apartment-style condominium was $342,561 for an increase of 13 per cent. Townhomes and semis sold for an average of $443,633 (up 22.4 per cent) and $431,635 (up 3.5 per cent) respectively.
The median price of all residential properties sold last month increased 17.6 per cent to $516,500 and the median price of a detached home during the same period increased by 14.7 per cent to $596,250.
The average days it took to sell a home in November was 27 days, which is one day less than it took in November 2018.
REALTORS® listed 432 residential properties in K-W and area last month, a decrease of 27.9 per cent compared to November of 2018, and a decrease of 17.5 per cent in comparison to the previous ten-year average for the month of November.
The total number of homes available for sale at the end of November totalled 553, a decrease of 34 per cent compared to November of last year, and well below the previous ten-year average of 1,252 listings for November.
Koehler points to the number of new jobs being created and business investment in the area as factors contributing to the continuing state of demand for homes outpacing inventory.
“People moving to this area from other places is continuing to be a significant factor for our market. These buyers are selling wherever they are coming from and buying here, removing homes from the inventory but not putting anything in. This has pushed up prices by decreasing inventory while demand persists,” says Koehler.
“Prices are increasing because homebuyer demand is exceeding the number of homes on the market—as we learned at our Housing Market Insight event last week—this trend will continue throughout 2020.”
Take it to the Bank!
Christmas is an amazing time of year, full of joyful occasions where friends and family come together to celebrate!
That said, there are many people in the Kitchener-Waterloo area who struggle to afford a nutritious meal, and it’s especially difficult during the holidays as celebrations are often centred around the dinner table.
Last year, the Food Bank of Waterloo Region helped feed over 34,000 individuals, and 35% of those in need were children. The demand is especially strong around the holiday season.
There are lots of ways to help out though! For instance, at your next office party or neighbourhood event, offer to organize a food drive and ask everyone to bring a few non-perishable food items which can then be dropped off at your local fire hall.
In addition to food and toiletries, financial donations are especially important as they give the Food Bank of Waterloo Region the flexibility to buy fresh food items to include in their hampers or to load up on items that are in short supply.
If you have a bit of spare time, the Food Bank of Waterloo Region is always looking for volunteers to help sort food, assist in the kitchen, provide administrative support and transport donations to the 100 other agencies it supports. This Christmas, let’s all do our part and give back to the community!
A Few Fixture Facts
Imagine the excitement as you walk through your new home a few days before closing! Your joy however quickly turns sour when you discover the antique chandelier you fell in love with has vanished.
Now imagine you're the sentimental seller packing up the chandelier your grandmother passed down to you when the angry buyer calls to confront its removal.
Unfortunately, this type of scenario plays out all too often, so here are a few tips that’ll help save you from falling into a similar situation:
The Fix is In
A fixture is an item that’s physically attached to the home such as a ceiling fan or curtain rods.
A chattel is an item that can be easily removed without causing physical damage such as a hanging mirror or a fridge.
List It or Lose It
Real estate law isn’t always black and white when it comes to fixtures, so make a list of your exclusions ahead of time.
Remove any fixtures that have sentimental value before you put your home on the market so the buyer won’t feel like they’re missing out.
Hole in the Wall
There’s usually a bit of damage left behind when a fixture’s removed, so let the buyer know you’ll make the necessary repairs to help put their mind at ease.
Chattels and fixtures can often be subjective. To avoid unnecessary confusion and possible legal action, be sure to proactively specify your exclusions as soon as you put your home on the market. Whether you’re selling or buying, you’ll want a smooth transaction where both parties walk away happy!
Make a Date with Bacon
If you’re looking for a simple yet delicious appetizer to serve your guests this holiday season, bacon-wrapped dates may be the answer!
These unique, sweet, crunchy, bite-sized treats are sure to tantalize even the most discerning taste buds. Here’s what you’ll need:
These tasty tidbits are a real crowd-pleaser, so you should probably create a double batch as your guests will likely keep coming back for more!
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