A recent report from Re/Max had a lot to say about the Kitchener Waterloo area. As a working realtor, I am experiencing all of these developments in the region first hand. As a matter of fact, I have several clients looking to buy into the condo market in Kitchener Waterloo. I am also working with baby boomers and seniors who are looking to move into townhomes, apartment style condos and bungalows. I expent this trend will continue for the months and years to come. I am really interested to see what the Barrelyards will be like once the hotel is finished and they start building the condos and townhouses.
Here is the excerpt that Re/Max wrote about Kitchener Waterloo.
Changing consumer appetites have supported the most recent evolution in Kitchener-Waterloo’s housing mix, improving  the quality of homes and propping up all types of new construction throughout the region. The trend has contributed to rising average price, urban and suburban growth and-most notably-a considerable upswing in the city’s burgeoning condominium segment.
The most significant boost to Kitchener-Waterloo’s housing stock came over the past decade, when renovation and new construction pushed the value of building permits to an unprecedented $6 billion-two and a half times the amount spent just one decade earlier. Incidentally, during the same period, average price-also supported by a number of additional solid fundamentals-climbed 84 per cent, from $167,317 in 2000 to $289,041 in 2010.The upswing in the renovation trend in recent years has improved the quality of listings. Today’s purchasers have higher expectations than in generations past and are driving demand for properties with better finishing’s and features. Renovated homes in mature neighbourhoods, offering the latest bells and whistles, are still generating multiple offers, while the overall market has moderated to some extent.
Builders have also answered the call, with new subdivisions prompting the emergence of up-and coming areas on the peripherals of the city. Immigration and a higher cost of living may impact the evolution of the traditional detached home, as an increasing number of newcomers begin to seek out two-family homes or those offering a separate apartment. Although this type of housing remains hard to come by, it will be a trend to watch going forward.
 Young buyers, investors and baby boomers have seriously embraced higher-density residential developments throughout Kitchener-Waterloo. These units have gained so much traction that they may well over take the long sought-after bungalow as the product of choice for both first-time buyers and downsizers in the years ahead. Lifestyle is foremost, with momentum strongest in Downtown Kitchener and Uptown Waterloo. Affordability is one reason, with units starting from $150,000.A tightening vacancy rate and rising rental costs are also playing a role. The city is home to its fair share of exciting developments. Recently completed and ongoing projects in Kitchener include the trendy Kaufman and Arrow Lofts, The Intowns, City Centre Condominiums at the former Centre Block site, as well as Icon condos.
Uptown Waterloo continues to be transformed, with residents drawn by proximity to the hospital, university and major businesses, as well as culture, shopping and festivals may yet be the Barrel Yards development the large stand most ambitious brownfield redevelopment to date, which, when complete, will be home to a luxury hotel, condominiums, townhomes, live-work units, rentals, a senior’s residence, offi ce and retail space, a park and underground parking for 2,400 cars.
Condominium townhomes have also emerged as an increasingly sought-after bridge between condo apartment ownership  and the detached home for first-time buyers. Boomers are also looking to townhomes as an alternative to apartment-style living and new product such as quads and brownstones have raised the bar and the appeal. Infill, redevelopment, new construction and renovation will continue to drive the revitalization of the region, supporting intensification efforts, population growth and propping up average price in the years ahead. Currently, year-to-date (September) average price hovers at $295,845 in Kitchener-Waterloo, up about four per cent from 2010, while sales, at 3,670units, are off last year’s pace by approximately five percent.
An influx of new listings is expected to keep prices in check in the short-term, with modest appreciation of three to four per cent projected by year-end 2011.
Source: Re/Max Ontario Atlantic Housing Evolution article
Thanks for reading!
 Spring Market is in Full Bloom! By Warren McNeil,
The spring market is upon us and we are really seeing things starting to pick up. The market here in Kitchener Waterloo is balanced. We are enjoying a stable market. Re/Max released a report Monday that stated that first-time buyers have the benefit of selection and can take their time when looking for a house in Kitchener Waterloo. This doesn’t mean that houses are taking longer to sell because we are still seeing multiple offers in some situations. It means that there is enough inventory for buyers to take their time searching. Although the average home price for a house in Kitchener Waterloo is around 285,000. First-time home buyers are paying more to be in better areas. Condos are also very popular right now with buyers looking for new construction in the downtown Kitchener and uptown Waterloo areas.
Time will tell what the effects of the increase in interest rates will have on the real estate market. For now the rates are still low and things look pretty stable here in Kitchener Waterloo.
Thanks for reading!
Re/MAX released a report today about first-time home buyers in Canadian markets moving to get ahead of high interest rates.
Here is what they had to say about the Kitchener Waterloo real estate market specifically
Kitchener Waterloo
Affordability and a solid belief in homeownership continue to be the primary impetus driving first-time homebuyers into the housing market in Kitchener-Waterloo. Most entry-level buyers are active under the $200,000 price point, accounting for 19 per cent of all sales, up from 18 per cent one year ago (168 vs. 169 in 2010). Although the average price of a home is approaching $285,000, some rookie homebuyers are anteing up more, spending as much as $300,000 on a firsthome, rather than compromise on location. The budget of most, however, seems to top out around $250,000. Given a hold on new construction in the townships, demand currently favours urban/core living. Yet, affordable product is available throughout the city, with new or newer construction considered most desirable. Those seeking detached homes can snap up a 1,200 to 1,300 sq. ft. side-split bungalow starting from $250,000 to $280,000, in older, established areas such as Forest Heights, Stanley Park, Heritage Park, Pioneer Park, Downtown Kitchener or in Waterloo’s Lincoln or Lakeshore Villages. Those on a tighter budget looking to spend approximately two-thirds of average price or $190,000 are embracing the condominium lifestyle, purchasing new 600-700 sq. ft. suites in the Highland Rd. or Glasgow St. areas of Kitchener. Resale offers slightly more elbow room, with 10-to-15-year-old units for a 400 to 500 sq. ft. new apartment-style condo, while resale product is available from $160,000. The most popular areas among entry-level buyers include southeast and southwest Kitchener. With balanced conditions in place, the greatest opportunity for first-time buyers continues to be selection perhaps the best available in years. In general, buyers can take their time making decisions, although most listings will sell within 30 days if priced correctly. Multiple offers, while rare, are still occurring on well-located, well-priced, quality properties. Inventory is expected to remain adequate throughout 2011, while prices and interest rates are expected to remain on the upswing a fact that has some savvy first-time buyers making their moves sooner rather than later. Most continue to enter the market with at least a 10 per cent down payment, a fact that has made new financing guidelines a non-issue. Kitchener-Waterloo’s diversified economy and well-paying, high-tech jobs have buoyed the entry-level segment to date and the outlook remains positive through to year-end.
They have the YTD average price for a home in Kitchener Waterloo as $283,000 and the average for a condominium as $190,000.
Click here to view the entire report about all of the canadian markets.
Thanks for reading!
by Warren McNeil,
Did a quick video about ways that buyers search for homes. Most buysers start their home search looking online, newspapers, real estate magazines or open houses. These are a great place to start. If you are only looking at houses at open houses, you could be missing out. Some agents don’t even do open houses so you might miss out on really good opportunity if you are not working with a real estate agent. yet.
httpv://www.youtube.com/watch?v=BaetiGqxWjY
Thanks for reading!
 KITCHENER-WATERLOO, ON (February 3, 2011) –Sales of residential properties by REALTORS® through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Real Estate Board (KWREB) were steady in January.
There were a total of 359 residential properties sold last month, a 9.5 percent increase compared to December 2010, and a 10.3 percent decrease relative to the same month a year ago.
“After posting record numbers in January of last year, we find January 2011 returning to more normal levels, “said George Patton, President of the KWREB. “As usual, the first three weeks of January were fairly slow with much more activity in the final week of the month”
January’s residential sales included 242 detached homes, 61 condominium units, 27 semis, and 26 freehold townhouses.
The dollar volume of all residential real estate sold last month was $100,174,173, a 5.8 percent increase compared to December 2010, and a 13.7 percent decrease relative to the same period last year.
While the average price of all residential properties sold the MLS® System of the KWREB in January experienced a decrease of 3.9 percent to $279,037, the president points out that this time last year there were more homes selling in the higher price ranges, which put upward pressure on the average price.
Detached homes sold for an average price of $313,110 in January, a 3.4 percent decreased relative to one year ago. The average sale price for a condominium unit was $189,402 last month, a 3.1 percent decrease compared to last year.
The KWREB cautions that average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a REALTOR®.
Thanks for reading!
|
Filed under:
kitchener real estate,Kitchener Real EstateWaterloo,Kitchener-Waterloo,KW Real Estate,Remax,seagrams lofts —
wmcneil @ November 7, 2011 11:56 pm
SEO Powered by Platinum SEO from Techblissonline