July 11 2017
Kitchener Waterloo Real Estate News Update
In today’s news: foreign buyers, after the spike, interest rates, running for the Wu Wei, plunging TO real estate sales, White Rock snopes, a summertime stand off, and rub a dub dub – living small in a great big sea.
Kicking around the 5%
It was recently announced that 4.7% of the 18,282 homes purchased (closed, completed) in the Greater Golden Horseshoe between April 24th and May 26th were sold to foreign buyers. It seems like an insignificant number, yeah?
After the spike
We project that part of this spike will be reversed in the coming months, thereby setting prices on a much more moderately rising trend next year (of 1%). The average selling price of an Ontario home is anticipated to finish the year at $564,400, representing an annual increase of 14%. It is a case of up, up, UP and then down.
What happens when interest rates go up?
Your purchasing power goes down. In fact, you lose 11% your purchasing power for every 1% of rate increase. Pssst, get ready to lose your first 3%.
Sleeping in Seattle
When I tell people that I was once a runner for the Wu Wei, a floating hostel in Amsterdam’s inner harbour, they look at me knowingly (or quizzically). Either way there is lots to be said for living on the water.
Greater Toronto Area home sales plunge 37.3% in June despite jump in listings
The headline says it all.
The City of White Rock created a tip page for ‘rumours’ so it can debunk them. Can this true?
New AirBnb rules in Vancouver
In an effort to free up long-term rental supply by about 1,000 units by banning the short-term rental of secondary homes, secondary suites and laneway homes, Vancouver moves to squeeze AirBnb listings out of the short term rental market.
Buyers and sellers are stuck in a summertime standoff
Buyers are waiting because they think (hope) home prices are going to come down after more than two months of rising listings and falling sales. Sellers are not really decreasing their asking price yet. They are still living in a bubble.
Rub a dub dub, a man in a tub
A 42-inch yacht is hoping to become the smallest boat ever to cross the Atlantic. It will take three months. The sailing is simple. The living is harder. The ocean is huge. The idea is idiotic. Rub a dub dub.