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KW a HOT 1st Qrt. market

“This is the first time we’ve seen residential sales come anywhere close to the 700-unit mark so early in the year,” says James Craig, President of the KWAR. “These are exceptionally strong numbers, in fact’ we’ve only surpassed 700 units in a single month three other times: May 2007, and then not again until May and June of last year.”

 

During the first quarter of 2017, there were 1,532 home sales, 13.4 percent above last year’s result for the same period and 30 percent above the previous 5‐year quarterly average. On a monthly basis, home sales were 41 percent above the previous 5‐year average for the month of March.

The average sale price of all residential sales increased 32.3 percent to $493,226 compared to March 2016. Detached homes sold for an average price of $583,144 an increase of 35.6 percent, while the average sale price for an apartment style condominium was $265,524, an increase of 25.4 percent. Townhomes and semis sold for an average of $368,554 (up 29.9 percent) and $412,226 (up 49.1 percent) respectively.

Once again in their latest monthly news release, the Canadian Real Estate Association called the disparity between limited housing supply and robust demand in Ontario’s Greater Golden Horseshoe “without precedent”. In Kitchener‐Waterloo, the number of months of inventory has stood at or below one month for eight consecutive months.

The KWAR cautions that average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact your local REALTOR® Denis Pellerin at (519) 577-8181 or dpellerin@coldwellbankerpbr.com.

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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

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Living In the Bahamas offered by Coldwell Banker CORAL BEACH FANTASTIC BEACHFRONT CONDO ONLY $65,000

Situated in the beachfront community of Coral Beach, this studio is an ideal vacation spot. Enjoy beachfront condo living with cool prevailing southeasterly breezes. This unit features a lovely pool with a large deck overlooking the Atlantic Ocean, poolside furniture and snack bar, Tiki huts and beach chairs, Fenced and gated parking lot. On site 24-hour security, Management staff.

 

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

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Fed announces interest rate decision

As expected, the Federal Reserve held interest rates steady today as they assess where the economy is headed – and the agency intimated that rates might stay low for a good while to come.

Most experts felt the Fed’s policymaking committee would decline to raise rates today as the agency feels out the likely economic effects of the new administration.

What does this mean for Canada? It could be that we will hold also. In so far as Real Estate is concerned, this will mean a status quo on the more affordable rates we have been seeing for some time.

For more details, contact me at (519) 577-8181 – Denis Pellerin, Salesperson, CBPBR

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ENERGY INCENTIVE PROGRAM

Ontario’s Home Energy Conservation Incentive Rebate Program

Kitchener Utilities customers can now apply for Ontario’s Home Energy Conservation Incentive Rebate program. Customers are eligible for a rebate up to $5,000 and must select a certified energy advisor to get started. The incentive is part of the province’s $100 million contribution to the Green Investment Fund, an initiative designed to strengthen the economy and fight climate change. Learn more at www.ohecip.ca

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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.