Today is June 26 2017. This is a Kitchener Waterloo Real Estate News Update
One month in and prices down
Over the past month we have seen the floodgates open and a torrent of new properties come onto the Kitchener Waterloo real estate market. For the first time in over a year, there is a two-month supply of houses on the market (a balanced market has a 3-6 month supply)
This sudden change in inventory has caused average sale price in June to decrease by about 10%.
Of course year-over-year prices are still up near 20% and successful sellers are still often receiving more than listing price. In the whole scheme of things, one month is too small a sample size to determine what will happen with our local real estate prices, but times they are a changing.
Off plan but on track
16-point housing plan had little effect on new home construction. Supply is still low and prices are high so new homes are still needed to fill the gap. In Waterloo Region, homebuilders are taking a year to deliver a house so they are way behind the curve.
Dwelling on empty
In Vancouver, 24, 5495 dwellings (or 8.2% of homes) are empty and thus subject to an empty homes tax. Some neighbourhoods, have almost a quarter of the dwellings sitting empty. To avoid the tax, owners must rent out the place for at least six months, which means July 1.
Living in an alley
A laneway home is a small home that is detached from the primary home and usually located at the rear of a residential property with an entrance on a laneway (or alley). Vancouver, Ottawa and Regina have them. Are they coming to Toronto?
Charting the course
Here are 7 charts showing the possible effects of foreign-homebuyer taxes in Canada.
Tiny homes are hitting speed bumps as they look for land to sit upon. Zoning land use rules are under review.
And, condos are going micro (280 square feet) to stay affordable. I hope they are leaving some room for improvement.
Papa was a rolling stone
Across Canada two groups are most likely to stay in the same income category as their parents – the poor and the very rich. Where you grew up affects your income in adulthood.