Top Stories From Last Week. Spring Market begins

The Kitchener-Waterloo Real Estate Market continues to show signs of spring. The number of listings is increasing. The weather warms up and home buyers are feeling renewed hope that the perfect home will be listed. The LP/SP ratio decreases a little

The Kitchener-Waterloo Real Estate Market continues to show signs of spring. The number of listings is increasing. The weather warms up and home buyers are feeling renewed hope that the perfect home will be listed. The LP/SP ratio decreases a little

5 Things Careful Home Buyers Always Pay Attention To

Outdoor Space

New Appliances

Energy Star Ratings

Clutter

Neighbourhood

Built-up momentum leads to Ontario market’s exceptional month

The province’s home sales activity had a 36.3% annual gain for a total of 21,518 units sold through MLS Systems in February. The market’s year-to-date sales also reached a peak of 35,344 units, up by 33.6% from the first two months of 2020. Ontario’s average home sales price last month stood at $864,159, representing a 24.5% increase from February 2020. The province’s year-to-date average price was $837,731, up by 25.4% annually and exceeding $800,000 for the first time ever.

In Kitchener-Waterloo sales activity increased by 27.8% annually to 597 transactions in February. A total of 737 new listings were added to the market’s MLS System last month, representing a 21% increase from February last year. The average home sales price in the market increased by 32.1% year over year to $752,289.

Average rent in Kitchener up 6.4% for one-bedroom and up 5% for two-bedroom.

The average asking rent for all Canadian properties listed on Rentals.ca in February was $1,714 per month, down 6% from $1,823 in February of last year. The average monthly rental rate has been down year over year in 12 of the last 13 months. Ontario had the second highest average provincial rental rate at $1,919 per month.

Some smaller cities surrounding Toronto saw year over year increases in average monthly rent for one- and two-bedroom homes. Kitchener finished 17th on the list of 35 cities for average monthly rent in February for a one-bedroom home at $1,433 and 19th for average monthly rent for a two-bedroom at $1,655. Year over year, average rent in Kitchener was up 6.4% for a one-bedroom and up 5% for a two-bedroom. Kitchener saw increases in average monthly rent year over year for condo rentals and apartments with Hamilton up 15% and Kitchener up 7%.

Kitchener-Waterloo Real Estate 7-Day Market Update. Spring is in the air!

New listings: 265

Homes sold: 211

Median list price: $599,900

Median close price: $691,000

Median SP/LP: 116.67%

17 Rules about Moving

Rules #214: Make moving arrangements as far in advance as possible.

Rule #215: Save money for moving.

Rule #216: Don’t forget to change your address on your driver’s license.

Rule #217: Research your movers.

Rules #218: Unless credit has been arranged, your mover will require a certified cheque or cash on delivery.

Rules #219: If you’re moving into a new home in a new subdivision, check to see that the driveway and roads are accessible to the moving van.

Rule #220: Dogs and cats can get very stressed by moving.

Rules #221: If moving in cold weather, things that can freeze should not be shipped in the moving van.

Rules #222: Carry with you your jewelry and valuable papers.

Rules #223: Defrost your refrigerator the day before moving.

Rule #224: Don’t expect to get the keys to your home until mid-afternoon on closing day.

Rule #225: Change the locks.

Rule #226: Find the main water shut off valve.

Rule #227: Turn on the furnace.

Rule #228: Make sure you have a working smoke detector and carbon monoxide detector on each floor.

Rule #229: On moving day, make a list of items that need to be repaired or improved to your new home and prioritize the list with due dates.

Rule #230: Get your ducts cleaned.

8 Bad Reasons for Not Making an Offer on a House You Like

Because you want to wait and see if the price goes down

Because one of your friends doesn’t like it

Because the listing sites have a price estimate that’s different from what the seller is asking

Because you don’t like the light fixtures (or something else that’s easy to fix)

Because you think mortgage rates will continue to fall

Because there are already other bids

Because you want to wait for the “perfect” time to buy

Because you’re afraid that the process will be too complicated

Blast from the past:  How To Spot Signs Of The NEXT Hot Neighbourhood

Start your search close to the current hotspot

Watch for rising rents

Look for renovation construction and flips

Spot signs of gentrification

Keep an eye out for any news of things like the addition of public transit systems, grocery stores, and fitness centers.

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