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K-W June Real Estate NEWS

After two consecutive years of extraordinary activity where we saw home sales exceeding 700 units in June, some normality has returned to the market,” says Tony Schmidt, KWAR President. “The approximately 600 units that sold last month is in line with the ten-year average for June.”

The average sale price of all residential properties sold in June increased 5.2% to $489,584 compared to the same month a year ago. Detached homes sold for an average price of $575,003 an increase of 7% compared to June of last year. During this same period, the average sale price for an apartment style condominium was $314,180, an increase of 13.2%. Townhomes and semis sold for an average of $378,562 up 10.8% and $391,830 up 2.9% respective

The median price of all residential properties sold last month was up 5.9 per cent compared to June of last year at $450,000, and the median price of a detached home during the same period increased 9.5 per cent to $520,000.

Buyers are wise to avail themselves of a REALTOR® to help them navigate local market conditions and ensure the most successful outcome.”  

 The average days it took to sell a home in June was 22 days, compared to 16 days in June 2017.

For more information on market trends or to trade in real-estate, call me at (519) 577-8181. Denis

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Final Guidelines for Mortgages Released

Canada’s banking regulator has published the final changes to its guidelines for residential mortgage underwriting, including a financial stress test for buyers who don’t need mortgage insurance.

The Office of the Superintendent of Financial Institutions said Tuesday the changes will come into force by Jan. 1, 2018.

Even homebuyers who don’t require mortgage insurance because they have a down payment of 20 per cent or more will have to prove they can continue to make payments if interest rates rise.

Other changes include restrictions on co-lending, or bundled mortgages, aimed at ensuring financial institutions do not circumvent rules that limit how much they can lend.

The final guidelines are generally similar to what OSFI had proposed in July, when the regulator put out a draft for public consultation.
The proposed changes, however, have been criticized for including potentially increasing costs and limiting access to mortgages for some home buyers.

“These revisions to Guideline B-20 reinforce a strong and prudent regulatory regime for residential mortgage underwriting in Canada,” said Superintendent Jeremy Rudin in a statement on Tuesday.

The Canadian Press

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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