Ten weeks of 7-day market updates and other Kitchener-Waterloo real estate news from last week

This week, a new zoning bylaw allowing for tiny homes was approved by Kitchener City Council. This could effect more than 25,000 properties. We look at how the Kitchener-Waterloo real estate market trending, average rents, rules and advice about selling…

This week, a new zoning bylaw allowing for tiny homes was approved by Kitchener City Council. This could effect more than 25,000 properties. We look at how the Kitchener-Waterloo real estate market trending, average rents, rules and advice about selling… 

10, 7 & 3 weeks of market updates show how the market is trending

In this video, I look at the past 10, 7 and 3 weeks of Kitchener-Waterloo real estate market updates to discover how Kitchener-Waterloo real estate market is trending.

Tiny home zoning bylaw amended for Kitchener

Bylaw change allows construction of ‘additional dwelling unit’ on low-rise residential properties. The bylaw amendment allows the construction of small detached units on 57,000 properties across the city. 25,000 of those properties will meet important zoning rules and be eligible to obtain a permit.

In constructing an additional unit, specific regulations have been determined regarding a minimum lot area of 395 square metres and a minimum lot width of 13.1 metres. Tiny home units are also required to be connected to municipal services.

Tiny homes are only permitted in the “rear yard” on existing or newly constructed properties.

Kitchener average rents up monthly for both one-bedroom and two-bedroom units

Kitchener average monthly rent in March for a one-bedroom home was $1,504 and average monthly rent for a two-bedroom of $1,728

Kitchener rents for a condo rental and apartment increased to $1,607 in March from $1,519 in March 2020.

Average rents increased monthly in Kitchener for both a one-, and two-bedroom home, and average monthly rents were up year over year 17.5% for a one-bedroom.

4 Things First-Time Sellers Should Know Before Putting Their Home On The Market

Pricing is everything

Staging makes a difference

Professional photography is a must

Make accommodating showings a priority

365 Rules about Real Estate  |  15 More Rules about Selling Your Home

Rule #271: A “Reduced” or “New Price” sticker on your For Sale sign is not a stigma.

It just means you started too high.

Rule #272: The best deals are those where both sides feel that they are giving up too much.

Rule #279: The way we live in a house is not necessarily the same way as how we sell a house. Be open-minded to changing around the furniture.

Rule #283: Make your home easy to buy.

Kitchener-Waterloo Real Estate 7-Day Market Update

New listings: 211

Homes sold: 201

Conditional Sales: 20

Average days on market: 11

Median days on market: 8

Average list price: $648,491

Average close price: $737,775

Average SP/LP: 114.04%

Median list price: $599,900

Median close price: $682,000

Median SP/LP: 113.44%

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