Kitchener Waterloo Real Estate News
Wednesday September 30, 2020
Wednesday September 30, 2020. In this week’s Kitchener-Waterloo Real Estate News: waiting out the pandemic, increasing rents, real estate predictions, spill-over effect, weirdest market ever, more work from home, five hottest Canadian markets, travelling virtually, homebuyer trends
1
Working through and waiting out the pandemic
Statistics show that under Covid restrictions, we are buying more instant coffee, ketchup and onions. The price of eggs is up. And we are buying more eggs. Interestingly, we are buying less laundry detergent and fewer clothes except t-shirts, lounging clothes and sportswear. I went online looking to buy an elliptical trainer or maybe a treadmill. The offerings were sparse. I was at Costco and noticed that we are ‘nesting’ earlier and deeper than past years. Maybe we are all getting ready for a long winter slumber. OREA asked Realtors to hold open houses as a ‘last resort’ and on and on…The pandemic is still here. We live our lives as best we can as we wait it out.
2
Region’s rent still increasing, defying national trend
The region has defied the national downward trend (an average 7.6% decrease year-over-year), with Kitchener sitting at the highest rent appreciation in the country for apartments and condominiums.
3
15 predictions for real estate in the second half of 2020
By figuring out what will happen and taking expert investors’ opinions into account, we can seize opportunities. But with a year this dire, what can we expect for the latter half of 2020?
4
The Spill-over Effect
There are a number of stories about homebuyers fleeing the city for cheaper homes with more space. It’s a trend that I expect will increase over the next 9 to 12 months.
5
We are living in the weirdest real estate market ever
Looking to buy or sell in the pandemic? Here is a report from North Texas. But it could be from anywhere.
6
What the work-from-home boom means for your future
Enjoyed commuting to your living room in recent months? Well, the trend looks here to stay.
7
These are the five hottest real estate markets in Canada
August sales statistics released by the Canadian Real Estate Association show the national average sale price for a house in Canada has gone up by 18.5% in the past year.
8
Travelling virtually
There are live webcams of beaches and villages. There are walking around videos and driving around videos. Here is ‘sounds of the forest’. And here is a site where you can plot your hometown on a map of the ancient earth.
9
Homebuyers less active. More decisive.
I’ve noticed a trend with homebuyers this year. Homebuyers are less willing to view properties that they don’t think they would be interested in buying. Browsing is over. Listings get few showings but on offer night, offers come in and come in high, often without conditions. With open houses being discouraged and with Covid-19 protocols being in place for viewings, there is only one other thing KW Realtors could do a lot better to help keep the home buying public safe — We could price homes a little closer to market price. What is the point of listing a home 20% below market price and bringing 30 homebuyers and their agents out to view it? It’s irresponsible. And off trend. And unnecessary.
10
Further reading
KW Real Estate News
Fall and Winter. Why buy when it’s cold.
365 Rules about Real Estate
