Kitchener-Waterloo Real Estate Market Report November 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!

BANK OF CANADA RATE UPDATE

Bank of Canada decides to hold policy rate at 5% in October

In a scheduled announcement on October 25, 2023, the Bank of Canada decided to maintain its target for the overnight lending rate at 5%.

The Bank cited growing evidence of a slowdown in economic activity due to past interest rate increases, which were also helping to relieve inflation.

The Bank noted reduced consumption and resale housing activity as contributing factors to weaker economic activity, but that labour market conditions were still tight.

In its Monetary Policy Report, the Bank also highlighted forest fires and the federal public sector strike as weighing on the economy earlier this year.

The Bank said it expects economic growth to remain subdued until late 2024, with the Canadian economy set to grow only 0.9% in 2024 compared with 1.2% this year before picking up to 2.5% in 2025.

Given the fluctuations in recent months, the Bank has made note of the volatility in inflation while also citing diverging trends in components of the CPI.

While some goods and food inflation has come down, costs relating to shelter are still growing at strong rates and the Bank’s own measure of core inflation is not showing signs of slowing.

Although inflation is still expected to return to the Bank’s 2% target in 2025, near-term inflation will be anticipated to run higher due to recent increases in energy prices and other components of core inflation.

The Bank was relieved to see that higher interest rates are having their intended effect on spending and price growth but remains concerned about inflation progressing back to its target range at a slower pace. Although the policy rate was held at 5%, it is still prepared to hike rates further if necessary.

The Bank of Canada’s next scheduled interest rate announcement will be on December 6, 2023. The next Monetary Policy Report will be published on January 24, 2024.

PET PEEVES THAT CAN SOIL YOUR SALE

Make sure your pets don’t end up becoming one of your buyer’s pet peeves.

It’s important to make a great first impression when selling your home. If you share your home with pets though, you’ll need to work extra hard to ensure it looks (and smells) its best.
 
Although you consider your pets as part of the family, potential buyers are likely to view them as a smelly nuisance. If you have pets roaming around your home, here are a few tips that will help when it comes time to sell:

Scratch the Surface
You’re probably so used to your scratched-up floors that you don’t even notice them, but buyers will, so make sure to patch up any scratches.

Suck It Up
The smell of pets can really cling to fabric so give your couch and carpets a good clean to give your home a fresh and inviting scent.

Cut the Clutter
Clutter is a real pet peeve so be sure to clear away any pet-related items such as pet beds, feeding bowls and toys from both inside and outside your home.

Fur Real
You don’t want allergy sufferers to be sneezing and sniffling while they’re viewing your home, so clean pet hair out from under the stove, tables, blinds and other crevices.

Breathe Easy
Open up your windows before showings to air out your home and simmer a few cinnamon sticks on the stove to give your home an inviting aroma.

Dog Gone It
No one wants to be greeted by a barking dog when they enter a home. A whining dog in a crate is also a huge distraction, so take Fido with you whenever there’s a showing.

Creepy Creatures
Some buyers may refuse to enter a room that contains pets such as snakes or rodents or they may even cut their visit short, so remove any creepy creatures before listing your home.

Do the Doo Doo
Don’t forget to clean up all of the “doggie doo-doo” before your showings. People exploring your yard will be turned off by seeing it, smelling it, or even worse, stepping in it!

When selling your home, it’s important to make a great first impression. Even animal lovers will be put off by the hair, smell and mess that pets make, so take these tips into account to ensure your furry friends don’t soil your sale!

THE K-W SHOEBOX PROJECT

The Shoebox Project is a great way to give back to women in our community who’ve been affected by homelessness.

Special occasions, such as Christmas, can be particularly challenging for women who’ve been displaced from their homes and estranged from their families.

The Shoebox Project collects and distributes shoeboxes filled with gifts to women in the Kitchener-Waterloo area who’ve been impacted by homelessness to help lift their spirits during the holiday season.

It’s easy to participate! All you need to do is fill a standard-sized shoebox with approximately $50 worth of items such as body wash, lip balms, socks, chocolate or a gift card. You can even add a personalized note for that extra special touch!

If you don’t have enough time to put a box together yourself, you’re now able to create a “virtual shoebox” where you can select and purchase a variety of online items that will then be packed into a beautifully designed shoebox on your behalf.

The purchase of your virtual shoebox is completely tax-deductible and 100% of the funds will be used by volunteers to help get gift cards and essentials into the hands of some of the most vulnerable women in the K-W area.

This small gesture of kindness will make an immediate positive impact! The Kitchener-Waterloo Shoebox Project is a unique opportunity to give back as it’s a powerful reminder for women who are struggling in our area that they haven’t been forgotten about.

The Kitchener-Waterloo real estate market’s constantly changing so if you’re wondering what your home’s currently worth, just reach out for a free, no-obligation home evaluation!