By Warren McNeil

     The Table below shows the most relevant real estate data for the month of Sept 2009 and compares it with the previous month and the previous year, Aug 2009 and Sept 2008, respectively. This information is for single detached only.

If you can’t view the table below, see
http://www.teammcneil.com/blog/2009/10/08/kitchener-waterloo-real-estate-board-statistics-for-september-2009

In addition to the above stats, the board is reporting a record month for home sales in the Kitchener-Waterloo area. 531 houses sold in September. Here’s a quote from the media realease.

“Sales last month totalled $135,379,151 (up .6 percent from September 08) and included 335 detached homes (down 0.6 percent from September 08), and 102 condominium units (down 8.1 percent from September 08). It was the increase in sales of semis and townhouses that pushed September sales over last year, with an overall 18 percent increase to 86 units last month.”

For the full report, see http://www.kwreb.on.ca/Stats/September%202009%20Media%20Release.pdf

This is good news and shows that we still have a really strong real estate market. Interest rates, government rebates and increased consumer confidence are all playing a big part to achieve these numbers.

Thanks for reading!

Warren & Melanie McNeil | Sales Representatives, Team McNeil | Re/Max Twin City Realty, Brokerage
( 519.579.4110 | * Click Here to Email | 8 www.TeamMcneil.com, www.ClickThatBlog.com

By Warren McNeil

For Budget 2009, the government of Canada has introduced some new tax credit programs designed specifically for first-time home buyers and home owners. Some of these will be of good benefit if you are a first-time home buyer who is in the market to buy a home or have plans to do some renovations.

Here is a breakdown of each of the programs:

First-Time Home Buyers’ Tax Credit

This tax credit will assist first time home buyers with closing costs relating to the purchase of a home. 15% credit will be applied to a $5000 limit and will provide up to $750 to assist in paying the closing costs associated with first time purchases completed after January 27, 2009.

Home Buyers’ Plan Withdrawal Limit

To provide additonal access to RRSP savings to purchase or build a home. They are increasing the withdrawal limit from $20,000 to $25,000.

The Home Renovation Tax Credit

• Valid from January 27, 2009 to February 1, 2010 persuant to agreements entered into after Jan 27, 2009
• 15% can be claimed on expeditures that exceed $1000 but less then $10,000 and will provide up to $1350 in tax relief
  

  Examples of HRTC Eligible and Ineligible Expenditures

  Eligible

  • Renovating a kitchen, bathroom, or basement
  • New carpet or hardwood floors
  • Building an addition, deck, fence or retaining wall
  • A new furnace or water heater
  • Painting the interior or exterior of a house
  • Resurfacing a driveway
  • Laying new sod

  Ineligible

  • Furniture and appliances (refrigerator, stove, couch)
  • Purchase of tools
  • Carpet cleaning
  • Maintenance contracts (furnace cleaning, snow removal, lawn care, pool cleaning, etc.)

Benefits of the HRTC—Example

• Sally and Ed are a couple who have recently purchased a house. To take advantage of the temporary HRTC, they decide to replace their old windows and improve the insulation in their home in 2009, instead of waiting, incurring $10,000 in expenditures. After taking into account the $1,000 minimum threshold, a 15-per-cent credit will be available on $9,000 in eligible expenditures, providing tax relief of $1,350.

Source: http://www.budget.gc.ca/2009/pamphlet-depliant/pamphlet-depliant2-eng.asp

I think many people will find these tax credits valuable. I personally like the first-time home buyers tax credit. This gives first-time home buyers one more reason to get into the market. Every bit counts! I am really hoping that the low interest rates stay around for a little while. Better yet, how about forever! 

Thanks for reading!

Warren & Melanie McNeil | Sales Representatives, Team McNeil | Re/Max Twin City Realty, Brokerage
( 519.579.4110 | * Click Here to Email | 8 www.clickthathouse.com, www.teammcneil.com/blog

Here are board statistics for the Kitchener-Waterloo real estate board. Please note that the information here is only based on residential real estate. If you would like a more detailed report, please contact Melanie or Warren.  

Dec 2008-Jan 2009

(All Areas, Single-Detached)

(All Areas, Total Residential)

In addition to the above stats, there was a 44.7% increase in the total number of sales for all areas in all house types between February and the previous month (January).

There was a 7% increase in the total number of homes for sale in February compared to January so there is a bit more selection for buyers now.

Some more points to make note of:

·         In January the federal government announced it will invest $5.35 in The Digital Media Convergence Centre in downtown Kitchener with additional funding coming from several local high tech firms.

·         In January the Kitchener-Waterloo average price declined by less than the national average on a year-over-year basis.

·         In February City of Waterloo councillors approved the new Balsillie School of International Affairs in Uptown Waterloo.

·         Low lending rates

·         Waterloo Region’s diversified employment mix

Thanks for reading!

Warren & Melanie McNeil | Sales Representatives, Team McNeil | Re/Max Twin City Realty, Brokerage
( 519.579.4110 | * Click Here to Email | 8 www.clickthathouse.com, www.teammcneil.com/blog

By Warren McNeil

I hope you like the silly title. I actually feel a little  guilty that I haven’t really blogged that much in a while. They say that many people start blogs but don’t continue with them. I do have to say that I have had a bit of writers block as of late. There have been some good news stories out there but I just haven’t taken time to blog about them.

Melanie an I have been keeping quite busy. I know excuses, excuses!!! It’s like exercise. We always seem to say that we’re too busy for exercise. It all boils down to consistency. My goal is to be consistent at being consistent instead of being consistent at being inconsistent. Just kidding. I try to always be consistent. I bet if we had two more hours in a day it still wouldn’t be enough time. Anyways enough of this rant….

Lets talk about the Kitchener-Waterloo Real Estate market again…. In my opinion, things don’t look too bad out there right now. Spring is in the air and there seems to be a little bit more selection. We’re still seeing homes selling as well. Like we mention to our clients, if the house shows well and is priced right, It will sell quicker. Times are tough but the opportunites are amazing. The Bank of Canada lowered rates again and we are seeing fixed interest rates as low as 4.2%. Kitchener-Waterloo area has a lot going for it with all the technology companies and our two worldclass universities (UofW and Laurier).

I have a good feeling we are going to see things pickup well for the spring market. I am optimistic that this is still going to be a solid year for real estate in K-W.

Thanks for reading….

Warren & Melanie McNeil | Sales Representatives, Team McNeil | Re/Max Twin City Realty, Brokerage
( 519.579.4110 | * Click Here to Email | 8 www.clickthathouse.com, www.teammcneil.com/blog

Here are board statistics for the Kitchener-Waterloo real estate board. Please note that the information here is only based on residential real estate. If you would like a more detailed report, please contact Melanie or Warren.  

Nov 2008-Jan 2009

(All Areas, Single-Detached)

(All Areas, Total Residential)

Thanks for reading!

Warren & Melanie McNeil | Sales Representatives, Team McNeil | Re/Max Twin City Realty, Brokerage
( 519.579.4110 | * Click Here to Email | 8 www.clickthathouse.com, www.teammcneil.com/blog