The Deutschmann Team
RE/MAX TWIN CITY REALTY INC.
Phone: (519) 841-6511
Email: info@elitere.ca
Website: www.elitere.ca
 
 

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The 2021 housing market in Waterloo Region is off to a hot start. There is a strong desire to buy real estate, since people are now both learning and working from home, and as a result, require more home to accommodate these needs.

Real estate continues to be one of the shining lights supporting the Ontario economy, and we do not expect to see any significant efforts to try to cool the market anytime soon. Buyers should continue to expect heated competition, and for sellers, there will continue to be a strong interest for all properties entering the market.

Mortgage rates over the past two years have fallen, meaning the average person can afford to pay around 25 % more for a home which has helped to offset the 33 % increase in the average home price in KW over the same period.  So that, combined with people seeking more space amid the coronavirus pandemic, will continue to give the housing market a boost.

In Waterloo Region for 2020, total residential sales included 3,899 detached (up 8.1 %), and 804 condominium units (up 18.9 %) which includes any property regardless of style (i.e., semis, townhomes, apartment, detached etc.). Sales also included 450 semi-detached homes (up 6.8 %) and 1,346 freehold townhouses (up 7 %). 

On a year-to-date basis, the average sale price of all residential properties sold in 2020 increased by 16.1 % to $612,521 compared to 2019. Detached homes sold for an average price of $719,203 an increase of 16.9 % compared to 2019. During this same period, the average sale price for an apartment-style condominium was $391,698 for an increase of 13.7 %. Townhomes and semis sold for an average of $468,891 (up 14.6 %) and $520,753 (up 18.3 %) respectively.

The median price of all residential properties sold last year increased 17.3 % to $575,000 and the median price of a detached home during the same period increased 15.7 % to $660,000.

Like many other parts of Ontario, low inventory has become a defining factor of Waterloo Region’s housing market and the new normal. The number of months of inventory remained at just 1 month or less throughout most of 2020.  Another contributing factor is buyers looking for more space as many have shifted to working from home.  

For historical context, the number of months inventory in Kitchener-Waterloo between 2011 and 2015 averaged 4. Between 2016 and 2020 it was a monthly average of 1.5 months. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in 2020 was 16 days, compared to 23 days in 2019 and a previous 5-year average of 27 days.

Dollar volume of all residential real estate sold last year increased 26.5 % to $3.9 billion compared with 2019.

If you are thinking of buying or selling this year, or if you have any questions about the real estate market, please let us know.

We would love to hear from you!

 

EXCLUSIVE OPPORTUNITIES:

We have been presented with the opportunity to sell a select few units at two very desirable condo developments in Kitchener-Waterloo; Charlie West in Downtown Kitchener, by Momentum Developments, and Blackstone Modern Condominiums in North Waterloo, by Urban Legend Developments. For more details, floorplans, and pricing visit: https://elitere.ca/exclusive-listings/

 

ONTARIO'S RESIDENTIAL CONDOMINIUM BUYERS GUIDE:

The Province and the Condominium Authority of Ontario (CAO) announced the launch of a new Residential Condominium Buyers’ Guide to help buyers navigate the condo purchasing process.⠀⠀⠀⠀⠀⠀⠀⠀⠀
As of January 1, 2021, developers across the province are required to provide purchasers of new or pre-construction residential condos with a copy of the guide at the time of purchase and sale.  The guide includes information on a variety of aspects of condo ownership, including:⠀⠀⠀⠀⠀⠀⠀⠀⠀
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✔️ The condo purchasing process⠀⠀⠀⠀⠀⠀⠀⠀⠀
✔️ Information surrounding purchases of pre-construction units⠀⠀⠀⠀⠀⠀⠀⠀⠀
✔️ Condo living and governance⠀⠀⠀⠀⠀⠀⠀⠀⠀
✔️ Resources for resolving issues related to condo living⠀⠀⠀⠀⠀⠀⠀⠀⠀
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Under the Condo Act, purchase agreements for new or pre-construction condos purchased from developers are not binding on purchasers until developers provide purchasers with a copy of the current disclosure statement. As of January 1, 2021, this requirement has been amended to also require developers to provide a copy of the guide.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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The guide provides useful information for consumers buying a new or pre-construction condo, as navigating rules that are specific to condos can be tough. Shared ownership and governance of condominiums adds a degree of complexity to purchasing and owning pre-construction and resale condominium properties. The guide helps purchasers to make sense of it all.⠀⠀⠀⠀⠀⠀⠀⠀⠀
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If you would like more details, or a copy of the guide, please contact us!

FEATURED LISTINGS:

Click here to see all of our fantastic listings and their virtual tours.

https://elitere.ca/team-listings/

 

4 Good Reasons to Consider Selling your Home

 
 
Why do people decide to move? 

Unless it’s a requirement, such as a job relocation, the research tells us that you, like many homeowners, may decide to sell at some point for one or more of the following reasons:

  • Your home is no longer a good fit. You may have outgrown your current home and need something bigger, maybe with an additional bedroom. Or, the opposite may be true. You may want to downsize into something smaller – and cash in some of the home equity you’ve built up.
  • You’ve got your eye on a different neighbourhood. Have you ever driven through an area and thought, “I’d love to live here”? You may think that it’s out-of-reach for you at this time. Is it? You never know until you work the numbers. You might, in fact, qualify for a home in that neighbourhood today!
  • You want to be closer to something. Many homeowners would love to live closer to work, family, favourite hobbies, the country, etc. Moving to a home that’s near to one of those “somethings” can have a positive impact on your lifestyle.
  • It’s time for a change. Sometimes a homeowner just wants a change: new surroundings, a fresh start. Who says you need a “practical” reason to sell? If you’re looking to get into a new home just because you feel like it, that’s your choice. In fact, that may be the best reason of all to sell. You may simply want to move.

Do any of these reasons resonate for you? If so, now is the time to start preparing. Even if you don’t anticipate moving for several months, this is the best time to get the process started.

 

Be Prepared for Power Failures

 
 
We are all vulnerable to unexpected power disruptions, but with a few advance preparations, potential inconveniences and dangers can be avoided or at least minimized. 

As a starting point, every home should have emergency supplies that include basics such as candles and matches, flashlight(s) and fresh batteries, a first-aid kit, and at least one large jug of fresh water.

If possible, it is advisable to have an even more extensive emergency kit. Consider keeping a stock of dried foods and/or canned goods, all-weather emergency blankets, waterproof clothing and footwear, as well as cash for consumables such as fuel and food supplies.

Anyone requiring medications should always renew them before running too low to ensure sufficient supply. Likewise, all battery-powered devices should be kept charged – including computers, cell phones and mobility vehicles.

For some, the inconveniences of a power-outage outweigh the cost of installing a gas-powered generator. Whether you’re ready to incur that expense or simply plan to stock up on supplies, it’s always wise to take steps that will see you and your loved ones through a power failure.

 

How Much Can You Spend on Your Next Home?

 
 
Even if you’re not thinking about selling your home, you might be wondering how much of a new home you could afford. You might see a house for sale in a nice area, and think, “Could I get into a house like that?”
Why not find out?

It only takes a few calculations to determine how much of a new home you qualify to buy. The calculation involves estimating how much you can get for your house on today’s market; determining what type of home you want and establishing what a house like that would currently sell for; and then taking into consideration your income, savings and other financial resources.

Once you put it all together, you’ll have a price range within which you can confidently shop for a new home.

This exercise might surprise you. You might find out you can afford to get into a home and neighbourhood you’ve always dreamed about. It’s worth finding out!
 

Notable, Quotable, Quotes!

“If we have the attitude that it is going to be a great day, it usually is.
Catherine Pulsifer

“Empty pockets never held anyone back. Only empty heads and empty hearts can do that.”
Norman Vincent Peale

“Who you are tomorrow begins with what you do today.”
Tim Fargo

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RE/MAX TWIN CITY REALTY INC. , 83 Erb St W, Waterloo, Ontario N2L 6C2 Canada

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