Real estate sales in the Waterloo Region took a significant hit in February 2023. According to data, there was a 45 percent drop in sales compared to the same time the previous year. In this blog post, we will delve into the sales volume, price categories, and the competitive nature of the Waterloo Region's real estate market.

Sales Volume

A total of 439 homes were sold in the Waterloo Region in February 2023, which represents a 31.5 percent decrease compared to the previous five-year total. The sales breakdown by housing type was as follows: 256 detached homes (down 45.3 percent), 100 townhomes (down 33.3 percent), 55 condominiums (down 52.6 percent), and 28 semi-detached homes (down 56.3 percent).

Price Categories

The average residential sale price in February 2023 was just under $760,000, representing a decrease of 25.1 percent compared to the same time last year and a 0.6 percent decrease compared to January 2023. The average price for a detached home was just under $880,000, representing a 26 percent decrease compared to the same time last year and a 0.9 percent decrease compared to last month. The average sale price for a townhouse was $642,777, representing a decrease of 25.6 percent compared to the same time last year and an increase of 2.7 percent compared to January 2023. The average price for a condominium was $461,322, representing a decrease of 19.2 percent compared to the same time last year and a decrease of 6.9 percent compared to January 2023. The average price for a semi-detached home was $667,250, representing a decrease of 25.8 percent compared to the same time last year but an increase of 2.6 percent compared to January 2023.

Competitive Nature of the Waterloo Region Market

The Waterloo Region's real estate market is known to be one of the most competitive markets in Ontario, and the data seems to support this. Despite the decline in sales, the number of homes available for sale at the end of February was 692, which is an increase of 75.2 percent compared to the same time last year. However, this is still a decrease of 38 percent compared to the previous ten-year average. The number of months of inventory has also gone up by over 140 percent, with only 1.2 months of inventory available, which is historically low. Finally, the number of days it took to sell a home in February 2023 was 20 days, which is an increase compared to the same time last year, which was nine days on the market.

Check out the Video: https://www.youtube.com/watch?v=HHMP-_B3mE0

Looking for a new city to call home in Canada? If you’re considering moving from an overpriced city like Toronto or Vancouver, or you’re a new immigrant to Canada, then you might be wondering what city is right for you. In this blog post, we’ll go over four pros and three cons of living in Kitchener-Waterloo.

Pro #1: Strong Economy

Kitchener-Waterloo has a very strong economy, with a low unemployment rate and a diversified employment base. The region is home to large startups like Google, Vidyard, and D2L. Google is even expanding its campus in downtown Kitchener.

Pro #2: High Quality of Life

Kitchener-Waterloo has a high quality of life in comparison to other cities in Canada and around the world. According to numbeo.com, which ranks cities based on factors like traffic, pollution, cost of living, and purchasing power, Kitchener-Waterloo ranks higher than most Canadian cities, including Toronto. Kitchener-Waterloo has high incomes with a lower cost of living compared to larger cities, and the traffic time and pollution index are both extremely low.

Pro #3: Access to Nature

Kitchener-Waterloo has great access to nature, with Victoria Park in downtown Kitchener and Huron Natural Area on the southwest end of the city. Victoria Park has a New York Central Park vibe, with a lake and plenty of trails. Huron Natural Area is over 400 acres and offers hiking, biking, and more.

Pro #4: Location

Kitchener-Waterloo is ideally located, just an hour from Toronto and with close proximity to other cities. With the HOV lanes opening up and the widening of the 401 between Milton and Toronto, traveling from Kitchener-Waterloo to Toronto’s east side is much faster than traveling from other cities like Mississauga.

Con #1: Winter Weather

Kitchener-Waterloo is still located in Canada’s winter snowy area belt, so the winter weather can be a downside for some.

Con #2: Public Transportation

While Kitchener-Waterloo does have public transportation, it’s not as extensive or as efficient as other cities in Canada, like Toronto or Vancouver.

Con #3: Nightlife

If you’re looking for a vibrant nightlife, Kitchener-Waterloo might not be the city for you. While there are bars and restaurants in the area, the nightlife scene is not as lively as other Canadian cities.

In conclusion, Kitchener-Waterloo is a great option for those looking for a strong economy, high quality of life, access to nature, and a great location. However, it’s not without its downsides, like the winter weather, public transportation, and nightlife scene. If you’re thinking about moving to Kitchener-Waterloo or have any questions about real estate in the area, fill out the form on the website and we can chat.

Watch the Full Video here:https://www.youtube.com/watch?v=M1l_PSxoUfg

Duplex Conversion: A Step-by-Step Guide

Investing in real estate can be a smart way to build wealth over time. One strategy that is gaining popularity among investors is converting a single-family home into a duplex. In this video, we will guide you through the duplex conversion process, from selecting the right property to completing the renovation.

Step 1: Selecting the Right Property The first step is to find the right property. You should look for a property that is zoned R2A or higher, which allows for multi-unit residential use. The property should be located in a neighborhood with a median income that is not too low, as you want to avoid low-quality tenants. The age of the property should be 1958 or newer to ensure you have a ceiling clearance of six feet five inches under bulkheads. A bungalow or raised bungalow is an ideal candidate, and you should also look for at least three parking spaces and a square footage of at least 900 square feet.

Step 2: Purchasing the Property Once you have found the right property, the next step is to purchase it. You should aim for a closing period of at least 60 days, which gives you enough time to prepare for the renovation. You should also order a pre-order inspection to determine what needs to be done before you start the renovation.

Step 3: Renovating the Property The renovation process should start with framing, followed by inspections. There are six inspections you need to go through in the following order:

1. Framing inspection
2. Plumbing rough-in inspection
3. Electrical Safety Authority inspection
4. Drywall inspection
5. Final plumbing inspection
6. Final inspection

You should hire contractors to handle the renovation, and you should make sure they are licensed and insured.

Step 4: Renting Out the Units Once the renovation is complete, you can start renting out the units. You should make sure the units are up to code and have all the necessary permits. You should also screen potential tenants carefully to ensure you have high-quality tenants.

A Duplex conversion is an excellent investment strategy for anyone looking to build wealth over time. By following these steps, you can successfully convert a single-family home into a duplex and boost your cash flow on any given property.

Check out the video: https://www.youtube.com/watch?v=SfbkUwAUy8s

Kitchener-Waterloo, commonly referred to as KW, is a city located in southwestern Ontario, Canada. It is a hub for innovation and technology, and it is a desirable place to live for many young professionals, couples, and families. However, like any other city, the cost of living in KW is an important factor to consider before making a move. In this blog post, we will break down the cost of living in KW, from housing to transportation, food costs, and more.

Housing

Rent in KW can be a significant expense, and it largely depends on the location and the size of the apartment. For a one-bedroom rental in downtown KW, you can expect to pay between $1,700 and $1,800 per month. However, there are many properties available for lease in the downtown core, and it gives you a great sense of what it's like to live in KW as you have lots of amenities close by, including the LRT Line and the GO train, which goes directly to Toronto if you ever need to go there. Additionally, you will need tenant insurance whenever you lease a place, which usually costs around $30 per month. In terms of utility bills, you can budget between $100 and $150 per month, depending on the size of the unit, and you will need to budget between $60 and $100 per month for home internet.

Food Costs

Groceries and food costs are an essential part of any budget, and in KW, you can expect to spend around $700 per month for a couple. This amount includes quick meals on the go, such as burgers, fries, sandwiches, and salads, which cost around $15 per meal. If you're going out for dinner at a mid-tier or higher-tier restaurant in KW, you should budget at least $50 per person, and this does not include alcohol. In general, alcohol can be quite expensive in Canada compared to most other countries around the world, and in KW, you can expect to pay around $45 for a bottle of wine at a mid-tier or higher-tier restaurant.

Transportation

Transportation costs can vary depending on how you choose to get around. If you choose to walk, bike, or take the bus, you can expect to pay $3.50 for a single ride. However, a monthly pass can be had for $90 per month. Additionally, there is an affordable Transit program with the Grand River Transit (GRT), which we use here in KW, and it costs about half the price of the $90 monthly pass. However, you will have to qualify based on income, which I will link in the description below.

Gym Memberships

If you're looking to stay active and healthy, a gym membership is another expense to consider. The cost of gym memberships in KW can vary depending on the location and the amenities offered. On average, you can expect to pay around $50 to $80 per month for a gym membership.

Other Expenses

There are other expenses to consider when budgeting for living in KW, such as entertainment, clothing, and personal care items. For example, if you're looking to subscribe to various streaming services, such as Netflix, Hulu, or Disney+, you should budget between $10 and $50 per month. Additionally, personal care items, such as shampoo, soap, and toothpaste, can cost around $20 to $50 per month.

Conclusion

Overall, living in KW can be an excellent choice for those looking for an affordable lifestyle with many amenities and access to Toronto. However, it's essential to budget for the cost of living in KW, from housing to food costs, transportation, and other expenses.

Check out the Video: https://www.youtube.com/watch?v=GKx9M48dVSE

Have you ever thought about leaving the hustle and bustle of the big city for a more relaxed and affordable lifestyle? If you have, then Kitchener might be the perfect place for you. In this blog post, we will explore some of the top reasons why you should consider making the move to Kitchener, Ontario.

1. Transportation

The transportation infrastructure in Kitchener is fantastic. The Light Rail Transit (LRT) line is 19 kilometers long and has 19 stations. It operates similarly to streetcars in downtown Toronto but at a faster pace, with an average speed of 25 kilometers per hour. This means you can get around quickly and efficiently. The road infrastructure is also excellent, which means you can save a lot of time in traffic. In fact, the difference in hours lost due to traffic between Toronto and Kitchener is immense. In Toronto, it's 55 hours per year, while in Kitchener, it's only 27 hours per year.

2. Cost of living

The cost of living in Kitchener is significantly less than in Toronto. According to several sources, it's about 20 to 26 percent less. The most significant difference is the cost of insurance. In places like Vaughan, car insurance can cost as much as $2,100 per month. In Kitchener, the average car insurance rate is $1,346, and in Waterloo, it's $1,351. This means you can save almost half the cost of insurance by moving to Kitchener. The cost of real estate is also cheaper, with housing prices about 35 percent less than in Toronto. Additionally, the transfer tax is cheaper in Kitchener than in Toronto, which means you can save even more money.

4. Cost of Real Estate

Kitchener has a large selection of properties to choose from and is substaintially less expensive than Toronto and the surrounding areas, if we look at Mississauga, the average home in Kitchener is about 35% less than it is in Mississauga, and the difference between Kitchener and Toronto proper is even more so.

3. Safety

Kitchener is a safe place to live. In almost every category, the crime rate is lower than in Toronto and other surrounding cities. Using Numbeo, a website for comparing different cities, you can see that the crime rate in Kitchener is far lower. Waterloo, in particular, is very safe, and you can walk around at night without any troubles, although it's always important to exercise precautions.

4. Education and economy

Kitchener has great schools, including two universities and a college. Waterloo is the seventh-best university in Canada, making it great for engineering. Laurier is a great business school, and Conestoga College is fantastic. The local economy is also thriving, with many startups and technology companies opening their doors in recent years.

In conclusion, Kitchener is a beautiful city with a lot to offer. If you're looking for a more affordable, relaxed, and safe place to live, Kitchener might be the perfect place for you. With excellent transportation, a lower cost of living, and great schools and job opportunities, Kitchener has everything you need to make a new life for yourself. So why not make the move to Kitchener and see what all the fuss is about

Check out the Video: https://www.youtube.com/watch?v=ghXLiPkbMbM

In January, the average price for a residential property in the Waterloo region increased by over $60,000 compared to December 2021. This represents a significant change, and the speaker in a YouTube video notes that the market has changed, advising viewers to stay tuned for more information.There were 297 units sold in January, a decrease of 41.9% compared to the previous year, and 176 detached homes, 61 townhouses, 43 condominium units, and 17 semi-detached homes were sold in the region. The average price for a residential property was just over $764,000, a decrease of 20.1% compared to the same time last year but an increase of 5.6% compared to December 2021. The average detached home sold for over $888,000, an increase of over $60,000 compared to December 2021.

The average price for a townhouse was just over $625,000, a decrease of 26.1% compared to the previous year but an increase of 2.2% compared to December 2021. The average price for a condominium was just under $500,000, representing a 9.3% decrease from the same time last year in December, but an increase of 6.1% compared to December 2021. The average price for a semi-detached home was just over $650,000, representing a decrease of 21.5% compared to the same time last year and an increase of 5.5% compared to December 2021.

In terms of volume, there were 579 new listings added to the MLS within the Waterloo Region last month, a decrease of 13.3% compared to January of the previous year and a 28.7% decrease compared to the five-year average. The total number of homes available for sale in the Waterloo Region at the end of January was 651, representing an increase of 167.9% but still below the 10-year average of 998 listings, which is a decrease of 34.7%. The number of months of inventory shot up last month compared to the previous year, as it was a super incredibly crazy year starting out January 2022. The speaker notes that the number of months of inventory was still at a historic low of only one month of inventory, indicating that the region is still in a crazy seller's market.

In conclusion, the housing market in the Waterloo region has seen significant changes in the past year, with a surge in prices and a decrease in sales volume. While the number of homes available for sale has increased, it is still below the 10-year average, indicating a continued seller's market. If you are looking to buy or sell real estate in the Waterloo Region, it is advisable to stay informed and work with a knowledgeable real estate agent like myself to navigate the current market conditions.

Check out the Video: https://www.youtube.com/watch?v=8a0NZop4xKI

2022 was a year of ups and downs for the real estate market in the Waterloo region. In this blog post, we will provide an overview of the year and a breakdown of the market for the month of December.

The year started off strong with high sales figures in January and February, but interest rates took a toll, and the market experienced a precipitous decline for the rest of the year. However, towards the end of the year, the market started to level out.

In 2022, there were 7,770 transactions in the Waterloo region, which was a 26.4% decrease compared to 2021. On a historical basis, this represented a decrease of 12.4% compared to the five-year average and 8.2% compared to the previous ten years. Broken down by category, detached homes made up the bulk of the transactions, with 4,720 sales, a 23.5% decrease from 2021. There were 1,430 townhomes sold in 2022, a decrease of 30.9% compared to 2021. Additionally, 996 condominium units were sold, which was down 21.9% compared to 2021. Finally, 624 semi-detached homes were sold, representing a 24.4% decrease.

Looking at the market for the month of December, 280 homes were sold, a 38.7% decrease compared to December 2021. Of these, there were 56 townhomes sold, down 48.6% from the previous year. There were only 33 condominium units sold, which was almost a 50% decrease, and 25 semi-detached homes were sold, down 16.7%.

In December, the average price for all types of homes in the Waterloo region was $720,596, representing a 15.5% decrease compared to December 2021 and a 2.1% decrease compared to November 2022. The average sale price for a detached home was down as well, at $825,540, a 17.6% decrease compared to the same month the previous year and a 1.7% decrease compared to November 2022. The average sale price for a townhouse was $609,154, a 17% decrease compared to December 2021 and a 2.1% decrease compared to November 2022. The average sale price for a condo was $460,994, a 7.9% decrease compared to December 2021 and a 1% increase compared to November 2022. The average sale price for all types of homes in the Waterloo region in December was $616,671, representing an 18.7% decrease compared to the same month the previous year and a 4% decrease compared to November 2022.

There was a record number of new listings brought to the market in 2022, with 13,471, an increase of 9.5% compared to 2021 and 12.2% compared to the previous five-year average. In December, 302 new listings were added to the MLS system in the Waterloo region, which represented a 14.9% decrease compared to the same time last year. There were a total of 575 homes available for sale, an increase of over 350% compared to the same time the previous year. Despite this increase, the market was still at historic lows, with only 0.9 months of inventory, far below the previous ten-year average of 2.3 months of inventory.

In conclusion, the real estate market in the Waterloo Region has experienced significant changes over the past year. The pandemic has influenced the real estate market significantly, leading to low housing supply, high demand, and increasing housing prices. However, there are indications that the market will continue to be hot in 2023, with buyers still seeking to purchase homes despite possible interest rate increases.

If you are a seller, preparing your home for sale would be a crucial step in getting ready for the hot market in February and March. In contrast, buyers must be ready to face competition, with multiple offer situations happening quite often.

In light of these developments, it would be best to stay updated with the latest information on the Waterloo real estate market to make informed decisions. You can check out the linked video for more insights on the current state of the real estate market in Waterloo.

Check out the Video: https://www.youtube.com/watch?v=m665KhSmksI

If You Thought October Was Slow, Well November Was Even Slower for Real Estate Sales in Waterloo Region

November 2022 saw a significant slowdown in real estate sales in the Waterloo Region. According to recent statistics, sales were down by a staggering 43.7% from the previous year, and even worse, below the five-year average of 34.2%. When broken down by property type, detached homes saw a decrease of 38.3%, townhouses were down 57.1%, condominium units decreased by 49.6%, and semi-detached homes were down by 28.8%.

As if that wasn't enough, prices were also down. On average, prices were down 3.6% from the previous month, and on a year-over-year basis, prices were down 10.4%. Specific property types fared no better, with detached homes down 13.1%, townhouses down 12.3%, condominiums down 7.5%, and semi-detached homes down 9.4%.

New listings were also down. There were only 752 new listings, a 6.6% decrease from the previous year, and a 1.3% decrease from October 2022. Although active listings saw an increase of 209.4% compared to last year, the number was still down by 30% compared to the five-year average. The number of months of inventory experienced a shocking 333% increase from virtually no listings on the MLS to some listings. Despite the increase, we are still at historic lows at 1.3 months of inventory.

If you're a buyer, December is the perfect time to take advantage of the slow market. Most people don't want to go out in the snow and cold to buy a home, so you won't have to worry about competing with other buyers for the most part. As for sellers, it's best to hold off on listing your property until the third week of January. People are on vacation, and transactions are expected to be extremely low in the next two to three weeks.

During this time, you can prepare your house for sale by decluttering, painting, and making minor renovations. These simple tasks will make your home more appealing to potential buyers when the market starts to pick up again.

In summary, the real estate market in Waterloo Region experienced a significant slowdown in November 2022. Although it's not ideal for sellers, buyers can take advantage of the slow market to find their dream home. As always, it's essential to consult with a real estate professional for guidance during these uncertain times.

Check out the Video: https://www.youtube.com/watch?v=_hibIap6cW4

491 residential houses were sold last month through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR), down 39.7% from October 2021 and 36.24% from the previous 5-year average for the month.

In terms of residential sales overall, 84 townhouses and 310 detached homes (down 38.2% from October 2021) were sold in October (down 45.1 per cent). 64 condominium units (down 36.0%) and 31 semi-detached homes were also sold (down 47.5 per cent).

All residential properties in Waterloo Region sold for an average of $763,630 in October. This is a drop of 8.4% compared to October 2021 and a rise of 1.6% compared to September 2022.

• The average detached home sold for $860,568 on average. This implies a reduction of 0.3% from September 2022 and a fall of 10.6% from October 2021.

• A townhouse sold for an average of $635,197. This implies a reduction of 0.4% from September 2022 and a decrease of 9.0% from October 2021.

• An apartment-style condominium sold for an average of $488,277. This indicates an increase of 7.3% compared to October 2021 and a rise of 3.9% from that time.

• Semis sold for an average price of $624,999. In comparison to October 2021 and September 2022, this implies a reduction of 1.9% and 10.8%, respectively.

In the Waterloo Region, there were 827 new listings uploaded to the MLS® System last month, which is a reduction of 3.3% from October of last year and a 14.3% decrease from the previous ten-year average for October.

At the end of October, there were a total of 928 active listings available for sale, up 134.9% from the same month last year but 34.9% fewer than the previous ten-year average of 1425 listings.

Even though the number of months of inventories is up 160.0% from October of last year to 1.3 months, it is still historically low. The average number of months of inventory in October from 2009 to 2015 was 3.6 months. How long it would take to sell off current inventories at the current sales pace is shown by the number of months of inventory.

In contrast to the 10 days in October 2021, the average number of days to sell in October was 22. 19 days is the preceding 5-year average.

Those in need of detailed information on property values should get in touch with a nearby REALTOR®. The best approach to acquire a thorough understanding of the housing market, your specific property, and the neighbourhood you are contemplating is to work with a Realtor.