June 27 2015 Kitchener Waterloo Real Estate News Update

June 27

Today is June 27 2015

This is a Kitchener Waterloo Real Estate News Update

Living at the mall

With the departure of Target a couple of years ago and now Sears, suburban malls with their acres of parking are reinventing themselves as mixed-use developments with housing and offices mixed with retail, food and drink. That should save a lot of commuting time.

Rumour has it

Covering topics like urban development, transportation projects, heritage issues, and businesses, Waterloo Region Connected is interesting to those interested in what’s happening in Kitchener-Waterloo. It’s a forum. It’s a notice board. It is crowd sourcing done well.

Hoping for a price drop?

Somehow we never seems to learn the lessons taught to us by the past. Here’s a rule buyers should think about. Seller’s don’t have to sell therefore prices don’t have to drop. Here is a recent example from New Brunswick where everything was frozen in a kind of stalemate. Of course, as soon as prices drop then sales start to happen again.

The music stopped. Get your butt on a chair.

30% of current homeowners are either “very likely” (12%) or “somewhat likely” (18%) to list their house over the next 12 months. 15% cited Ontario’s Fair Housing Plan as the primary reason for selling in the next year. If this is true, expect a listing spike 2018.

Survey says…

CMHC surveyed 3,002 recent mortgage consumers. Just over half were aware of the latest mortgage qualification changes, and about 20% said that it impacted their purchase decision by either having to increase their down payment, purchase a smaller home, purchase in a different location, or simply delay their purchase.

Don’t knock opportunity

Here’s a study of rent affordability in the world’s ‘opportunity cities’. Toronto is a renter’s paradise. Check out those rent to income ratios!

On the money

The Canada Revenue Agency (CRA) is cracking down on unreported income from real estate transactions. From April 2015 to March 2017, real estate transaction audits found $329.4 million in assessed income that had not been reported. That resulted in more than $17 million in penalties.

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