We hope this email finds you doing well and that your summer is off to a great start! In June, 780 homes were sold through the MLS® System, marking a 4.6% ↑ compared to the previous year & a 12.3% ↓ compared to the previous 5-year average for the month. The real estate market in Waterloo Region displayed signs of recovery in June, as monthly sales experienced a year-over-year growth for the first time in 2023. Although home sales for the first half of 2023 are ↓ by nearly 25% compared to last year, they have been steadily rising since January. Total residential sales in June included: - 468 detached (↑ 5.9% from June 2022)
- 149 townhouses (↑ 4.9%)
- 118 condominium units (↑ 22.9%)
- 42 semi-detached homes (↓ 32.3%)
In June, the average sale price for all residential properties in Waterloo Region was $839,869. This represents a 6.4 %↑ compared to June 2022 & a 2.0 %↑ compared to May 2023. - The average price of a detached home was $1,005,519. This represents a 10.4% ↑ from June 2022 & an ↑ of 4.1% compared to May 2023.
- The average sale price for a townhouse was $665,984. This represents a 0.2% ↑ from June 2022 & a ↓ of 4.4% compared to May 2023.
- The average sale price for an apartment-style condominium was $470,163. This represents a ↓ of 6.2% from June 2022 & a ↓ of 3.3% compared to May 2023.
- The average sale price for a semi was $691,507. This represents a ↓ of 1.1% compared to June 2022 & a ↓ of 5% compared to May 2023.
In June, the demand for detached properties soared, resulting in a substantial 10.5% ↑ in their average sale price. Despite the central bank's interest rate hike to 4.75% early in the month, demand remains robust. As a result, buyers & sellers should anticipate a competitive market, as the number of available homes remains significantly below the long-term average. In terms of speed, the average time to sell a property in June was 15 days, slightly higher than the 13 days recorded in June 2022 but still lower than the previous 5-year average of 17 days. As we continue to navigate the ever-changing real estate landscape, we want you to know that we are dedicated to keeping you informed. Our goal is to empower you with the knowledge & resources necessary, so that you can make confident decisions in this dynamic world of real estate. If you are thinking about making a move this season, or have questions about our current real estate market, contact us today-we’d love to hear from you! |
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Shopping for a new home in a distant town, city or neighbourhood can be a challenge. It’s especially difficult if getting there requires a very long drive or flight. So, if you’re thinking of moving out-of-town, here are some home shopping tips to consider: - Schedule a longer than normal viewing appointment. Make sure the seller is aware that you’ll need more time to see and evaluate the home, so they don’t book another appointment too soon after yours.
- Spend extra time in the neighbourhood and surrounding area. Drive the streets. Go for a walk. If possible, chat with neighbours you run into.
- Get all the facts you can about the home and surrounding area. You’ll want to take a close look at crime statistics, property turnover, demographics, etc.
- Don’t rush your travel plans when going to see a listed home. Try to arrive for the viewing relaxed and energized (rather than stressed and fatigued), so you can see the property in an unhurried manner.
Following these simple tips can bring you a lot closer to finding your faraway dream home. |
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When a buyer opens a cabinet door in your kitchen, it’s not an invasion of privacy. The buyer simply wants to get a sense of the available space. So, you can expect some buyers to explore cabinet space, especially in your kitchen and bathrooms. That’s why making sure cabinet space looks clean, organized and spacious is so important. Consider these tips: - If you store a lot of items inside a cabinet, make liberal use of storage bins, baskets, and small plastic containers. Clutter doesn’t look like clutter when it’s organized!
- Go through each cabinet and get rid of as many items as possible. Pay particular attention to expired products. If you haven’t used an item for a while, question whether you need to keep it anymore.
- Consider storing some items somewhere else in your home. For example, pack up less used items and store them in a larger closet or other storage space.
- Thoroughly clean cabinets that are prone to odours, such as the ones under the kitchen sink or used for storing food.
Buyers will only give a cabinet space a quick glance, yet they’ll form a lasting impression. Make sure it’s a good one! |
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While real estate investment is known for its reliability and profitability in wealth accumulation, not everyone wants to be a landlord and deal with rental property management. Luckily, there are viable alternatives for those who want to capitalize on the Canadian real estate market without the burdens of being a landlord. Renting out a property through a management company in Canada provides numerous benefits for property owners. By entrusting the responsibilities to professionals, landlords can relieve themselves of day-to-day operations. These companies handle tenant screening, lease agreements, rent collection, property maintenance, and even evictions. With their expertise in local rental markets, they can set competitive rental rates and attract reliable tenants. Regular property inspections ensure prompt maintenance, allowing owners to enjoy passive income while having peace of mind. Real Estate Investment Trusts (REITs) are passive investment vehicles that enable individuals to invest in real estate funds without direct property ownership or management. REITs pool investors' funds to purchase and manage income-generating properties. They offer diversification, liquidity, regular income through rental payments, and potential tax advantages. Investors benefit from exposure to a portfolio of properties, flexibility in buying and selling shares, consistent cash flow, and the potential for capital appreciation. Investing as a silent partner with an active investor is another option for individuals seeking real estate exposure without active management. The silent partner provides capital while the active investor handles property acquisition and management. This arrangement allows passive investors to benefit from the active investor's expertise and network, generating passive income and capital appreciation. Digital real estate investing apps facilitate crowdfunding for specific real estate projects or properties. They provide convenience, transparency, and diversification. Investors can select passive investment opportunities, access detailed property information, and benefit from fractional ownership, mitigating risk and enabling a personalized investment strategy. These options offer passive real estate investment avenues for individuals seeking attractive returns and wealth accumulation without the obligations of active property management. |
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