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Just a friendly reminder to set your clocks ahead one hour this Sunday.

Did you know: Benjamin Franklin is credited with the idea for Daylight Saving Time back in 1784, but the idea was not implemented until 1895 and was first used in 1908 in Thunder Bay, Canada.

In most of Canada Daylight Saving Time begins at 2:00 a.m. local time on the second Sunday in March. On the first Sunday in November areas on Daylight Saving Time return to Standard Time at 2:00 a.m. local time. When Daylight Saving Time begins turn your clocks ahead one hour.

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HOME SALES IN FEBRUARY WERE THROUGH THE ROOF

For the month of February there were 474 residential sales within the MLS® System of the Kitchener-Waterloo, an increase of 4.2% compared to February 2016.

“Sales in February were well above what we would see in a typical February,” says James Craig, President of the KWAR.  The 10-year average for residential sales in Kitchener-Waterloo and area for February is 405 units. “Last month’s sales would have been much higher still were it not for the fact that we continue to have a real shortage of listings.”

Residential sales in February included 299 detached homes (up 5.7 percent compared to February 2016), 107 condominium units (up 3.9 percent) which include any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 32 semi-detached homes (down 3 percent) and 31 freehold townhouses (up 3.3 percent).

A lack of listings to satisfy the strong consumer demand is fueling multiple offers often resulting in sale prices above the actual asking price, which pushed the total residential average sale price in February up 27.5% compared to the same month last year to $463,355.

Detached homes sold for an average price of $549,691 an increase of 30.7 percent, while the average sale price for an apartment style condominium was $246,736, an increase of 8.8 percent. Townhomes and semis sold for an average of $388,721 (up 20.6 percent) and $369,624 (up 31 percent) respectively.

For more information, contact Denis at (519) 577-8181, dpellerin@coldwellbankerpbr.com