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

By Warren McNeil

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

By Warren McNeil

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