7-day real estate market trends and other real estate news

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Kitchener-Waterloo 7 Day Market Update Trends over the past ten weeks

4 reasons the housing market will cool down and settle into a long and sustainable boom

(1) Construction will catch up

(2) Millennials reaching peak buying age\

(3) Home inflation set to cool

(4) Interest rates have room to run

Kitchener Waterloo Real Estate Market Report

There were 854 residential homes sold last month.

This is an increase of 100.9% compared to May 2020, and a 0.9% increase compared to April 2021.

Prior to 2020, the previous 10-year average number of residential sales for May was 656.

Total residential sales in May included 485 detached, and 106 condominium units.

Sales also included 74 semi-detached homes (up 72.1%) and 188 townhouses (up 138%).

Sales also included 74 semi-detached homes (up 72.1%) and 188 townhouses (up 138%).

In May, the average sale price for all residential properties in the Kitchener-Waterloo area was $740,103.

This is a 30.4% increase over May 2020 and a 2.4% decrease compared to April 2021.

The average price of a detached home was $868,990.

This is a 32.6% increase from May 2020 and a decrease of 3.4% compared to April 2021.

Ontario home prices expected to reach new record average of almost $900K next year

The Canadian Real Estate Association forecasts that the average price of a home in the province will climb to $855,218 this year

This is 21.2% higher than in 2020. Prices will continue to increase this year and are expected to reach an average of $888,658 in Ontario. The volume of sales will likewise break records, Presented by Lumen5 with the an anticipated 283,040 homes selling in Ontario over the course of 2021. This is 24.3% more than last year.

How’s the Kitchener-Waterloo Real Estate Market? 

In this monthly market update I show that although the market has cooled down, demand for great homes is still sky high. The average SP/LP ratio is at about 13% but the homes on my list are still at least 5% higher than that.

The Cost of Selling Your Home

The average cost of selling a home is $21,000.

6 typical types of costs associated with selling your home

Real Estate Commissions 4% of sale price

Closing Costs 2% to 4% of sale price

Staging costs $500 – $3000

Repair costs

Moving costs

Holdover costs (for the period that you are owning two homes)

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