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.

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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.

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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