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

Mississauga, ON (May 18, 2011) – Improved financial standing among high net worth individuals is the major factor driving strong sales activity at the top end of Canadian housing markets, according to a report released today by RE/MAX.

RE/MAX Ontario-Atlantic Canada and RE/MAX of Western Canada examined 12 major centres from coast-to-coast and found that luxury sales have surged in close to two-thirds of housing markets between January 1 and April 30 of this year, compared to the same period in 2010. Leading in terms of percentage increases over the four-month period were Greater Vancouver (118 per cent) – where foreign investment has also played a major role – Ottawa (59 per cent), Calgary (51 per cent), Halifax-Dartmouth (27 per cent), Winnipeg (24 per cent), Hamilton-Burlington (13 per cent) and Greater Toronto (nine per cent). Six of the seven major cities – with the exception of Calgary – are poised to set new records in top-end activity by year-end. Several are just short of peak levels reported in 2010, such as Victoria, Regina, and London-St. Thomas.

The areas of these homes are, Lincoln Heights(Kiwanis Park), Colonial Acres/Eastbridge, Bridgeport, Stanley Park/Centreville, Grand River North, Idlewood/Lackner Woods, Hidden Valley, Doon/Pioneer/Wyldwoods, Uptown Waterloo, Beechwood, Upper Beechwood and Laurelwood. As you can see there are luxury homes spread right across the city so if you want to be in a particular area, you should be able to find something that suits your taste in the area that you prefer. In addition to the luxury housing there are many luxury condos as well. Some of the new developments are offering condos upwards in the million dollar range. We also have some pretty nice luxury townhomes as well.

Here are a couple of maps showing the locations of all the luxury homes in the different areas around Kitchener Waterloo.

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

Kitchener Waterloo Real Estate Board Statistics for March 2011

By Warren McNeil  

The Table below shows the most relevant Kitchener Waterloo real estate data for the Month of March 2011 and compares it with the same month in the previous year. This information is for single detached only in all areas.

Single Family Detached Homes only

The above information is believed to be correct errors and ommissions accepted

KITCHENER-WATERLOO, ON (April 5, 2011) – Sales of residential properties via the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) ran slightly above the five-year average for the first quarter.

During the first quarter of 2011, there were a total of 1474 home sales, 10.4 percent below last year’s record for the same period.

“Residential real estate sales in the area continue to perform well,” says George Patton, President of KWAR. “We’ve not set any records yet this year, but a stable market is a good market.”

Home sales for the month of March totalled 608 units, 15.4 percent lower than the same month a year ago —also a record breaking period. Of those sales, there were 385 single detached homes, 116 condominium units, 61 semi-detached and 40 freehold townhouses.

Patton says he is paying attention to see what effect the recent mortgage rate increases by several of Canada’s big banks will mean for the typically busy spring real estate market. “By historical standards, mortgage rates are still pretty low,” he said. “With the economy continuing to strengthen, the housing market should stay balanced.”

While the most popular price range selling in March of last year was in the $225,000 to $250,000 category, making up 16.7% of the residential market, this month’s sales activity shifted to the higher price ranges, with nearly 15% of sales occurring in the $300,000 to $350,000 price range.

This has pushed the average sales price for all residential properties in the month of March up 5.4% to $298,671 compared with the same month a year ago. However, on a year-to-date basis, the average sale price has increased more gradually with a one percent increase to $290,148 relative to last year.

The KWAR 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. Those requiring specific information on property values should contact a REALTOR®

The median home price is one of the most common measurements used to compare real estate prices in different markets, areas, and periods. It is said to be less biased than the mean (average) price since it is not as heavily influenced by small number of very highly priced homes.

If we take 7 houses that were sold and sort their prices from lowest to highest in 1000s of Canadian Dollars.

225, 250, 275, 280, 300, 330, 350

Median price is 280, because it is right in the middle of the range – there are 3 prices that are lower and 3 prices that are higher.

How median price is different from average price?

To calculate average price we have to sum all of the prices and then divide by the number of units sold, therefore

Average price = (225 + 250 + 275+ 280 + 300 + 330 + 350) / 7 = approximately 287

What median price shows?

It shows who rules the market in a certain place (suburb or area) at certain time (i.e. 3 or 6 months or a year): if there are more people buying expensive houses than cheap ones, it will go up, but if there are more people buying cheap property than expensive – it will go down.

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

     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

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:

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.

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.

• 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.)

• 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

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

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

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

Today I was reviewing the listings, and it is pretty slim pickings right now. I think it has to do with the fact that it is the winter-time and because sellers are still bit nervous about the state of the market. What does this mean? Well, buyers really need to look hard for homes to find anything decent. As for sellers, this could be a really good opportunity to sell since there are less homes currently for sale.

It is always hard to determine what is the best time to sell. In the winter there is usually always less homes for sale then the spring. People always seem to wait till the snow melts before putting their house up for sale. But what people don’t realize is that the winter could be a good market to sell in because there is less comptition out there.

If you are a buyer, you might find a real gem in the winter. There are always good opportunities out there, you just have to look for them.

In spite of what the market is doing there are still people looking at buying and selling real estate.

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

What is a foreclosure or power of sale? Although a simple Google search will get you this answer, I will just reference my trusty real estate encyclopedia for you.

Foreclosure (Accounts for approximately 1/4 of 1% of all transactions in Canada annually)

The termination of the mortgagors (person who has the mortgage) right to  property by the motgagee (bank) resulting from the breach of covenant (promise) by the mortgagor, e.g., the non-payment of moneys due. The foreclosure action deprives the mortgagor the right to redeem the property (equity of redemption), subject to tatutory provisions that exist in individual provincial jurisdictions.

In other words the bank takes over the house to sell and the mortgagor can’t redeem any equity. In some cases the bank will sell for what is owing on the mortgage.

The statistic that I cited in the heading was on a Powerpoint slide at our Re/Max convention this year.

Power of Sale (Method used in Ontario)

The right of a mortgagee to force the sale of a property, without judicial proceedings, should default occur. The term power of sale indicates a sale under the power contained in the mortgage document and/or persuant to appropriate provincial legislation. Procedures concerning power of sale vary by province.

Provincial reference:

The power of sale can often be the fairest, most inexpensive method to deal with an unpleasant financial circumstance, as it allows the, mortgagee to retrieve only what is entitled to and no more. If a suplus occurs, the the owner/mortgagor will benefit. The power of sale does involve certain complexities, particularly the gaining of posession and the obligation of the mortgagee to obtain the best possible value.

People ask me all of the time, where do I get a list of foreclosure properties. I always tell them it is very difficult because in Canada foreclosures account for approximately 1/4 of 1% of all transactions annually. I don’t know the exact number I just know it is really low.

Power of sale’s, on the other hand, are the method Canadian lenders use to remedy defaulted mortgages. When offered for sale, these homes usually sell at market value. Some people think they are going to get a deal with a power of sale. This is not always the case. That’s not to say that you won’t get any deals. What I am saying is that sometimes you won’t. Obtaining a list of power of sales can be a little difficult. I usually try to keep track of which homes are power of sales.

Another type of home you should consider is the one that needs some work. If you know where to look you could find some real gems out there. Sort of like searching for treasure. If you are handy and some extra time on your hands, consider purchasing a home that needs a bit of work.

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