KITCHENER-WATERLOO, ON (January 5, 2011) ––   The 329 residential sales through the Multiple Listing Service (MLS®) of the Kitchener‐Waterloo Association of REALTORS® (KWAR) in December mirrored sales from the previous year. December’s results bring the total number of residential homes sold by REALTORS® through the KWAR MLS® System in 2011 to 6,252, a 2.1 percent decrease compared to 2010.

The total dollar volume of all residential properties sold last year increased 1.8 percent to $1,881,532,761, reflecting the steady price gains, and ongoing demand for homes in the higher price ranges.

The average price of all residential properties sold in 2011 increased 4 percent to $300,949. Single detached homes sold for an average price of $342,659 in 2011, a 3.9 percent increase relative to 2010. In the condominium market the average sale price in 2011 was $205,354, a 3.5 percent increase over the previous year.

“2011 was a great year for home buying and selling,” says Sara Hill, president of the KWAR.  “Waterloo region continues to be a desirable place to live with a strong local economy. Low interest rates certainly continued to support buyers while sellers benefited from steady gains in home prices.”

Home sales in 2011 included 4,118 detached homes (down 0.3 percent from 2010), 1,200 condos (down 1.7 percent from 2010), 497 semis (down 1.4 percent from 2010), and 372 townhouses (down 21.5 percent from 2010).

Looking back at 2011, the president of the KWAR observed that the beginning of the year started with slower sales activity and that by June, sales started to gain momentum.

“Moderate demand in early 2011 was likely the result of the many buyers who purchased in the latter part of 2009 and early 2010 to avoid anticipated higher mortgage rates, and the HST,” says Hill.  “Then, when adjustments to the rules for government-backed insured mortgages were implemented in March of 2011, this may have further impacted the ability for some to enter the housing market, particularly first-time buyers.” First-time buyers are an important segment of the KW real estate market, according to the president of the KWAR, “because the population of KW is younger than the provincial average.”

See full report: http://www.kwar.ca/stats/December_2011_Media_Release.pdf

Thanks for reading!

Warren & Melanie McNeil | Sales Representatives, Team McNeil RE/MAX Twin City Realty, Brokerage ( 519.579.4110 | 519-498-8118
Connect with us on the following social networks Facebook: www.facebook.com/TeamMcNeilRemax
websites: www.TeamMcNeil.com, www.ClickThatHouse.com, www.KitchenerLofts.com, www.ElmiraRealEstate.ca

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!

Warren & Melanie McNeil | Sales Representatives, Team McNeil RE/MAX Twin City Realty, Brokerage ( 519.579.4110 | 519-498-8118
Connect with us on the following social networks Facebook: www.facebook.com/TeamMcNeilRemax
websites: www.TeamMcNeil.com, www.ClickThatHouse.com, www.KitchenerLofts.com, www.ElmiraRealEstate.ca

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