Team McNeil Real Estate Blog » free market evaluation

What’s going on with the Kitchener Waterloo Real Estate Market?

wmcneil — Wed, 03 Mar 2010 21:49:44 +0000

By Warren McNeil,

The spring market is nearly here and our Team is really gearing up. The Bank of Canada has maintained the interest rates which is really good news.

See: http://creanews.ca/2010/03/02/bank-of-canada-maintains-interest-rates-4/

Buyers are in the market right now looking to buy houses. However the biggest problem is low inventory levels. In January, the number of active listings was down 33% over 2009.

See: http://files.newswire.ca/577/MarketTrendsRpt2010.pdf

Our team has been doing lots of market evaluations for people lately so we know that it’s going to be a busy spring.

Now is a good time to sell because of the following reasons:

less inventory can work in the sellers favour. less competition
low interest rates for buyers making it easier to buy
there’s an abundance of buyers
the minimum downpayment requirement is still 5% and not 10%
the olympics are over. Not sure if that’s a good reason but it sounded good
higher offer potential
multiple offer potential

The next three months are going to be really interesting.

Thanks for reading!

We are a full-time real estate team in Waterloo Region, Woolwich & Wellesley Townships. We enjoy assisting buyers and sellers with the purchase or sale of real estate in the Kitchener-Waterloo, Cambridge, Elmira, Wellesley, Wilmot, Drayton and everywhere in between. If you would like us to help you with your home search, please check out our brand-new free search website or if you are thinking of selling, get a free market evaluation.

Warren & Melanie McNeil | Sales Representatives, Team McNeil
Re/Max Twin City Realty, Brokerage ( 519.579.4110 | 519-498-8118
8 www.TeamMcneil.com, www.ClickThatHouse.com, www.LoftStyle.ca, www.ElmiraRealEstate.ca

Connect with us on the following social networks

Facebook: www.facebook.com/teammcneilremax

[Video] Top 5 Reasons to Relocate to Waterloo Region

wmcneil — Sat, 06 Feb 2010 22:46:14 +0000

By Warren McNeil

Here is a video that I put together for people considering relocating to Waterloo Region.

[See post to watch Flash video]

Here is a transcript of the video:

People relocate for a variety of reasons. Maybe you are looking for a new job, better quality of life or your are just looking for a change. Waterloo Region has alot to offer and is a wonderful area to move into. Here are the top 5 reasons to move to Waterloo Region.

Number 5:
We have a very low crime rate compared to other cities in Canada. In a study done in 2007, Waterloo Region was ranked the fourth lowest crime rate in Canada. So if you are looking for a safe place to live, look no further. (source http://www.techtriangle.com/invest)

Number 4
We have some of the best Universities and Colleges in the world here. University of Waterloo, Wilfred Laurier and Conestogo College.. A lot of very successful companies were formed by alumni who went to these schools. Companies such as Research in Motion makers of the world reknowned Blackberry, MKS and QNX to name a few.According to Wikipedia, University of Waterloo is also known as the Silicon Valley of the North.

Number 3
Waterloo Region is Canada’s Technology Triangle. There are many high tech companies in the area. One of the worlds fastest growing companies, Research in Motion is based out of Waterloo. If you are a techy, this is the place you need to be! (source: http://www.cbc.ca/technology/story/2009/08/17/rim-blackberry-fortune-fastest-growing.html)

Number 2
Easily accessible. This is one of my favourite reasons. KItchener-Waterloo and Cambridge are extremely accessible. The highways travel down the middle of each city which makes getting around the cities very convenient. If you work in Toronto or London, we are only one hour away. Late last year, GO busses started offering their services here from Toronto.

And the number 1 reason to relocation to the area is:
The cost of living here is very affordable. House prices are about 1/3 less then Toronto. The average house price for a single detached home year-to-date was approximately 297,000 for 2009. We have a very strong real estate market with a good selection of different home styles. If you work in Toronto, you can drive a little to save alot.

Other references:

http://www.grt.ca
http://www.techtriangle.com
http://en.wikipedia.org/wiki/University_of_Waterloo
http://www.cbc.ca/canada/story/2008/07/17/f-crime-2008.html

There are so many more reasons. These were just a few that I thought were worth mentioning. Let me know what you think. If you live in the area, tell us what you like best about Waterloo Region.

Thanks for reading!

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How’s the Kitchener-Waterloo Real Estate Market?

wmcneil — Wed, 03 Feb 2010 06:27:55 +0000

By Warren McNeil,

This is a question that gets asked almost every day. However the answer is a lot more complicated then just saying “it’s good” or “it’s bad”. Each area of the Kitchener-Waterloo real estate market is different. For example, according to the KW real Estate Board, condos in Kitchener-Waterloo had an increase in 2009 of 2.2% over 2008. Freehold condos increased by 2.2% and single detached homes increase was 0.3%.

In order to get a really accurate evaluation of the market, we need to isolate the area that you are most interested in. For example, lets look at freehold condominiums in Waterloo West less then 10 years old. The next thing we do is pull up all the freehold townhouses that sold within the last year. Feb 1, 2009 – Feb 1, 2010. I get the following information.

Freehold Condominiums in Waterloo West less then 10 years old (Feb 1, 2009 – Feb 1, 2010)

units sold 83
average sale price: 249,500
average list to sale price ratio: 98%
average days on market: 38

Now lets do the same comparison for Feb 1, 2008- Feb 1, 2009

Freehold Condominiums in Waterloo West less then 10 years old (Feb 1, 2008 – Feb 1, 2009)

units sold: 59
average sale price: $250.439
average list to sale price ratio: 99%
average days on market: 62

As you can see there is quite a bit of difference. Last year, there were 30 more freehold condos sold then in the same period in 2008. The average sale price was pretty much the same. In 2008 the list to sale price was higher then 2009. The average days on market was alot better in 2009 then in 2008.

What’s my point here? Well it’s simple, each area of the market require seperate analysis to get truly accurate data. From now on, my response when somebody asks the question, “How’s the Kitchener-Waterloo Real Estate Market?” will be, it all depends on what information you are looking for. For Kitchener-Waterloo as a whole, I would say great!

Anyways, thanks for reading!

We are a full-time real estate team in Kitchener Waterloo area. We enjoy assisting buyers and sellers with the purchase or sale of real estate in the Kitchener-Waterloo or Cambridge areas. If you would like us to help you with your home search, please check out our brand-new free search website or if you are thinking of selling, get a free market evaluation.

Warren & Melanie McNeil | Sales Representatives, Team McNeil
Re/Max Twin City Realty, Brokerage ( 519.579.4110 ~ 519-498-8118
8 www.TeamMcneil.com, www.ClickThatHouse.com, www.LoftStyle.ca
P.S. Looking for a condo or loft, check out our brand new website at www.LoftStyle.ca!