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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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JANUARY HOME SALES WITH KWAR

Sales were somewhat sluggish, perhaps due to the January cold but, VALUES are up compared to Jan 2017.

The averages are:

Single detached home, a typical price of $554,857 an increase of 10.7%,

an apartment style condominium was $246,821 up 4%,

Townhomes sold for a middling of $371,095 up 14.5% and semis $388,974 up 9.7%.

Wish to know what yours is worth? Contact me at denisPellerin.ca/info

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KWAR REALTORS® Distribute $18,000 in Donations to Local Charities

Kitchener-Waterloo Association of REALTORS® recently presented donations totaling just over $18,000 to three local charities.

Habitat for Humanity Waterloo Region, House of Friendship, and YWCA Kitchener-Waterloo have each received $6,111 as a result of their successful grant applications to the REALTORS Care Foundation (RCF).

“Our members are proud to support the RCF through the Every Realtor campaign,” says Tony Schmidt, President of KWAR. “RCF funds shelter-related charities across Ontario. KWAR’s participation ensures that investments are being directed right back into our community through local charities. Every one of these charities is helping to improve the quality of life in Waterloo region, and it’s very gratifying for us to help these great local organizations reach their goals.”

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October Residential Sales

Under the umbrella of the KWAR, for the month of October sales were above the previous 5-year October average of 464 sales. So we are seeing good activity but sales fell 16.6%compared to September’s activity.
VALUES
The average price of all residential properties sold last month increased 11.4% to $454,398 compared to October 2016. Detached homes sold for an average price of $541,368, an increase of 13.1% compared to October 2016. The average sale price for an apartment style condominium was $249,993 for an increase of 11%, Townhomes and semis sold for an average of $349,316 up 13.7% and $354,668 – 8% respectively.

MORTGAGE CHANGES
Last month the Office of the Superintendent of Financial Institutions Canada (OSFI) revised it residential mortgage underwriting practices, which come into effect on January 1, 2018. The change will require the minimum qualifying rate for uninsured mortgages to be the greater of the five-year benchmark rate published by the Bank of Canada or the contractual mortgage rate +2%.
Those effected by this change may be first time buyers and the marginally qualified.

For more information or for property valuation contact me, Denis Pellerin at (519) 577-8181 or by email dpellerin@coldwellbankerpbr.com