Kitchener-Waterloo
K-W AVERAGE HOME PRICE JUMPS 14.3 PERCENT IN OCTOBER
KITCHENER-WATERLOO, ON (November 3,2010) -The cooler fall weather was echoed by a decrease in residential home sales in October, however, sales for the year are at their second highest level ever.
Year-to-date, there have been 5,570 residential units sold, a 1.9 percent increase over last year.
On a year-aver-year basis, sales declined 22.4 percent in October compared to the same period last year. Ted Scharf, President of the Kitchener-Waterloo Real Estate Board reminds consumers: "It's always a good idea to look at year-over-year comparisons with some measure of caution. Last October the housing market was in the midst of a rebound and we saw a record number of homes being purchased and sold in that month."
Home sales last month totalled $134,352,425 and included 288 detached homes, 93 condominium units, 35 semis, and 26 townhouses.
The average price of all residential properties sold through the MLS System of the KWREB last month was $302,596 a 14.3 percent increase over October 2009.
"This seems like an incredible jump in the average price," says Scharf, "but this time last year 54 percent of the sales were happening under the $250,000 mark. Last month, that figure was just under 40 percent."
The average price of detached homes sold last month increased 13.5 percent to $346,436 relative to one year ago. Condominiums sold for an average of $207,328 in October, a 14.3 percent increase on a year-over-year basis.
"Though sales slowed somewhat in October, prices continue to do well," says Scharf. "All those first time buyers who got into the market last year must be feeling good. Now that much of that demand has been satisfied, we should see a return to a more steady and stable real estate market."
Gaye Males, Broker (Click here to email agent)
Coldwell Banker Peter Benninger Realty
K-W HOME SALES WAKE FROM SUMMER SLUMBER
KITCHENER-WATERLOO, ON (Oct 5,2010) -Home sales to the end of the third quarter of 2010 are ahead of last year by 4.5 percent. There were a total of 5,113 home sales through the Multiple Listing System (MLSS) of the Kitchener-Waterloo Real Estate Board (KWREB) during the first nine months of the year, compared with 4,892 during the same period of 2009,
"This is the first time since 2007 that sales to the end of the third quarter have increased on a year over year basis", says Ted Scharf, President of the KWREB, "It was also our third best September on record."
Sales last month brought the dollar volume to $1,477,077,951, an increase of 14.1 percent compared to one year ago,
The most popular price range year-to-date has been for homes selling between $225,000 and $250,000, with nearly 15 percent of sales happening in that bracket This is down slightly from 2009, when the percentage was 16 percent.
The number of residential sales increased in every price category above $250,000, with the biggest jump occurring in the most expensive homes. 62 homes sold to the end of September for more than $750,000, compared to only 24 last year at this time, a jump of 158 percent.
Stronger demand for high-end homes has contributed to the 10,2 percent increase in the average sale price of all detached homes sold year-to-date, The average price of a detached home to the end of the third quarter was $329,063, compared to $298,626 to the end of September 2009.
The average price of all residential properties sold year-to-date was $288,887, a 9.1 percent increase relative to 2009 results.
Scharf says the local residential real estate market should remain strong for the balance of the year. The local economy is both diverse and dynamic, and our region is highly regarded as a perfect place to make roots and invest in a home.
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Coldwell Banker Peter Benninger Realty
July 2010
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KITCHENER-WATERLOO, ON (Aug 6, 2010) – While temperatures were heating up in July, home sales were cooling off.
There were a total of 499 home sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Real Estate Board (KWREB) in July, compared with 654 sales the same month one year ago, a decrease of 23.7 percent.
July’s residential sales included 332 detached homes, 80 condominium units, 39 semis, and 41 townhouses.
“While the hot summer we’ve been experiencing has reportedly been great for beer sales, it hasn’t quite had the same effect on home sales,” joked Ted Scharf, President of the KWREB. “The good news is that while sales may have decreased, in July the average price rose one percent to $284,344 compared to the same month a year ago, which clearly illustrates the value of Waterloo region homes is stable, and in no way inflated.”
On a year-to-date basis, the number of residential transactions is up 9.2 percent to 4,135 units relative to 2009. Similarly, the average price of homes sold so far in 2010 has increased 9 percent to $290,740 compared to last year.
The most popular price bracket in July was for homes selling in the $225,000 to $275,000 range, where 30% of the residential sales activity occurred, compared to 26 percent a year ago. Meanwhile, the number of homes that sold for more than $350,000 declined by nearly 30 percent last month relative to the same period a year ago.
According to the president of the KWREB, July’s dip in activity shouldn’t come as a surprise. “July tends to be a quieter month,” said Scharf. “And when you add in the recent implementation of the HST, after the record pace we saw during the first half of the year, the slower pace is to be expected.”
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Coldwell Banker Peter Benninger Realty
February 2010
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Coldwell Banker Peter Benninger Realty
January 2010
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March 2009
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December 2008
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November 2008
PRICE OF HOMES CONTINUES TO RISE IN THE KICHENER-WATERLOO MARKET
KITCHENER, ON(December 3, 2008) - in the twin cities of Kitchener-Waterloo, there have been 4,790 residential properties traded this year compared to 5,317 by this point in 2008, which is a decrease of 9.9%. There has been a 1.7% increase in the number of listings for these same periods.
Consumre confidence and cooler temperatures combined to produce fewer sales in November. There was a 27.8% decrease in sales for a single family detached homes in Kitchener-Waterloo from October of 2008 and a 39.3% decrease from November of 2007. HOwever, there was a 12.2% increase in the number of new single family detached listings although an overall derease of 6.1% for all property types listed over November 2007.
"The decrease in sales was inevitable," reports Karen Shartun, President of the Kitchener-Waterloo Real Estate Board, "because last year produced some of the highest numbers on record and that is a particularly high bar to be reached. That being said, the market appears to be shifting as consumers have taken a beating this past year from the stock market, rising fuel costs, a credit crunch and concerns of a recession. Add in the instability of the government and job security and everyone's confidence is somewhat undermined about whether this is a good time to make any large purchases, let alone get into the housing market."
The best news for home owners is that, while sales numbers have decreased, the average sale price of single family-detached residential properties in the Kitchener-Waterloo area increased 7.6% for 2009 year to date. With other major markets showing a decrease in sale prices, this illustrates that our market has not experienced the speculation or spurious leaps that other markets have had to endure.
The average sale price for all residential properties was $255,833 with single family detached homes averaging $289,360. The average condominium sale price increase 6% from October to $179,315.
"These are unsettled economic times and while perhaps we have not been as affected as some markets, the ripple affect is being felt in the area." said Ms Shartun, "The market has slowly but surely been moving away from the aggressive Sellers market of the past few years and into more of a balanced market. This is healthy for everyone and while it may take a few days longer to sell as home, the value of the home ownership investment remains high in our region."
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Coldwell Banker Peter Benninger Realty
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October 2008
LISTINGS UP, SALES DOWN, HOME VALUES REMAIN STEADY
KITCHENER, ON (November 5,2008) - The number of residential sales for the cities of Kitchener - Waterloo dipped to pre 2005 values for the month of October. There was a 21.6 percent decrease from September of 2008 and a 14 percent decrease from October of 2007. However, there was a 14.5 percent increase in the number of new residential listings and a 14 percent increase in all property types over October 2007.
"This activity is not surprising," reports Karen Shartun, President of the Kitchener-Waterloo real Estate Board, "the last three years have simply been exceptional, and the market activity is slowly but surely working towards more balanced numbers. While the sales are down, the volume of new listings is up along with the average sale price, all of which contributes to a healthy market."
The average sale price for single family-detached residential properties in the Kitchener-Waterloo area increased 12.1 percent, and freehold townhouses saw an increase of 4.7 percent from October of 2007. The average sale price for all residential properties was $261,948 with single family detached homes averaging $311,041. The average condominium sale price decreased 1.4 percent from September to $169,171.
The average sale price for single family detached homes was carried by an increase in the number of sales in the $350,000 - $750,000 range. The median sale price reveals a more moderate and sustainable increase of 5.9 percent for single family detached homes, and 0.9 percent increase for all residential activity over October 2007.
"Our market is healthy," says Shartun "and whether the dip in sales is a reflection of pre-election jitters or stock market instability from south of the border, or an indicator of a return to a more balanced market, will be determined over the coming months."
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Coldwell Banker Peter Benninger Realty
September 2008
K-W HOME SALES STANDS STRONG IN A TURBOULANT MARKET
KITCHENER, ON (October 3,2008) -
The local real estate market rebounded in September resulting in a nine percent increase in sales from the previous month for all property types in the Kitchener-Waterloo region. The number of residential sales increased eight percent from August, and fourteen percent from the previous year.
"Even with all of the doom and gloom happening south of the border and the cooling off that is occurring in several major Canadian markets, the Kitchener-Waterloo area continues to go against the trend and produce strong numbers," reports Karen Shartun, President of the Kitchener-Waterloo real Estate Board.
The average sale price for single family-detached residential properties in the Kitchener-Waterloo area increased 2.8 percent, and freehold townhouses saw an increase of 14.3 percent from September of 2007. The average sale price for all residential properties was $253,165 with single family detached homes averaging $293,557. The average condominium sale price increased 8.6 percent from August to $171,635.
"Some of the spike in numbers for residential activity can be attributed to an increase in the diversity of housing, along with consumer interest in these types of properties. For instance, the number of freehold townhouses that sold in September increased 89.5 percent from the previous year, with a 57.1 percent increase in the number of condominium units that sold."
The most active segment of our market continues to be between $200,000 and $500,000. This segment accounts for close to 70 percent of all listing and sale activity and on average, there was a 25 percent increase from the previous year in the number of residential sales in this price point for Kitchener-Waterloo.
"Our market remains strong," says Shartun "and while we all expect to see some fallout from the stock market instability, so far that just hasn't happened."
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Coldwell Banker Peter Benninger Realty
July 2008
K-W HOME SALES REBOUND IN JULY
KITCHENER, ON (August 6,2008) - Sales of residential properties in Kitchener-Waterloo and area rebounded last month, more than matching July 2007 results.
There were 657 home sales last month, surpassing July 2007 results by two sales.
All price categories above $225,000 experienced double-digit sales increases last month, while sales of lower priced properties tempered overall results. Sales of homes over $400,000 showed the greatest strength last month, jumping 67 percent relative to July 2007 results.
"Sometimes July can be a slow month for real estate," says Karen Shartun, President of the Kitchener-Waterloo Real Estate Board. "While the number of sales have softened so far in 2008 relative to last ear's record-setting pace, demand remains strong with purchasers casting a strong vote of confidence in the value of home ownership in Kitchener-Water100 and area."
Shartun says this region is bucking a national trend of fewer residential sales, with results in the Kitchener-Waterloo and area continuing to post more positive results.
The average price of all residential properties sold in the Kitchener-Waterloo area last month increased a comparable 5.6 percent to $261,936. Single family detached homes sold for an average price of $302,394, a 5.5 percent increase over one year ago.
The median sale price of all homes sold in the Kitchener-Waterloo area in July jumped 7.9 percent to $243,800, while single family detached properties had a median sale price of $275,000, a 7.1 percent increase for the same period.
The number of active residential listings remained consistent year over year at 1,941. However, the 928 new listings recorded in July represented an increase of almost 14 percent relative to July 2007.
The strong pace of home sales was accompanied bjr a significant decrease in the average number of days these properties were listed for sale.
"An increase in the pace of sales activity has accompanied the rebound in unit sales," says Shartun. "Not only are we seeing more sales activity, but there is also a greater readiness on the part of buyers to act on properties that reflect good market value."
Shartun says she expects sales in Kitchener-Waterloo and area to continue to outpace sales activity generally across Canada for the balance of the year given the positive market dynamics.
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Coldwell Banker Peter Benninger Realty
June 2008
K-W HOME SALES REMAIN FAVOURABLE RELATIVE TO NATIONAL FORECAST
KITCHENER, ON (July 4, 2008) - Sales of residential properties in Kitchener-Waterloo and area declined 5.7 percent during the first six months of the year, while the total value of those sales increased 0.5 percent to $930 million.
The 9.2 percent decline in the sale of single family detached homes was tempered by a 1.3 percent drop in sales of attached homes.
While sales to the end of June stand in contrast to the record pace of 2007, results to date in 2008 remain favourable relative to projections by the Canadian Real Estate Association that sales on a national basis are expected to decline by 11.5 percent this year.
The decline in home sales was limited to properties selling for less than $225,000. By contrast, there were 2,179 sales of residential properties for more than $225,000 to the end of June, compared to 1,958 for the same period in 2007.
Also bucking the slower sales trend was the demand for condominium units, the sales of which increased 7.9 percent to the end of June for a total of 644 sales.
In a similar vein, homes selling for more than $500,000 experienced triple digit increases relative to sales one year ago.
The average sale price of all homes sold between January and June 2008 jumped 7.5 percent to $264,888 during the first six months of the year. Similarly, the median price of home sales to the end of June increased 6.5 percent to $242,000.
The average sale price of single family detached homes to the end of June was $302,905, a 7.9 percent increase. The median sale price of these same properties increased 7.0 percent to $272,000.
"Residential sales remain healthy despite falling short of the records set last year," says Karen Shartun, President of the Kitchener-Waterloo Real Estate Board. "I expect demand for higher priced homes to be the key driver of sales as we work through this period of economic uncertainty."
Shartun continues to believe that residential property sales in Kitchener-Waterloo and area will outperform national sales results, demonstrating the consumer confidence in local real estate and an economy that is better positioned to weather the recessionary threats.
Other residential real estate sales-related highlights from the first half of 2008 include:
- a modest 1.5 percent decline in the 5,591 new listings processed;
- an 8.3 percent decline in the average number of days for listing on the market; and,
- strong consumer interest in cooperatives and link homes.
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May 2008
K-W HOME SALES OUTPACE NATIONAL PROJECTIONS
KITCHENER, ON (June 4,2008) - Sales of homes in Kitchener-Waterloo continue to retreat from the record pace set in recent years, while continuing to demonstrate embedded strength.
Last month, there were 625 sales, a solid result and proof that the local residential real estate market remains very strong, according to the President of the Kitchener-Waterloo Real Estate Board.
While sales have declined 6.5 percent on a year over year basis to the end of May, they remain strong relative to projections that residential real estate sales will decline on average by 11.5 percent across Canada.
"The experience in Kitchener-Waterloo is part of a national trend of lower numbers of residential sales across Canada," says Karen Shartun, President of the Kitchener-Waterloo Real Estate Board. "While record sales will not continue, results to date show that consumer demand remains strong and will likely outpace the national forecast."
There continue to be strong sales in higher priced properties. In May, there were 293 homes sold for more than $250,000, compared with 269 sales one year ago.
Accompanying the softer sales in other regions of the country is a decline in home prices in some jurisdictions. The average price of all homes sold in the local market in May increased 10.2 percent to $270,069, whereas the average selling price this year for resale homes across Canada is projected to increase 5.3 percent. To date in 2008, the average price of all homes sold in Kitchener-Waterloo and area has increased 7.3 percent.
There were 418 sales of single family detached homes last month in K-W and area, selling for an average price of $308,010.
The median price of homes sold last month was $245,000, an 8.9 percent increase over May 2007. The median price of single family detached properties increased 10.2 percent to $273,250, while other forms of housing increased 6.1 percent to $198,000.
An ongoing decrease in the number of active listings means that average sale prices are expected to continue to increase, while overall sales will remain strong but below the breakneck pace that has characterized the last several years.
"This area continues to be a strong market for residential real estate particularly when compared with other markets across Canada," says Shartun. "Demand for residential properties locally is clearly demonstrated by the decreasing number of days that homes listed for sale are active on the market."
"While some markets in Canada are undergoing significant swings in sales activity, this area continues to enjoy relative stability and the prospect of continued strength, given the affordability of home ownership locally and our community's economic diversity and strength."
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Coldwell Banker Peter Benninger Realty
March 2008
From RBC's Special Report on Housing Affordability across Canada published March 2008:
Mortgage Carrying Costs
House Prices
Resale Market
Ontario - slower economy, improved affordability
As the province teeters on the brink of recession through 2008, we expect the impacts of slower growth (largely stemming from slower job growth and wage gains) to restrain housing activity in 2008. The annual pace of income growth for the fourth quarter of 2007 came in at the slowest pace among the provinces. Housing starts are still expected to remain elevated but should decline from 2007 levels. Affordability conditions deteriorated across all home segments but the pace of deterioration slowed. We expect this trend to continue in 2008 as some affordability relief materializes through a lower mortgage rate environment, softer price gains, and an overall slower economic growth profile.
K-W HOME SALES HOLD THEIR OWN IN MARCH DESPITE ECONOMIC CONCERNS
KITCHENER, ON (April 4,2008) - Sales of residential real estate in Kitchener-Waterloo and area remained very strong during the first quarter of 2008 despite fears of a national economic downturn.
During the first quarter of 2008, there were a total of 1,483 home sales, just 1.5 percent short of last year's record for the same period. In the midst market uncertainty caused by the housing crisis in the United States, lower overall economic growth in Canada and steadily increasing energy costs.
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March 2008 Report
"Residential real estate sales in the area have remained robust, particularly given slower sales in many other parts of the country," says Karen Shartun, President of the Kitchener-Waterloo Real Estate Board. "A harsh winter with record snowfalls has also failed to slow down buyer interest to any great degree", says Shartun.
Across Canada residential real estate sales dipped 5.6 in March. Sales for the month in Kitchener-Waterloo and area totaled 606 units, just 1.6 percent lower than the same month one year ago.
Demand for condominiums remained strong last month, with sales increasing 16 percent to 276 units for the quarter. Similarly, demand for housing across higher price ranges had continued strength during the first three months of 2008, with significant increases recorded for most price categories above the %225,000 threshold. As a result, dollar volume of all residential sales jumped 5.0 percent during the first quarter to $383 million.
"Despite some economic concerns, the Canadian housing sector is in much better shape than in the U.S.," says Shartun. Additionally, employment remains strong and the Region's diverse economy is managing to withstand pressures in the manufacturing sector.
While unit sales are holding their own against a general moderating effect impacting the rest of the country, the average sale price of residential properties sold in Kitchener-Waterloo and area during the first quarter surged 7.7 percent to $258,491. The average price of single family detached properties sold during this period jumped 6.4 percent to $295,521.
Median prices of homes sold from January through March experienced similar increases, with a 6.7 percent increase to $240,000 for all residential property categories. The median price of single family detached properties increased 6.0 percent to $270,250.
"Downward pressure on sales is resulting from fewer active listings, though the end of winter should trigger an increase in homes for sale," says Shartun. The 1,733 active listings in March marked a 16.7 percent decrease relative to one year ago. New listings for the first quarter were off by 2.7 percent at 2,513.
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Coldwell Banker Peter Benninger Realty
February 2008
DEMAND FOR HIGHER-PRICED PROPERTIES SUSTAINS K-W HOME SALES
KITCHENER, ON (March 4,2008) - Strong sales results were recorded last month for homes selling for more than $225,000, according to results released today by the Kitchener-Waterloo Real Estate Board.
A total of 308 properties sold for more than $225,000 in February, compared with 234 sales one year ago. However, overall residential sales declined slightly lasl month due to reduced demand for lower-priced properties.
Despite the 3.5 percent decrease in total residential sales in February, the value of the 493 sales last month totalled more than $128 million, a 7.1 percent increase compared with one year ago.
As a result, the average sale price of all residential properties sold last month increased 11 percent to $260,121 compared with one year ago. Single family detached homes saw their average price increase nine percent to $295,145.
The median price of residential properties sold last month increased 11.5 percent to $241,900, with the median price of single family detached homes increasing 9.2 percent to $273,000.
The President of the Kitchener-Waterloo Real Estate points to a very positive environmenl to support continued strong sales.
"Despite some disappointing economic news locally in recent weeks, the employment rate in Waterloo Region remains very strong. Several positive factors, including continued immigration to the area and a low rental vacancy rate, mean consumer demand remains strong," says Karen Shartun.
Although the outlook for residential real estate is generally positive, Shartun acknowledges that years of continued price increases, slower economic growth in Canada and growing fears of a U.S. recession could temper the prolonged housing boom the Region has experienced for the past decade.
"Which there continues to be real confidence among those purchasing higher-priced homes, even the hint of economic uncertainty will likely cause some prospective buyers lo delay their purchasing decisions," says Shartun. "The local real estate market continues to be quite buoyant, largely because the Canadian real estate market has not been faced with the credit exposures that have hurt home sales south of the border."
Proof of this is February's sales results, which compare very favourably with January's 383 residential sales.
The supply of new homes for sale last month jumped 9.1 percent compared to January. On a year-over-year basis, the 1,709 active listings last month represent a 13 percent decline compared with February 2007.
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Coldwell Banker Peter Benninger Realty
January 2008
KITCHENER-WATERLOO HOME SALES POISED TO MATCH 2007 RECORD
KITCHENER, ON (February 5,2008) - Sales of residential properties in Kitchener-Waterloo and area last month mirrored January 2007 results, positioning the local real estate market for another strong sales year.
There were a total of 381 residential sales last month recorded on the MLS® system of the Kitchener-Waterloo Real Estate Board, just over the 379 homes sold in January 2007. Relative to December 2007, sales jumped more than 25 percent last month.
"Given the real estate correction in the United States and the news of that situation spilling into Canada, I believe the sales results demonstrate continued strength in both consumer confidence and investment value in home ownership," says the new president of the Board, Karen Shartun.
Shartun says sales results in January point to continued market strength. While the market may be poised to keep pace with the record-setting sales of 2007, she says it is too soon to forecast whether last year's results will be matched or exceeded.
Higher-priced homes continued to sell well last month, with 35 properties selling for more than $400,000, compared with 19 sales one year ago. Sales results across other price ranges showed varying degrees of strength, with mixed results being reported for some price ranges, largely due to a decline in the sale of single faimily detached properties relative to January 2007. Sales of condominiums in January were particularly strong with 67 sales marking a 56 percent increase.
The total dollar volume of residential properties purchased last month was $100 million, up 8.3 percent from last January, resulting in higher average sale prices. Overall, the average sale price of all residential properties sold last month jumped 7.8 percent to $263,860. The median sale price experienced a year-over-yeair increase of 6.1 percent to $242,000.
While January saw a slight increase in new listings, the overall supply of residential properties available for sale was down almost 20 percent relative to January 2007 to 1,553 active listings.
"Solid residential sales in January continue the healthy market that home buyers and sellers have enjoyed for several years," says Shalrtun. "The results for the month set the stage for strong sales in 2008."
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September 2007
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