Wednesday June 10, 2020 Kitchener Waterloo Real Estate News

reopening Waterloo Region

Kitchener Waterloo Real Estate News

Wednesday June 10, 2020

Wednesday June 10, 2020. In this weeks Kitchener-Waterloo Real Estate News: real estate market, reopening Waterloo Region, Station Park condos, RV summer, first time home buyers tax credit, CMHC qualifying rules, remote working, Covid…

1

What a difference two weeks makes

Almost as quickly as we put the sleeper on the local real estate market (and the most of the rest of the economy), we came out of hiding a couple of weeks ago and started up again pretty much where we left off with buying and selling activity.

Of course, showings now have Covid warnings and questionnaires. Gloves and masks, hand sanitizer and showing restrictions are the new normal, but those things are the only real difference between now and early March. 

Many Realtors were predicting a busy Autumn, and that may very well happen, but also happening is a delayed Spring market which is what we just entered. 

2

Waterloo Region, gets green light for phase 2 of reopening

On Friday, splash pads, campsites, hairdressers and restaurant patios can all reopen in Waterloo Region 

3

Station Park condos in Kitchener aim for 2022 occupancy

The towers are the first phase of an ambitious redevelopment of the site, which is across the street from Google’s Canadian engineering headquarters.

4

How to qualify for the first time home buyers tax credit 

5

Want an RV as a home this summer? 

The costs and benefits of recreational vehicles

6

Does a spouse’s real estate ownership cancel out first-time homebuyer qualifications?

Meredith’s husband purchased a condo before they got married. She’s never lived in it, and wonders if she can still qualify to use the Home Buyers’ Plan or potential tax credits to buy a shared home.  

7

CMHC toughens qualifying rules for insured mortgages

Under the new CMHC rules, which take effect July 1, banks will be bound to the standard 35/42 GDS (gross debt service ratio) and TDS (total debt service ratio) used to assess mortgage loan applicants. Until now borrowers had been allowed to reach a 39/44 ratio.

8

Remote working: How cities might change if we worked from home more

Major tech companies say they are open to their staff working from home permanently. Employees are coming to realize remote working is not only possible but, in some cases, preferable. A shift to a new way of working might already be under way.

9

Same but different in Waterloo Region

I’m happy that this week’s newsletter isn’t all Covid as it was for the past 3 or 4 issues. We are quickly coming out of isolation, getting back to a new normal and now I wonder how much things have changed. Open houses are gone. I hope we never go back to doing them. Display advertising on buses and billboards, in magazines seem like a total waste of money if no one is going to see them. A lot of the “noise in the line” is gone as casual home shoppers, those who are just getting started or getting ideas…not serious home buyers and sellers are staying away. Covid-19 stripped away a lot of the unnecessary things that happen and I hope we don’t start adding them back in again.     

10

Further Reading

KW Real Estate News

Six neighbourhood factors that impact appreciation 

Ten first time home buyer trends

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