Janet Harte

Whether you are selling your current home or looking for your first home...

Kitchener-Waterloo has become “a popular real estate destination for both locals and buyers on the move, whose buying power is supported by its strong education- and health-based jobs market.”

The Kitchener-Waterloo region will see intensified demand in the coming season, according to a new study by Zoocasa.

The phenomenon will be especially apparent in the lower price brackets. Affordable options are the region’s strongest attractions, with many buyers fleeing the inflamed costs of the Toronto market.

Moreover, the region remains a sellers’ market. Overall home sales in the region slowed down by 9.1% year-over-year in August.

“Sales-to-new-listings activity remains steep, creating an increasingly competitive marketplace for prospective buyers, setting the stage for an active fall market.”

In Kitchener, 14 out of 19 of its neighbourhoods lean towards being sellers’ markets, with sales-to-new-listings ratios (SNLR) of 61% or more. Of these locales, Grand River North had the highest ratio at 120%, up 57% annually. This represented a 20% increase in sales and a 37.5% decline in new listings, with an average price of $515,867.

According to Zoocasa, Kitchener is one of the best destinations for both first-time buyers and investors, considering its overall affordability.

In Waterloo, available new listings were far outstripped by sales activity, impelling a high level of buyer competition. Fully 11 of the 13 neighbourhoods in the area had a 61% SNLR on average, with the highest being Lakeshore North’s 131% ratio and a year-over-year increase of 66%. Sales went up by 54% while new listings dropped by 23%, with an average price of $484,161.homes listed under $500,000 will enjoy intensified demand this fall.

“The recently unveiled First-Time Home Buyer Incentive along with slowing mortgage rates will make homes in this area more affordable and attractive to first-time home buyers.”

To find out the value of your current home, to discuss any properties available for sale, please contact me today

June Residential Sales
Home sales continued their strong momentum from last month. On a year-to-date basis we’re seeing sales have increased slightly over last year’s mid-year mark.”
In Kitchener Waterloo – for the month of June there were 658 residential properties sold through the Multiple Listing System of the Kitchener-Waterloo Association of REALTORS®. This represents an increase of 8.8 per cent compared to the same month last year.
Home sales in June included 404 detached (up 8.9 per cent), and 50 condominium apartments (down 28.6 per cent). Sales also included 159 townhouses (up 27.2 per cent) and 45 semi-detached homes (up 15.4 per cent).
A total of 3,154 homes have sold in Kitchener-Waterloo and area during the first half of this year, an increase of 1.4 per cent compared to 2018.
The median price of all residential properties sold last month increased 9.9 per cent to $494,500, and the median price of a detached home during the same period increased by 11.7 per cent to $581,500
REALTORS® listed 888 residential properties in K-W and area last month, an increase of 4.3 per cent compared to June of 2018, and a slight increase of 0.5 per cent in comparison to the previous ten-year average for the month of June.
It is still a solid seller’s market as we head into the summer months While more new listings are coming onto the market, strong buying demand is keeping supply tight.”
The average days it took to sell a home in June was 20 days, compared to 22 days in June 2018.

👇♥️