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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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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