Home Sales in the Waterloo Region Increased in October

WATERLOO REGION, ON (November 4, 2024) —In October, a total of 604 homes were sold in the Waterloo Region via the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone). This represents a 7.1 per cent increase compared to the same period last year and a decline of 14.2 per cent compared to the average number of homes sold in the previous ten years for the same month.

“For the first time since May, we witnessed an encouraging rise in home sales throughout Waterloo Region last month,” stated Christal Moura, spokesperson for the Waterloo Region market area. “This positive trend reflects a shift toward more balanced conditions within our housing market and a renewed confidence among buyers.”

Total residential sales in October included 383 detached homes (up 15.4 per cent from October 2023), and 104 townhouses (down 20.0 per cent). Sales also included 66 condominium units (up 1.5 per cent) and 49 semi-detached homes (up 53.1 per cent).

In October, the average sale price for all residential properties in Waterloo Region was $779,008. This represents a 1.4 per cent increase compared to October 2023 and a 1.4 per cent decrease compared to September 2024.

• The average price of a detached home was $885,587. This represents a 0.6 per cent decrease from October 2023 and a decrease of 2.9 per cent compared to September 2024.
• The average sale price for a townhouse was $643,382. This represents a 0.2 per cent decrease from October 2023 and an increase of 7.8 per cent compared to September 2024.
• The average sale price for an apartment-style condominium was $484,429. This represents a 1.8 per cent increase from October 2023 and a decrease of 0.2 per cent compared to September 2024.
• The average sale price for a semi was $650,098. This represents a decrease of 1.2 per cent compared to October 2023 and a decrease of 0.7 per cent compared to September 2024.

On Wednesday, October 23, Cornerstone welcomed the news that the Bank of Canada cut its policy rate by 50 basis points to 3.75 per cent. This marks the fourth consecutive rate cut since June and is the most substantial decrease since March 2020.  Moura commented, “The interest rate cuts are certainly beneficial for those with variable mortgages and encouraging news for homeowners facing mortgage renewals. However, I believe many prospective home buyers may continue to wait for more significant reductions before making a move, especially with the anticipated mortgage reforms that come into effect on December 15, 2024.”

There were 1,144 new listings added to the MLS® System in Waterloo Region last month, an increase of 0.3 per cent compared to October last year and a 19.9 per cent increase compared to the previous ten-year average for October.

The total number of homes available for sale in active status at the end of October was 1,711 an increase of 21.0 per cent compared to October of last year and 48.5 per cent above the previous ten-year average of 1,153 listings for October.

The total inventory across the market increased by 19.2 percent, resulting in a 3.1-month supply of all property types by the end of October. Condominium apartments had the highest inventory, with 5.5 months’ supply, followed by townhouses with 3.8 months’ supply and detached homes with 2.5 months’ supply. The number of months of inventory represents the time it would take to sell off current inventories at the current sales rate.

The average time to sell a home in October was 27 days, one day shorter than the previous month. In October 2023, it took 21 days for a home to sell, and the five-year average is 18 days.

Cornerstone emphasizes the importance of consulting a local REALTOR® when considering buying or selling property in the Waterloo Region. Their expertise can provide valuable insights into the current market conditions, enabling individuals to make well-informed decisions aligned with their goals and preferences.

Waterloo Region Sees Decrease in Home Sales for September

WATERLOO REGION, ON (October 3, 2024) —In September, a total of 521 homes were sold in the Waterloo Region via the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone). This represents a decrease of 2.1 per cent compared to the same period last year and a decline of 23.5 per cent compared to the average number of homes sold in the previous ten years for the same month.

“In September, there was an overall slowdown in home sales, but we continued to see strong demand for detached homes, resulting in an increase in sales for that specific type of property,” said Christal Moura, spokesperson for the Waterloo Region market area. “Meanwhile, buyers have a bit more selection than a year ago as inventory is up, and homes take a little longer to sell. This can mean a less stressful homebuying experience, but for sellers, the current market may require more patience or even adjustment in price expectation.”

Total residential sales in September included 336 detached homes (up 9.4 per cent from September 2023), and 95 townhouses (down 22.1 per cent). Sales also included 57 condominium units (down 16.2 per cent) and 32 semi-detached homes (down 3.0 per cent).

In September, the average sale price for all residential properties in Waterloo Region was $788,944. This represents a 2.9 per cent increase compared to September 2023 and a 2.3 per cent increase compared to August 2024.

• The average price of a detached home was $910,286. This represents a 2.3 per cent increase from September 2023 and an increase of 2.2 per cent compared to August 2024.
• The average sale price for a townhouse was $595,435. This represents a 6.9 per cent decrease from September 2023 and a decrease of 2.7 per cent compared to August 2024.
• The average sale price for an apartment-style condominium was $483,331. This represents a decrease of 3.4 per cent from September 2023 and an increase of 4.9 per cent compared to August 2024.
• The average sale price for a semi was $654,613. This represents a decrease of 2.9 per cent compared to September 2023 and an increase of 0.1 per cent compared to August 2024.

Retirement Living

Retirement isn’t what it used to be. These days, rather than sitting back and watching the roses grow, more of us want to use the extra time, energy, and any cash released from the sale of a property to travel the world or fulfill some other lifelong ambition.

Today’s retirees want somewhere they can perhaps travel from and entertain. Health issues are still there but more people now stay fit for longer, have the spending power, and have the force of numbers to drive change. A whole new home market is growing to meet their varied demands.

Ideally, the perfect "retirement" home provides for the inevitabilities of aging and accommodates changing needs. The closer the home matches your needs, the fewer chances are of a subsequent move.

Whether you decide to downsize to a smaller home or move to a retirement community, the advantages are obvious—smaller homes translate into lower costs and less maintenance. Retirement communities also ensure like-minded neighbours. The lifestyle decision is yours.

Moving can be an overwhelming experience both physically and emotionally, however, preparing yourself for your move can make all the difference in the world. Once you've determined that you're ready to take the plunge, there are many options available to you.

Before you make a decision about where to live in retirement you need to consider many factors: the daily lifestyle you want; the proximity of children, or other relatives and friends; the type of climate you enjoy; and your health or medical needs. Ideally, you should consider these personal and lifestyle factors first. Then you need to face reality. What can you afford? Your choices may be limited to cost, however, if you have planned your retirement carefully, you should have enough funds to cover the monthly expenses for whatever retirement home you choose.

Should I continue to live in my current home after retirement?
Staying in your current home will probably be much more economical if the mortgage is already paid off. If you don’t own the house free and clear, you’ll need to figure out if your retirement income will be high enough for you to continue the payments.

If you want to continue living in your home—as most people do—you should evaluate whether it meets your current and future physical needs. If it requires repairs or remodelling, do you want to undertake these projects, and can you afford the cost? For example, if you or your spouse has a medical problem, you may need to consider constructing entrance or exit ramps, modifying stairways, installing railings, support bars, or other modifications to bathrooms, and grading the ground to provide access to the house.

If you decide that you should move, there are many options available:

Condos and apartments
A condominium lifestyle has been a favourite of empty nesters and retirees since its inception. Condominium apartments and townhomes are available in virtually every price range and neighbourhood. Some of the more upmarket developments have their own swimming pools, gymnasiums, tennis courts, and bowling greens. Others are set in the countryside, by lakes, or are even child-free for those who want peace and quiet.

Condo life has many advantages. In addition to being short on maintenance and long on amenities, condos offer more opportunities to socialize. You will meet neighbours in the halls, the lobby, and the laundry room. Condo living is a good choice for low-key, sociable types who enjoy getting to know other residents.

On average, condos are much more affordable than houses, making them an excellent fit for individuals who want to lower or limit their housing costs. Clearly, condos are the economical choice for retirees hoping to downsize.

Bungalow living
Bungalows provide empty nesters and retirees with the best of both worlds: the opportunity to own a house and a yard with minimal maintenance.

The "bungalow living" concept has surged in popularity in recent years, especially in smaller communities outside major centres. Many empty nesters and retirees are considering the sale of their larger, more expensive homes in the city to purchase less expensive bungalows in more rural areas.

Retirement communities
Retirement communities offer retirees the amenities often associated with condominium living, smaller homes and the opportunity to live with like-minded individuals.

Current-day retirement communities are resort-like in nature. The focal point of these communities is the clubhouse, where a variety of amenities including fitness facilities, tennis courts, game rooms, swimming pools, and in some areas, golf courses are available. For the most part, they're built in rural areas that are close to large urban centres, but far enough away from the hustle and bustle of city living.

These communities are designed to help you with the assistance you need. For example, when you first move in, you may not need a large degree of care and supervision, but as time passes, your needs might increase. This is how retirement homes and communities operate today. They attempt to steer completely clear of the stereotypical convalescent or old folks home. Yet as you progress, should you get sick or need surgery, be assured that all necessary care will be there to assist you.

Giving up the home where you have lived for many years may seem frightening. Mentally, emotionally, and physically it is better to start to think and plan for such an eventuality before you are forced into somewhere you really don't want to be.

If you're uncertain about the alternatives available to you, you may want to speak to your Real Estate Agent. He or she can provide you with a free estimate of the value of your home and help you determine what type of property will best suit your retirement lifestyle.

Tips for preparing your home for Winter

As the winter season approaches and the air grows crisp, it's time to start thinking about preparing your house for the season. Once winter blows in, homeowners have to get serious. It is important to consider the fact that the winter season means spending a lot more time indoors. Roofs must shed rain and snow, windows and doors must reject the cold, and the heating system must keep rooms comfortable. If any of these components don't hold up, you might be faced with scrambling around in the wet, cold, and dark to fix them.

By handling these important yet reasonably easy tasks, you can avoid considerable grief later.

1)  Inspect the roof
If possible, go up onto the roof to check its condition. Look for cracked or missing shingles, bald spots on shingles, missing or damaged flashing, and other conditions that might allow leaks. Replace any roof shingles that are missing or damaged. You can also seal minor cracks or tears with roofing cement or do the minor repairs yourself. 

2) Check the gutters
While you're on the ladder, look into the gutters. If they are clogged with leaves and debris, clean them. Gutters prevent basement and foundation flooding and water damage to siding, windows, and doors. When clogged with leaves and debris, they will fill with rainwater and overflow. 

3) Look at the siding
Check the siding for cracks or damage. You can seal up any leaky spots with a clear caulking compound. But, if close inspection of the paint reveals problems such as blistering, peeling, wrinkling, or chalking, either touch them up or call a painting contractor.

4) Investigate weather stripping
Also, look to see if windows and doors are effectively sealed with weather stripping. Weather stripping will prevent drafts and winter heat loss. If the weather stripping is damaged, it's usually easiest and most effective to entirely replace it rather than to repair it.

5) Check your heating system
Have your heating system checked by a licensed heating/air-conditioning professional. Most furnace manufacturers recommend at least annual inspections. 

6) Sweep the chimney
Have your chimneys inspected by a chimney service and, if necessary, cleaned. Cleaning is generally recommended at least once a year for an active fireplace. 

7) Trim the trees
Trim trees away from the house. Have dead trees and branches removed by professional tree trimmers, or do it yourself.                                    

8) Check the smoke and Carbon Monoxide detector
Buy extra smoke detector batteries and change them when daylight savings ends. Also, test smoke and carbon monoxide detectors to make sure they work, and buy a fire extinguisher or replace an extinguisher older than 10 years.

9) Store plenty of salt
Make sure you are stocked with rock salt, snow shovels, and any other items you will need during the winter. 

10) Drain and shut off outdoor water faucets remove and store garden hoses,

11) Examine the basement floor and walls for cracks or leaks; seal as needed.
 

If you plan to reside elsewhere during the winter months, you may want to partially shut down your home. In addition to the tips above, consider the following:

• Leave the temperature at its lowest setting, usually between 5 to 7 degrees Celsius, or install a low-heat thermostat to maintain the air temperature at approximately 5 degrees Celsius
• Turn off and drain the water heater; leave a reminder to refill before restarting.
• Keep the electricity on so lights will continue to function (put them on timers).
• Unplug the microwave, clothes dryer, televisions (not on timers), and other appliances not in use.
• To avoid large repair bills and the hassle associated with breakdowns, take the time now to develop an action plan for the coming months. You'll feel secure in your warm home or while you're away from home.

The fall season is a good time for you to start thinking about preparing your home for winter. As temperatures begin to drop, your home will require maintenance to keep it in tip-top shape through the winter. By following the easy steps above, you will ensure to have a warm and comfortable winter at the peace of your home!

Tips for Surviving a Home Renovation

Home renovation can be exciting, but they are often stressful especially if you have to stay at home while the work is being done. With careful planning, it is possible to survive major renovations. Even though your daily routines may be derailed, you can minimize the inconvenience and give yourself room to collect your thoughts even amid a storm of drywall dust, flying wood chips, and noxious odors. The tips offered below can help you anticipate the problems that can arise with almost any remodeling project. Use this knowledge to short-circuit the stresses that are a natural part of changes to your home.

Prepare the house. Move anything you don’t want damaged (art, furniture, and electronics) into a part of the house not being worked on—or move it into temporary storage. Store your clothing in plastic garment bags, and protect floors with heavy-duty cardboard or construction paper taped at the edges. Most important, make sure you completely seal off work areas with industrial plastic sheeting.

Plan for everyday life. Your house may be in disorder, but you'll still want hot meals, a snug bed, a refreshing shower, and clean clothes. Seek a safe harbor away from the confusion by staying at a motel, taking refuge with a kind relative, or even moving into a travel trailer or recreational vehicle. But don't go so far away from home that you lose touch with the project.

If you must live at home during remodeling, rearrange rooms before work begins. To prepare for a kitchen makeover, move your microwave and refrigerator to a place where they can still be used. If the water will be turned off for long periods of time, order bottled water and scout out a place for showers. A bedroom may even become a combination living room/kitchen for a while.

Plan for waste removal. There's no way to avoid a mess when remodeling. But the tide of rubble, trash, and dust can be contained. Before the swing of the first hammer, work out waste logistics with your contractor. Hang tarps in doorways to seal off rooms where remodeling is underway. Establish a plan for handling waste materials so they will be routed away from sensitive areas, such as gardens or porches, and hauled away on a regular basis.

Prepare for the unexpected. Keep the lines of communication open and stick to your plans as much as possible. Small project changes often lead to unexpected service charges. Have a contingency budget of 10 to 20 percent of the total project budget. Any contractor will confirm that you never really know what you are dealing with until you cut into the walls. This is when you may find rusted pipes that need to be replaced, horrific electrical systems, insulation issues or mold. A contingency for these types of things makes such discoveries a bit more bearable.

Keep your sense of humour. Surprises will happen during renovation. Things will get dirty, and noisy and it may take longer to complete than you anticipated. Communicate with your contractor and try resolving these challenges calmly and with an open mind.

Basement Waterproofing Technologies

Basement leakage is the most common problem found in houses, and over 90% of all basements will leak and suffer damage at one time or another. Some evidence of moisture penetration can be found in almost every house. A house with water problems does not necessarily mean it was poorly constructed. Water can appear in even the best-built home.

Moisture problems can be intermittent. In some houses, water penetration will occur after virtually every rainfall. In other houses, it will occur only after periods of prolonged rain. In most cases, however, the resultant damage does not indicate frequency.

Not all basement leakage problems are solvable, but the majority of leakage problems can be solved by directing surface water away from the building around the foundation or/and using a downspout extension to force rainwater to flow away from the house.

Warning signs of water leakage:

• Mold and mildew: Fungus that grows in damp and dark areas, and causes discoloration, or musty odors.
• Musty odors: This could result from the decay process of mold and dry rot.
• Peeling paint
• Damp spots on walls: Water has absorbed through your walls.
• White substance on basement walls: This is a chemical breakdown of the bonding agent that holds your walls together. The white substance is a sign of possible structural deterioration.
• Cracked walls: Should be inspected to determine the exact cause.
• Rust on appliances, furniture, or furnaces.
• Dry rot: Black fungus grows mostly on walls or wooden surfaces, causing wood to decay.

Why is waterproofing important?
A wet basement can dramatically reduce the value of your home. Studies show that most people won't even consider buying a home with water leakage. Selling a home with water leaks can easily result in as much as a 25% reduction in the sale price.

Even if you rarely have problems with dampness or flooding, it's best to solve the problem completely before doing any remodeling work. Permanent solutions can take time to implement. A good place to start is to talk to an independent home inspector who specializes in waterproofing problems.

Damp proofing or waterproofing on walls?
There is a big difference between damp proofing and waterproofing. By definition, dampproofing can retard moisture but, unlike waterproofing, it does not stop hydrostatic water pressure.

To damp-proof, you apply a coat of tar-based material to the outside walls. Tar damp proofing is inexpensive and meets the lowest minimum standard.

Damp proofing may be acceptable if there is a sandy soil and great drainage. But often, there is a high water table or poor soil. Clay holds rainwater, which builds up hydrostatic pressure against the foundation. Moreover, water cannot drain through the undisturbed soil under the footings and groundwater level rises.

Complete waterproofing is ideal
Good waterproofing is a wise investment. It is not just a coating but a whole system that includes:

1- Redirect water away from the foundation
The various exterior waterproofing barriers have varying levels of effectiveness in protecting the outside wall areas. But wall anti-leaking barriers do not affect water penetration due to water accumulation at the footer or floor level. The ideal solution to this problem lies in directing the accumulation of water away from the foundation or into drainage or pumping systems.

2- Install an interior drainage system
To control leakage in the basement, you may want to install a drainage system on the inner side of the foundation. The floor is broken up along the perimeter of the basement wall and drain tile is placed in a trench that carries the water to a discharge point, or sump pump, which takes the water away from the house.

3- Apply waterproofing compounds to the walls
With mild or occasional capillary seepage, capillary waterproofing materials can be applied to either exterior or interior wall and floor surfaces. If properly applied, they will penetrate several inches into concrete and close off minor cracks by forming crystals in the presence of water. You should carefully read the product label to determine if the product waterproofing limitations is sufficient to fix the problem. Waterproofing paint is most effective if applied directly over cement and not to existing painted walls.

Waterloo Region Sees Strong Demand for Detached Homes Amid Cooler Residential Sales in August

WATERLOO REGION, ON (September 5, 2024) —In August, a total of 539 homes were sold in the Waterloo Region via the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone). This represents a decrease of 5.3 per cent compared to the same period last year and a decline of 24.1 per cent compared to the average number of homes sold in the previous ten years for the same month.

“Despite a cooling market, detached homes continue to see strong demand, reflected in a 6.0 percent increase in sales year-over-year,” says Christal Moura, spokesperson for the Waterloo Region market area. “With home prices showing stability in recent months and interest rates decreasing, we saw some home buyers finally come out from the wings to take advantage of the summer slowdown to seek out specific property types, like single-family homes.”

Total residential sales in August included 335 detached homes (up 6.0 per cent from August 2023), and 103 townhouses (down 22.6 per cent). Sales also included 60 condominium units (down 18.9 per cent) and 40 semi-detached homes (down 11.1 per cent).

In August, the average sale price for all residential properties in Waterloo Region was $769,203. This represents a 1.1 per cent increase compared to August 2023 and a 1.7 per cent decrease compared to July 2024.

• The average price of a detached home was $889,085. This represents a 0.8 per cent increase from August 2023 and a decrease of 2.7 per cent compared to July 2024.
• The average sale price for a townhouse was $611,164. This represents a 7.5 per cent decrease from August 2023 and a decrease of 1.5 per cent compared to July 2024.
• The average sale price for an apartment-style condominium was $457,075. This represents a decrease of 5.8 per cent from August 2023 and a decrease of 7.7 per cent compared to July 2024.
• The average sale price for a semi was $654,070. This represents a decrease of 2.8 per cent compared to August 2023 and a decrease of 1.9 per cent compared to July 2024.

“While we’re seeing increased inventory and longer days on the market, this trend might not last if the Bank of Canada continues to lower interest rates. Buyers will need to weigh the benefits of potentially lower rates against the possibility of rising prices as demand picks up. I encourage potential home buyers to discuss their plans with a Realtor who can provide them with tailored advice,” says Moura.

There were 988 new listings added to the MLS® System in Waterloo Region last month, a decrease of 4.2 per cent compared to August last year and a 7.3 per cent increase compared to the previous ten-year average for August.

The total number of homes available for sale in active status at the end of August was 1,640 an increase of 49.2 per cent compared to August of last year and 40.1 per cent above the previous ten-year average of 1,308 listings for August.

The total inventory across the market increased by 50.0 percent, resulting in a 3.0-month supply of all property types by the end of August. Condominium apartments had the highest inventory, with 5.3 months’ supply, followed by townhouses with 3.5 months’ supply and detached homes with 2.5 months’ supply. The number of months of inventory represents the time it would take to sell off current inventories at the current sales rate.

The average time it took to sell a home in August was 25 days, which is three days longer than the previous month. In August 2023, it took 19 days for a home to sell, and the five-year average is 19 days.

Cornerstone emphasizes the importance of consulting a local REALTOR® when considering buying or selling property in the Waterloo Region. Their expertise can provide valuable insights into the current market conditions, enabling individuals to make well-informed decisions aligned with their goals and preferences.

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