Kitchener-Waterloo Real Estate Market Report February 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!

FEBRUARY FUN IN K-W!

Melt away those winter blues in K-W with some February fun!

You might be feeling the chill this February, but don’t let the cold weather stop you from enjoying all of the fun things there are to do in K-W!

February is now short and sweet as the K-W Humane Society is hosting its Bake For the Animals fundraiser where bakers can raise money by hosting their own tasty bake sale to help raise funds.

If your thing is more about eating delicious treats instead of baking them, check out Follow the Pastry Path where local bakeries, eateries and coffee shops have come together to support the Humane Society.

If you’re looking to take in the beauty of the great outdoors, check out the outdoor rinks for Kitchener and Waterloo where you can glide across the ice while taking in the crisp winter air.

For a fun evening out, check out Skate Night, Date Night on Wednesday nights in February from 6 p.m. - 8 p.m. where you can skate along to the tunes of DJ King Kadeem at the uptown rink while enjoying warm drinks and other treats from the Funnel Cloud food truck.

Finally, if you’re looking for something to do with your faithful friend, check out SniffScape where you can take your pup through a series of themed rooms, each one offering a unique opportunity for mental enrichment and physical stimulation. It’d be a doggone shame if you miss this event!

Winter can wear a bit on us around this time of year but there are still plenty of fun events happening in and around K-W. Whatever you end up doing, here’s to you having a fantastic February!

BANK OF CANADA RATE UPDATE

The Bank of Canada increases interest rates and continues quantitative tightening.

The Bank of Canada started its 2023 schedule of rate announcements by increasing its target for the overnight lending rate by 25 basis points to 4.5%, while at the same time continuing its policy of quantitative tightening.

The Bank indicated that global inflation remains high and broad-based but is beginning to retreat in many countries driven mainly by lower energy prices and supply chain improvements.

The Bank also cited that financial conditions have eased in recent months but continues to remain restrictive along with the Canadian dollar remaining stable relative to its US counterpart.

In Canada economic growth has been stronger than initially expected amidst excess demand and a tight labour market.

Notwithstanding, restrictive monetary policy is contributing to a slowdown in economic activity as evidenced by the recent decline in household spending and the steep decline in housing market activity.

Rising interest rates are also expected to negatively impact business investments, while weaker foreign demand will likely dampen on exports.

The Bank estimated that the Canadian economy grew by 3.6% in 2022. Looking ahead, the Bank expects GDP growth to slow to about 1% in 2023, followed by a slightly stronger pace of growth of around 2% in 2024.

Inflation has eased in the second half of 2022, declining from 8.1% in June to 6.3% in December, driven mainly by lower prices for gasoline and durable goods.

The Bank acknowledged the hardships being faced by many Canadians as food and shelter costs continue to rise.

Despite short-term inflation expectations remaining elevated, indications are that core inflation has probably peaked as evidenced by the recent decline in the 3-month measures of core inflation.

Overall, the Bank projects a significant pullback in CPI inflation this year, which is expected to come in at around 3% by mid-2023, then further retreating to the Bank’s 2% target by 2024.

Lower energy prices, supply chain improvements, and rising interest rates are all expected to be the main contributing factors to lower inflation this year and next.

Looking ahead, the Bank noted that should future economic developments evolve in line with their expectations it might pause its rate hikes and assess its monetary policy stance.

The Bank also cited that it is committed to restoring price stability and will increase rates further if needs be in order to return inflation to its 2% target.

The Bank of Canada’s next scheduled interest rate announcement will be on March 8, 2023.

BREATHE NEW LIFE INTO YOUR HOME

When it comes to indoor air quality, it’s best to “air” on the side of caution.

The term"air quality" is usually associated with outdoor air pollution created by bumper-to-bumper traffic or from factories that pump out clouds of smoke.

The truth is, we should be equally concerned about the toxins and irritants in our homes such as pet dander, dust mites, formaldehyde and fungi.

Fear not though as there are a variety of ways to improve your home's air quality. Here are a few easy ways to breathe new life into your home:

Unwelcome Mat
Stop dirt and other irritants from entering your home by placing doormats at each entrance.

Green Clean
Try to use homemade cleaners with natural ingredients such as lemon juice, vinegar and baking soda.

Air Spray
Make your own air fresheners by mixing up water, rubbing alcohol and essential oils.

Plant Purifiers
Houseplants such as peace lilies and spider plants soak up toxins and naturally purify the air.

Free the Fur
Brush your pets outside and wash their beds on a regular basis to control hair and dander.

It’s Exhausting
Ventilate your home with exhaust fans and open up your windows whenever possible.

Humid House
Monitor and adjust your home’s humidity levels to prevent the growth of mould and mildew.

Do the Ducts
Have your air ducts cleaned every few years to prevent irritants from travelling throughout your entire home.

When it comes to indoor air quality, it’s best to “air” on the side of caution, pardon the pun. We focus so much time and effort decorating our home for aesthetic appeal but nothing in life is quite as precious as the air we breathe.

It’s easy to improve your home’s air quality though as implementing just a few of the ideas above will turn your home into a breath of fresh air!

CHILD'S PLAY GUIDE TO DECORATING

Decorating your kid’s room will be child’s play with these easy tips!

Designing and decorating your child’s bedroom is a great way to spend quality time together.

It's also a great opportunity for them to express their thoughts and opinions with you but with so many options available, it can be a bit overwhelming.

One way to keep things fun is to design the room around a theme. Remember though that a child's interests can change rapidly so try and keep things simple and flexible.

There are plenty of ways to add fun and creative touches once you've decided on the perfect theme. Here are a few ideas to help you transform your kid's room into their own personal sanctuary:

Stick 'Em Up
Wall stickers are a great choice as they're inexpensive, come in a variety of themes, cover large areas and are easy to put up and take down.

Chalk It Up
It’s time to read the writing on the wall! Creating a chalkboard wall is easy as chalk paint doesn’t require any sanding or priming.

Bedded Down
A nice new comforter with themed sheets and pillowcases is a great way to mix comfort and style.

Family Frames
Framing family photos or your child's artwork in colourful frames will add a nice personal touch.

Basket Case
Attractive storage baskets that match your theme are a great addition as they make tidying up a breeze!

A child's vision of a perfect room isn't usually as complex or as costly as you'd expect. With a bit of enthusiasm, you can make your child's day by decorating their room with a few simple touches that won’t break the bank.

Whatever you decide, make sure to involve your child in the process so that it’s a meaningful and enjoyable experience that you’ll both remember for years to come :)

MEDICAL MUST-HAVES

Having a well-stocked first aid kit on hand shouldn’t be an afterthought.

If you’re faced with an emergency, you need to be confident that your first aid kit has everything you need. Here are some of the most important items your first aid kit should include:

• a first aid manual
• cleansing agent & antiseptic
• an assortment of bandages
• sterile gauze pads
• adhesive tape
• scissors
• an EpiPen