My mid-month report on our local real estate market revealed lots of new listings and prices levelling off. But then predictions for the rest of 2021 and into 2022 show prices edging up. Also, what to think about when buying a condo and more rules to follow when selling your home. Finally, the 7-day market update.
How’s the Kitchener-Waterloo Real Estate Market?
Lots of listings and sales.
Prices levelling off.
SP/LP coming down.
What will happen to Canadian real estate in 2022?
Housing activity will remain strong through 2021 and well into 2022. Approximately 701,000 homes will likely get sold through Canadian MLS Systems this year, with double-digit sales growth likely to manifest in every province. The national average home price is projected to grow by 16.5% annually to reach $665,000.
And while more modest, the predicted 614,000 sales in 2022 will prove no impediment to price growth. The national average is expected to see a 2.1% gain to reach $679,000 in 2022. The pandemic has changed the relationship that many people have with housing. COVID-19’s effects on the Canadian real estate market will be readily apparent in the years to come.
5 Things To Consider Before Buying A Condo
Rules and Regulations
Property management company
365 Rules about Real Estate
15 More Rules about Selling Your Home
Rule #256: Be absent for all showings.
Rule #257: Respond quickly to emails, texts and phone calls from your Realtor.
Rule #259: There are no cancellation charges for ending your listing agreement.
Rule #260: The first offer is often the best offer.
Rule #261: If you get a low offer, counteroffer.
Rule #263: Be prepared before the offer arrives.
Rule #265: Only show your home when it’s in showing condition.
Rule #266: Answer all questions openly and truthfully.
Rule #270: The buyer’s Realtor is not trying to sell your listing.
Kitchener-Waterloo Real Estate 7-Day Market Update
New listings: 241
Homes sold: 175
Average days on market: 17
Average list price: $675,710
Average close price: $760,881
Average SP/LP: 114.13%