Kitchener-Waterloo Real Estate Market Report December 2023

Please don’t hesitate to reach out for detailed stats that are specific to your neighbourhood, or even if you’re just curious about what the house down the street sold for – it’d be great to hear from you!

K-W IS LIGHTING THINGS UP!

The joy of the holiday season is upon us which means it’s time to light things up!

It’s that magical time of year again which means there are an endless variety of spectacular light displays in and around Kitchener-Waterloo to help get us into the holiday spirit!

Bingemans is once again hosting the Gift of Lights where you can drive through two illuminated tunnels with over 300 colourful light displays as you wind through the 2.5 km sparkling path from the comfort of your car.

While you’re there, you can also check out the fully immersive Jingle Bell Rock which offers a walking wonder of light sculptures, musical animations and a 40-foot tree illumination!

There’s also the Wonders of Winter where you can enjoy over 120 colourful light displays as you stroll through beautiful Waterloo Park. Hot drinks and popcorn will be available on Fridays and Saturdays between 6 pm and 9 pm.

There’s so much going on in the Kitchener-Waterloo area this time of year but whatever you end up doing, here’s wishing you a wonderful holiday season and a happy and healthy 2024!

BANK OF CANADA RATE UPDATE

Bank of Canada holds policy rate at 5% in its final decision of the year.

In a scheduled announcement on December 6, 2023, the Bank of Canada decided to maintain its target for the overnight lending rate at 5%. This was its third consecutive hold after two interest rate hikes over the summer.

The Bank cited growing evidence that higher interest rates are restraining spending, slowing economic growth, and helping to ease labour markets, suggesting that the economy may no longer be in excess demand.

The slowdown in economic activity is also helping to relieve inflationary pressures in a broad range of goods and services, with the Bank’s preferred measure of core inflation coming in around 3.5-4% in recent months.

Despite this, the Bank noted that housing price inflation continues to grow, reflecting more rapid growth in rent and other housing-related costs along with the continued contribution from higher mortgage interest costs.

With further signs that monetary policy is moderating spending and relieving price pressures, the Bank is still concerned about risks to the outlook for inflation and remains prepared to hike rates further if necessary.

The Bank of Canada’s next scheduled interest rate announcement will be on January 24, 2024, at which time it will also publish its full outlook for the economy and inflation in its Monetary Policy Report.

HO HO HOME STAGING FOR THE HOLIDAYS

‘Tis the season to stage your home with a subtle festive flare!

Decorating your home for the holidays is a fun, festive tradition but if your home’s on the market, it’s important that buyers are still able to imagine themselves living there.

Here are a few staging tips to help make sure your home doesn’t appear too cramped or cluttered during this festive time of year:

Curb Your Enthusiasm
Leave the huge inflatable Santa in the garage this year. A simple strand of lights and a tasteful wreath on the front door is all you need to enhance your curb appeal.

Grand Entrance
Entranceways are usually quite cramped and dark, especially in the winter, so remove any unnecessary items and ensure you have adequate lighting.

Dim Down the Decor
Keep decorations to a minimum as they’ll make your home appear cluttered and don’t ever place decorations over any unique, architectural features.

Trim the Tree
A huge tree full of ornaments can make a room feel cramped so consider something smaller with soft white lights and a few tasteful decorations.

Pillow Talk
Pillows are an easy way to set the tone so add some holiday cheer by strategically placing a few Christmas-themed pillows to evoke a warm and inviting theme.

Warm & Cozy
If the weather outside is frightful, turn your thermostat up so that buyers will be warm and cozy. If you have a fireplace, make sure to light it up for the ultimate effect!

Wrap It Up
Put away the wrapping paper, tape and ribbons before showings. Don’t just stuff them in your closet though as buyers usually peek in cupboards to see how spacious they are.

Holiday Cheer
Seasonal treats such as hot apple cider and holiday cookies will delight the senses and give your home a welcoming feel. It may also encourage buyers to stick around a little longer!

Sound of Music
Put on some soft, seasonal music in the background to help set a relaxing tone that will make buyers want to linger so they can imagine having their next Christmas in your home!

Although there are fewer buyers during this busy time of year, they’re usually much more serious and very motivated. There also aren’t as many listings to compete with, which gives you an edge!

Your home will show beautifully during the holiday season if you use a few tasteful decorations to help highlight its best features. Just be sure to not go overboard so that buyers aren’t overwhelmed or distracted.

WILDLY ADDICTIVE CANDIED PECANS

‘Tis the season to stage your home with a subtle festive flare!

Homemade candied pecans are a delicious holiday treat that will have your guests showering you with more compliments than you can handle!

They’re so good that they’ll likely disappear before they get a chance to make it to the cake, salad or gift jar they were intended for. Here’s how to make them:

• 1 cup white sugar
• 1 tsp ground cinnamon
• 1 tbsp vanilla extract
• 1 tsp salt
• 1 egg white
• 1 pound pecan halves

Preheat the oven to 300°F and mix the sugar, cinnamon and salt in a bowl. To spice things up a little, consider adding a dash of cayenne!

Whisk the egg white and water together in another bowl until frothy.

Next, toss the pecans in the egg white mixture and then coat the pecans with the sugar mixture.

Finally, spread the coated pecans onto a baking sheet lined with parchment paper and bake for an hour, making sure to stir every 15 minutes.

These candied pecans make a fantastic gift during the holiday season. Just put them in a mason jar with a ribbon wrapped around the top and you’re good to go!

HOME FOR THE HOLIDAYS!

There really is no place like home, especially this time of year, but if you’re looking for a new place to hang your stockings, please don’t hesitate to give me a jingle!