Kitchener-Waterloo Real Estate Market Report June 2024

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!

SUMMER FUN IN VICTORIA PARK!

Enjoy some fun in the sun this summer at beautiful Victoria Park!

 The Kitchener-Waterloo Multicultural Festival is back this year in beautiful Victoria Park on Saturday, June 22nd and Sunday, June 23rd! At this family-friendly event, you’ll be able to sample an array of delicious cuisine from all over the world while enjoying a variety of entertainers that represent over 30 countries. 

There will also be an assortment of unique vendors along with various community organizations in the International Marketplace. Another local event to mark on your calendar this summer is the Kitchener Ribfest & Craft Beer Show! 

Also held in Victoria Park, this fun-filled event takes place between Friday, July 19th and Sunday, July 21st. If you’ve never experienced Ribfest before, now’s your chance to come out and enjoy the delicious barbecued chicken & ribs, corn on the cob, funnel cakes and freshly squeezed lemonade! While you’re treating yourself to the endless variety of fabulous food and delicious beverages, you can sit back and enjoy a fantastic lineup of live entertainment. 

There’s no charge for admission but donations to the Food Bank of Waterloo Region will be accepted at the gate. Hope to see you there!

BANK OF CANADA RATE UPDATE

On June 5th, The Bank of Canada lowered its key interest rate by a quarter of a percentage point to 4.75 per cent. This is the first rate cut since March 2020.

The Bank of Canada’s benchmark rate affects borrowing costs for banks, which means they’re able, but not forced, to lower their own lending rates.

Banks are generally quick to increase their prime rate in tandem with Bank of Canada hikes. However, they’ve been less consistent when rates are on the way down. When the central bank last lowered its rate four years ago, banks followed suit within a day.

Once banks move their prime rate down, it will have an immediate effect on borrowers with variable-rate mortgages, just as they’ve felt the brunt of rising rates over the past few years.

For new borrowers planning on arranging a fixed-rate mortgage, a decrease of a quarter percentage point in interest rates will also translate to monthly savings on their mortgage payments.

For instance, a person with a $500,000 mortgage, a 25-year amortization period and an interest rate of 5 percent would save around $72 a month if their rate dropped to 4.75 percent.

This seemingly small adjustment translates into a substantial saving of around $4,320 over a 5-year term!

Lines of credit are also usually tied to bank prime rates, so borrowers should start to see some savings on that front as well.

The next scheduled date for announcing the overnight rate target is July 24, 2024.

When your home’s on the market, getting ready for showings can sometimes be a bit of a challenge, but it’s even harder when you share your home with little ones.

The trick to selling a family home is to make it appeal to buyers who have children as well as those who don’t. Here are a few tips to help you prepare your home to show with kids in tow:

Curb Appeal
Don’t leave toys, sidewalk chalk or bikes strewn outside your home as drive-by viewings can occur when you least expect it.

Depersonalize
Buyers should be able to imagine themselves living in your home, so clear the kids’ artwork off the fridge and take down photos, awards and mementos.

Play Time’s Over
Keep one box of toys on hand and pack up the rest as having too many toys lying around looks messy and can make your rooms appear smaller.

Clean Your Room!
Go through your kids’ rooms and pair down stuffed animals, trophies and toys. Any remaining items should be neatly placed up on shelves.

Behind Closed Doors
Buyers can never get enough closet space so get rid of any clothing items that your kids have outgrown or that are out of season.

Time to Grow Up
Buyers should be able to visualize your playroom as their rec room so get rid of any “kid clutter” so it’ll look large enough for their pool table.

Ready, Set, Go
Have a diaper bag that’s ready with everything you need in case you have to make a quick getaway for a last-minute showing.

Preparing your home for sale is a great opportunity to cut down on clutter and by doing it now, you’ll have less to pack when it comes time to move!

Showings can occur on short notice so make sure you have a system in place that enables you to vacate your home quickly.

Keeping a home perfectly staged with little ones running around can be a challenge, but it’ll be well worth it in the end!

THE PRICE IS RIGHT

The way you price your home can either make or break your sale..

Setting the right price is critical to a successful sale as it will help ensure your home sells for the most amount of money in the shortest amount of time.

You only get one chance to make a great first impression, so it’s important to price your home correctly when it first hits the market. Here are a few pricing strategies to keep in mind:

Comp & Circumstance
The best way to determine a home’s asking price is to compare similar homes in nearby areas that have recently sold, while also taking past, present and future market trends into account.

Market Matters
You may have your own opinion of what your home’s worth but it’s important to be unbiased and realistic. At the end of the day, it’s the market that determines your home’s true value.

Buzz Kill
There’s always a huge buzz when a new property hits the market, but if the price is too high, it’ll quickly become stale. Once that happens, buyers lose the incentive to make a swift, strong offer.

Stigma Stymie
If a home sits on the market too long, it’ll start to develop a stigma. We’ve all walked past a home that’s been on the market for ages and wondered, “What’s wrong with it?”

Competitive Edge
Overpricing your home benefits your competition, as buyers will view similar, less expensive homes in your area as much better deals.

Lowball Anxiety
You may be tempted to overprice your home, thinking buyers will still make offers, but many will shy away from making low offers for fear of offending the seller.

Don’t Sit Around
Having your property sit on the market is very inconvenient, as you’ll constantly have to keep it in a show-ready state, which can be extremely stressful, not to mention exhausting.

Costly Carryover
Carrying costs such as mortgage interest, insurance, taxes and utilities can quickly add up if you get stuck carrying two homes at once.

Pricing a home is part art and part science. Market factors such as the economy, time of year and interest rates can all make a huge difference. Balancing these factors while keeping the buyer’s perspective in mind is essential for setting the right price.

Your home only gets one chance to make a great first impression, so it’s important to enlist the services of a highly qualified real estate agent to help you get things done properly from start to finish. Please don’t hesitate to reach out if you ever have any questions!

HANDY HOME HACKS

The way you price your home can either make or break your sale..

Our lives are already busy enough without household chores getting in the way. These handy home hacks promise to simplify your daily routine so you can spend more time doing the things you love:

Towel Tip
Speed up your laundry drying time by tossing a dry towel into the load. This simple hack also helps cut down on energy consumption.

Sharpie Stains
If your child has decorated your hardwood floors with a magic marker, just apply a bit of toothpaste with a damp cloth and watch it disappear!

Blender Cleanser
To tackle stubborn stains from your blender, mix lemon juice and warm water with a dash of dishwashing liquid and then blend for a minute.

Watch Your Step
A slice of bread is like a magnet for tiny shards of glass. Just press the bread gently over the affected area and it will soak the tiny glass fragments up like a sponge!

Wood Whisperer
If your creaky floors make you feel like you’re living in a haunted house, just sprinkle some baby powder between the boards to lubricate the wood.

By simplifying everyday tasks with clever home hacks, you’ll be able to free up your spare time so that you can enjoy the finer things in life, such as spending quality time with friends and family or just relaxing in the hammock!

P.S. Do you have any go-to home hacks that you use to simplify your daily routine? If so, please share!

ARE YOU ON THE FENCE?

The Kitchener-Waterloo real estate market is constantly changing, so please don’t hesitate to reach out if you ever have any questions – I’m always happy to help! ❤️