Regional Real Estate Stats

 

RESIDENTIAL SALES STEADY IN OCTOBER

KITCHENER-WATERLOO, ON (Nov 3, 2017) –– Last month a total of 481 residential properties sold in Kitchener-Waterloo and area through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR). Home sales in October were down 16.6 per cent compared to the same month last year, but still above the previous 5-year October average of 464 sales.

On a year-to-date basis 5,842 residential units have sold compared to 5,816 during the same period in 2016, an increase of 0.4 per cent.

October’s sales included 289 detached homes (down 20.2 per cent), and 107 condominium units (down 17.7 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 44 semi-detached homes (down 7.3 per cent) and 38 freehold townhouses (down 2.6 per cent).

The average price of all residential properties sold last month increased 11.4 per cent to $454,398 compared to October 2016. Detached homes sold for an average price of $541,368, an increase of 13.1 per cent compared to October 2016. During this same period, the average sale price for an apartment style condominium was $249,993 for an increase of 11 per cent. Townhomes and semis sold for an average of $349,316 (up 13.7 per cent) and $354,668 (up 8 per cent) respectively.

The median price of all residential properties sold in October increased 11.7 per cent to $419,000, and the median price of a detached home during the same period increased 10.2 per cent to $484,000.

“While the number of home sold so far this year is pretty much on pace with last year’s record breaking results, the demand from buyers continues to outpace new listings entering the market,” says James Craig, President of KWAR. “I anticipate this continuing for the remainder of the year while buyers rush to beat the additional 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%.

The number of active residential listings on the KWAR’s MLS® System to the end of October totalled 830, which is ahead of October of last year, but well below the previous five-year average of 1,522 listings for October.

The average days on market in October was 24, compared to 27 days in 2016. On a month to month basis, it took two fewer days on average from list to sale date in October compared to September.

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 a local REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.

SOLID HOME SALES IN SEPTEMBER

KITCHENER-WATERLOO, ON (September 4, 2017) –– A total of 470 residential properties changed hands in Kitchener-Waterloo and area though the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in September. This was a decrease of 12.8 percent compared to the record number of sales in September of 2016, but still ahead of the previous 5-year September average of 437 sales.

On a year-to-date basis 5,357 residential units have sold compared to 5,239 during the same period in 2016, an increase of 2.3 per cent.

“We are seeing strong demand continue into the autumn” said KWAR President James Craig. Residential listing inventory on the KWAR’s MLS® System to the end of Septembers totalled 843, which is ahead of September of last year, but represents just half the number of listings that were on the market in the previous five years (2011-2015) for September.

September’s sales included 285 detached homes (down 14.2 per cent), and 105 condominium units (down 19.2 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 38 semi-detached homes (up 22.6 per cent) and 37 freehold townhouses (up 12.1 per cent).

The average price of all residential properties sold last month increased 12 per cent to $455,079 compared to September 2016. The average sale price for an apartment style condominium was $261,337 for an increase of 6 per cent. Townhomes and semis sold for an average of $359,448 (up 20.9 per cent) and $372,226 (up 19 per cent) respectively.

Detached homes sold for an average price of $513,873 in September for an increase of 10 per cent compared to a year ago. “Our local residential real estate market continues to show solid price growth and unit sales,” says Craig who points out that year-over-year price appreciation peaked in April of this year when the average price of a detached home increased 40 percent to $594,108. Today, on a year-to-date basis, the price of a detached home has averaged $553,029, an increase of 24.7 percent compared to 2016.

“What might seem to be a stabilizing of prices in September may have more to do with the price ranges that people were purchasing in,” says the president of the KWAR. Craig notes that last month 32% of all residential transactions were in the $300-399,999 range; compared to just 15.6% in April. “We also saw more transactions in the higher price ranges during the heat of the spring market. There were 20 sales that occurred over the one million dollar mark in April, compared to only 5 in September.

The average days on market in September was 36, compared to 57 days a year ago. On a month to month basis, it took ten additional days on average from list to sale date in September compared to August.

“The feverish spring conditions have given way to a saner playing field, however an increase in listings would be a welcome shift for homebuyers who would benefit from increased selection across the more affordable price ranges.”

STEADY HOME SALES IN AUGUST

KITCHENER-WATERLOO, ON (September 7, 2017) ––A total of 483 residential sales occurred through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in August. This was 19.2 per cent below August 2016’s record breaking 598 units sold but still ahead of the previous 5-year August average of 473 sales.

Residential sales last month brings a year-to-date total of 4,876 residential units, an increase of 3.7 per cent compared to 2016.

“I think we’re seeing some stability return to the market” says James Craig, President of KWAR. “Last summer’s record setting sales was unsustainable and created a market that no one enjoyed.”

Residential sales in August included 286 detached homes (down 18.8 per cent), and 105 condominium units (down 30.9 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 50 semi-detached homes (up 25 per cent) and 32 freehold townhouses (down 34.7 per cent).

The average sales price of all residential sales increased 10.1 per cent to $441,992 compared to August 2016. Detached homes sold for an average price of $519,910 for an increase of 5.9 per cent, while the average sale price for an apartment style condominium was $294,787 for an increase of 26.5 per cent. Townhomes and semis sold for an average of $338,191 (up 13.4 per cent) and $351,233 (up 17.3 per cent) respectively.

REALTORS® listed 589 residential properties in K-W and area last month, which is on par with August of 2016. Inventory levels continue to be low at just two months of inventory at the end of August. The number of months of inventory represents the time it would take to deplete current inventories at the current rate of sales. The long term average of months of inventory for KW and area is three and half months. Last month there were 800 active listings on the KWAR’s MLS® System, compared to 760 in August of last year.

The average days on market in August was 26, compared to 33 days a year ago. On a month to month basis, it took three additional days on average from list to sale date in August compared to July.

“While the tight supply in the market continues to favour sellers we are pleased to see more inventory coming online; the steady rate of sales continues to reinforce that Kitchener-Waterloo and area remains an attractive place to invest in homeownership.” says Craig.

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 a local REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that buyers get a complete picture of the property and community they’re considering.

SLOWER HOME SALES IN JULY

KITCHENER-WATERLOO, ON (August 3, 2017) ––In July there was a total of 558 residential sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), a decline of 5.1 percent compared to the same month last year, but still slightly above the previous 5-year average for July (542).

July’s sales bring the year-to-date total to 4,387 residential units, an increase of 6.9 per cent compared to 2016.

“Home sales remain very strong, and while they have eased in comparison to July of last year, we have to remember that was a crazy busy time,” says James Craig, President of KWAR. “What we’re seeing now is the more typical summer slowdown, but overall July was still an above average month.”

Residential sales in July included 365 detached homes (on par with July 2016), and 113 condominium units (down 21.5 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 38 semi-detached homes (down 20.8 per cent) and 36 freehold townhouses (up 44 per cent).

The average sales price of all residential sales increased 17.4 per cent to $455,217 compared to July 2016. Detached homes sold for an average price of $519,507 for an increase of 14.7 per cent, while the average sale price for an apartment style condominium was $277,866 for an increase of 13.9 per cent. Townhomes and semis sold for an average of $350,342 (up 22.8 per cent) and $352,721 (up 14.3 per cent) respectively.

REALTORS® listed 811 residential properties in K-W and area last month, a 22.9 per cent increase compared to July of 2016. While inventory levels continue to be low at just two months of inventory at the end of July – supply is up from where the measure has stubbornly stayed at just one month or less for the past 11 months. The number of months of inventory represents the time it would take to deplete current inventories at the current rate of sales. The long term average of months of inventory for KW and area is three and half months.

“The tight supply in the market continues to favour sellers; however the market seems to be shifting towards more balanced conditions,” says Craig.

The average days on market in July was 22, compared to 26 days a year ago. On a month to month basis, it took six additional days on average from list to sale date in July compared to June.

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 a local REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that buyers get a complete picture of the property and community they’re considering.

MORE LISTINGS MEET CONTINUED BUYER DEMAND IN JUNE

KITCHENER-WATERLOO, ON (July 5, 2017) –– For the first time this year home sales in June decelerated on a monthly basis. Last month’s 716 residential sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were down 3.2 percent compared to last year’s record breaking June. This brings the total number of sales during the first half of the year to 3,834, an increase of 9.1 per cent compared to 2016.

“Home sales in June were very strong, and we’re on track to have another record breaking year of residential sales,” says James Craig, President of KWAR. “June is the fourth consecutive month home sales in the Kitchener-Waterloo area have exceeded 700 units. Historically sales in KW and area have only ever surpassed the 700 unit threshold in a single month three previous times.”

Home sales in June included 467 detached homes (down 4.3 per cent compared to June 2016), and 141 condominium units (down 5.4 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 53 semi-detached homes (up 15.2 percent) and 51 freehold townhouses (down 5.6 per cent).

“We definitely saw more supply coming on the market the past two months and that has helped to meet the strong home buyer demand,” said Mr. Craig.

REALTORS® listed 1,083 residential properties in K-W and area last month, a 28.7 per cent increase compared to June of 2016. It’s the second month in a row that the number of new listings put on the market has exceeded 1,000 units, demonstrating an unprecedented surge of supply. Nevertheless, inventory levels remain very low, sitting at near or less than one month of inventory as strong buyer demand endures in Waterloo region.

The average sales price of all residential sales increased 19.8 per cent to $465,772 compared to June 2016. Detached homes sold for an average price of $537,389 for an increase of 19.3 per cent, while the average sale price for an apartment style condominium was $276,443 for an increase of 17.6 per cent. Townhomes and semis sold for an average of $341,716 (up 23.2 per cent) and $380,660 (up 28.4 per cent) respectively.

Addressing the Non-Resident Speculation Tax (NRST) that the Ontario government announced on April 20, 2017, the president of the KWAR says it’s still too soon to know what if any impact it will have on the market. The province recently released its first data tracking sales in the Greater Golden Horseshoe (GGH) from April 24 and May 26 showing that 4.7 per cent of transactions that occurred may be subject to the NRST. “We don’t believe that foreign buyers were making a meaningful impact on Waterloo region’s real estate market,” says Mr. Craig. The NRST is a 15-per-cent tax on the residential property purchased by individuals who are not citizens or permanent residents of Canada or by foreign corporations and taxable trustees. Waterloo region is included in the GGH.

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 a local REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that buyers get a complete picture of the property and community they’re considering.

OVER 800 RESIDENTIAL HOME SALES IN MAY SETS A NEW RECORD

KITCHENER-WATERLOO, ON (June 5, 2017) ––There were 816 Residential properties sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in May, an increase of 8.2 per cent compared to May 2016, and a 6 per cent increase compared to the previous month. This is the second consecutive month unit sales have hit an all-time high.

Home sales in May included 493 detached homes (up 3.8 per cent compared to May 2016), 180 condominium units (up 7.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 64 semi-detached homes (up 39.1 percent) and 70 freehold townhouses (up 22.8 per cent).

“With the persistent buyer demand we’ve been experiencing these past several months, it was great to see that spike in residential listings enter the market in May, as we’ve had a severe shortage of inventory,” says James Craig, President of the KWAR.

REALTORS® listed 1,271 residential properties in K-W and area last month, a 38.6 per cent increase compared to May of 2016, and a 29 per cent increase compared to the previous month. It’s the first time in two years that the number of new listings put on the market has exceeded the 1,000 unit mark. The five-year average for new listings in May is 989.

While more homes were listed in May, it continues to be a seller’s market in Waterloo region and across the Greater Golden Horseshoe (GGH) as inventories remain tight at near or less than one month of inventory.

The average sales price of all residential sales increased 31 per cent to $496,664 compared to May 2016. Detached homes sold for an average price of $594,047 an increase of 35.3 per cent, while the average sale price for an apartment style condominium was $293,158, an increase of 25.8 per cent. Townhomes and semis sold for an average of $361,198 (up 30 per cent) and $383,819 (up 29.3 per cent) respectively.

Ongoing demand for homes in Waterloo region has resulted in a shorter sales cycle. The average days on market in May was 12, compared to 24 days a year ago. On a month to month basis, it took two additional days on average from list to sale date in May compared to April.

Addressing the Fair Housing Plan that was announced by the Ontario government in April, the president of the KWAR notes that it is still too soon to know if the measures will have the intended cooling effect on the market. “For now, home sales are still booming, and prices are going strong. While we continued to see big year-over year price gains in May, the overall residential average price did dip 3 per cent compared to April.” One month does not make a trend Craig concedes, but the spike in listings last month may have contributed to the flatter prices.

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 a local REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.

 

Press Releases provided courtesy of the Kitchener-Waterloo Association of Realtors.

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