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Reflections

As we reflect on the year past, our hearts swell with joy, passion and sadness. Joy for what we have and have accomplished, passion for our family, friends and our situations, sadness for those departed who were near to us and of the needless suffering around the globe. Let’ rejoice and celebrate who we are, what we have and what we have to look forward to.

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ANOTHER RECORD BREAKING MONTH IN K-W

(December, 2016) –– Home sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® totaled 535 last month, an increase of 27.1 percent compared to November of 2015, marking another record breaking month for residential properties sold in Kitchener-Waterloo and area.

Comparing November 2016 to Nov. 2015, sales included 352 single detached homes (up 34.4%) and 118 condominium type units (down 22.9%) which include any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 32 semi-detached homes (up 45.5 percent) and 28 freehold townhouses (down 20 percent). On a year-to-date basis with 6,352 residential transactions compared to 5,341 during the same period in 2015, represents an increase of 18.9 percent.

Inventory levels on the other hand, remain stubbornly low. As of the end of November, the KWAR’ MLS® System only had 565 active residential listings on the market, down 23.1% compared to the previous month, and 60.8% below the same period last year.

The average price of all residential properties sold in November was $411,602 a 15.5% increase over 2015. Detached homes sold for an average price of $473,104, up by 13.9% compared to November 2015. During this same period, the average sale price for an apartment style condominium was $209,360, a decrease of 8%. Townhomes and semis sold for an average of $310,151 (up 14.8 percent) and $330,534 (up 27.7 percent) respectively. The median price of all residential properties sold in November increased 18% to $377,500, and for detached homes we see in increase of 16.4% to $425,000.

With a notable shortage of inventory, many properties are selling above list price. This is because you have many buyers competing for fewer properties, and this is pushing up the average price.

For an in-depth valuation of your property, contact me, Denis Pellerin at (519) 577-8181 or at dpellerin@coldwellbankerpbr.com

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These 5 housing markets are the ones to watch in 2017

Five housing markets have been identified as the ones to watch in the coming year but not all of them are listed for positive reasons.

As well as current hot markets of Vancouver and Toronto, a new survey by the Urban Land Institute and PwC Canada predicts that Ottawa, Winnipeg and Montreal will be noteworthy in 2017.

Vancouver has been named as the top market for investment, development and housing market, with the rental market showing demand, especially from millennials, while tight inventory is pushing up prices.

“While Calgary continues to redefine its market, Vancouver continues to be a positive outlier in the West and outpace the country in terms of growth,” says John Bunting, Partner and BC Real Estate Leader, PwC Canada.

Toronto is also under pressure from tight inventory, increasing home prices. The report says that renovations are strong due to the high cost of moving. Poll respondents highlight government land use policies as a key barrier to construction growth.

Ottawa will remain a slow market with falling demand for new homes and housing starts declining amid shelved development plans.

Winnipeg’s outlook is for the residential sector to slow despite a growing economy. The non-residential real estate sector will see short term growth.

Montreal is absorbing its condo stock and mixed-use developments are increasingly prolific, especially around transit hubs.

“The Quebec market continues to be quite varied by region but what remains consistent is strong economic growth in Montreal and Quebec City – two of the provinces most active markets,” says Annie Labbé, Chartered Appraiser, Senior Vice President, Real Estate Advisory Services at PwC Canada, PwC Canada.