Preparing for Emergencies

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 Are you and your family ready to face an emergency such as a flood, wildfire, earthquake or power outage? Do you have an emergency plan and an emergency kit to survive the first 72 hours following a disaster? Here are essentials tips to be better prepared and to recover from emergencies.

Identify Possible Emergency Disaster HazardsCheck with your local disaster management office to determine what potential risks exist in your area. Emergency risks include natural disasters such as floods, hurricanes, earthquakes, and tornadoes as well as man-caused disasters such as chemical spills, nuclear waste problems, and radiation leakage. Each of these circumstances will require specific actions to reduce risk, prepare for disaster, and recover from an emergency situation.

Evaluate Your Property for Emergency Disaster Risk
Even if you don’t live in a disaster-prone area, certain features about your property can place you at risk for an emergency. Dry wood and underbrush near your home can put you at risk for fire; a nearby river or stream can overflow and cause flooding, especially for homes with basements; and living in mountainous areas can place you at risk for landslides. Stay in tune with the potential hazards around your home, including seasonal hazards such as snowstorms in winter and fires after a hot, dry summer.

Prepare an Emergency Plan
By definition, emergencies happen when we don't expect them, and often when families are not together. Suddenly, you need to think about your kids at school or elderly parents across town. If phones don’t work, or some neighbourhoods aren’t accessible, what will you do?

Having a family emergency plan will save time and make real situations less stressful. The Canadian government has published a small guide to help with this task. You can download a copy at the following link: https://www.getprepared.gc.ca/cnt/rsrcs/pblctns/yprprdnssgd/yprprdnssgd-eng.pdf

Keep an Emergency Kit
In case of a major event, you will need some basic supplies set aside. Many emergency kit items may already be in your home. It's just a question of taking the time to put your emergency kit together. Your emergency kit should contain basic survival items such as water, dried food, flashlight and batteries, radio, first aid kit, and cash in smaller bills. 

Stay Informed During an emergency, it is important to stay informed and listen to the local authorities for instructions.

The Red Cross has detailed information on disaster preparedness on its website at www.redcross.ca/disasterpreparedness. It also provides educational programs for children and youth at www.redcross.ca/educatorsresources.

Don’t be caught unprepared. Know the risks and take steps to plan for them. Make sure to stock up on emergency food and water as well as first aid supplies and lighting and heating. You can never be too prepared to save your family.

Novermber Average Home Prices and Sales Stats for K-W. How does your home compare?

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Last month a total of 483 residential properties sold in Kitchener-Waterloo and area through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR). Home sales were up 14.2 per cent in November compared to the same month last year, and up 19 per cent compared to the previous 10-year November average of 406 sales, making it the second-best November on record.

November’s sales included 265 detached (up 9.5 per cent compared to November 2017), and 152 condominium units (up 52 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 27 semi-detached homes (down 46 per cent) and 31 freehold townhouses (up 14.8 per cent).

"For the second straight month we are reporting stronger than average sales," said KWAR President Brian Santos. "The prospect of further interest rate increases that were indicated last month could be responsible for the current surge in home sales."

The average sale price of all residential properties sold in November increased 7.6 per cent to $477,526 compared to the same month a year ago. Detached homes sold for an average price of $580,551 an increase of 12.8 per cent compared to November of last year. During this same period, the average sale price for an apartment style condominium was $305,334 an increase of 10 per cent. Townhomes and semis sold for an average of $361,177 (down 2 per cent) and $416,878 (up 10.7 per cent) respectively.

The median price of all residential properties sold last month was up 6.3 per cent compared to November of last year at $443,800 and the median price of a detached home during the same period increased 9.5 per cent to $520,000.
"Waterloo region continues to be a very desirable place for purchasing a home," says Santos. "Affordability is a concern in Waterloo Region as we continue to see prices increase, especially for detached homes. While we believe this is more a reflection of our region being "discovered" by buyers from the GTA, it is resulting in more entry-level clients pursuing condominiums and townhomes. Combined with an ongoing tight supply of listings buyers are facing continued upward pressure on sale prices in the region."

REALTORS® listed 597 residential properties in K-W and area in last month, a 1.1 per cent decrease compared to November of last year, but 18.2 per cent above the historical ten-year average of 505. However, the number of active residential listings on the KWAR’s MLS® System to the end of November totalled 888, which is 12.8 per cent lower than November of last year and 449 units fewer than the previous ten-year average of 1,337 listings for November.

Should you repair or replace your windows?

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Over the years, there have been many changes in style, technology, and function of windows. When deciding whether to repair or replace your existing windows, begin by considering their age and condition. 

If your home is more than 30 years old and still has the original windows, chances are your windows are not keeping you as warm or as cool as well-placed and installed newer models. But, there are measures you can take to increase the efficiency of your older windows:

• Tighten the seal around the windows with weather-stripping. There are many different types of weather-stripping available for use on wood, metal, aluminum, and vinyl. One of the easiest to apply is caulking cord which comes in a roll. You simply press the cord into place to make a tight seal.
• Every window not made of insulated glass should have a storm window. If your home has storm windows, ensure they are in good condition and install them properly before the cold season begins. When those icy winter winds start blowing, both you and your pocketbook will notice if your windows offer good protection.
• If your home doesn't have storm windows, or they are in poor condition, you can get as good or better protection using heavy-gauge clear plastic sheeting. Seal it tightly over your existing windows and you will have an inexpensive and effective alternative to storm windows.

Five signs that it's time to replace your windows:

1. If a window develops ice or a frosty glaze inside a window pane, poor ventilation or insufficient insulation may be to blame.
2. If you feel a cold draft in the winter or a warm draft during the summer when sitting near your window, it is a clear sign of poor insulation. This problem can significantly increase your energy bill.
3. If you stand inside your house with a candlelit near a window's edge and the flame flickers or goes out, your weather stripping may need to be replaced.
4. If your window no longer remains open on its own, requiring you to prop it open, it is no longer in good condition.
5. If your windows become fogged with condensation there may be a seal failure. Seal failures are usually fixed by replacing either the glazing or the entire window.

Replacing windows 
Modern windows not only beautify the appearance of a home, but they also bring sunlight in during winter, while preventing the warmth created from escaping outdoors. Windows also insulate a home from heat during the summer and keep cooled air from escaping. Today windows combine science and technologies that increase energy efficiency and actually reduce heating and air conditioning costs.

Replacing existing windows with more energy efficient models doesn't have to be done all at once. Begin by replacing the ones causing the most heat loss, such as the large picture windows in your living and dining rooms. Replacing windows in stages over a period of years costs less up front and still increases energy efficiency.

Common window types include: double-hung, casement, stationary, awning and horizontal sliding. They may be made of wood, aluminum or vinyl or a combination of these materials. Almost all feature insulated glass and easy-to-clean designs that provide tight seals and eliminate heat loss.

Whether you plan to install new windows yourself or have them installed professionally, be sure to visit a number of suppliers and study the various products and options on the market. You want to select windows that complement the appearance of your home, increase energy efficiency and give you the most value for your money.

Quality installed replacement windows will give your home protection from the outside elements and provide a great overall aesthetic look from the curb while meeting the energy-related requirements required for rebates and tax credit programs.

How to add style to your small condo

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Decorating a small space can be challenging, especially if you are moving from a home to a small apartment. Fortunately, there are many easy and affordable ways to convert your small apartment into a stylish sanctuary that is cool, comfortable, and never feels cramped.

1. Select small furniture. A small apartment living room can easily be overwhelmed by excessively large furniture. Many home decor stores like Ikea understand this and offer a large selection of apartment friendly furniture. If you have a large piece of furniture, make sure it does not dominate the room by adding colorful smaller accent pieces.

2. Create an attractive focal point with your piece of furniture. Creating a focal point in each room helps the room feel more cohesive and less cluttered. Whether it is your sofa, a window, or a favourite piece of art, a focal point helps draw attention to one area of the room, providing a distraction from any less attractive areas.

3. Use tall items to draw the eye upwards. Use stacks and tall items to draw the eye upwards to create the illusion of higher ceilings. If your windows are small try purchasing long curtains and hang them as close to the ceiling as possible. Not only will this create a beautiful focal point, but also gives the appearance of a larger window.

4. Choose a cohesive color scheme.  Use paint colours and fabric swatches to create an attractive colour scheme and use it throughout the apartment. Having a unified colour scheme creates a designer feel and makes your space feel pulled together.

5. Keep clutter to a minimum. Create areas for your art collections where they can be displayed together. If you have a problem finding storage in your apartment be creative and make your own. Many stores like Lowes carry affordable storage systems that you can install yourself.

6. Use mirrors to your advantage.
Placing mirrors and other reflective surfaces opposite of windows and other light sources creates the illusion of more light and makes space appear larger than it really is.

7. Add your own artwork. Creating your own art is a fantastic way to personalize your space. Choose what interests and appeals to you and run with it. Let your imagination go wild and create a painting or project tailored to your home.

8. AccessorizeOnce you have established and arranged your furniture, it’s time to accessorize. Use items that you already own; small coffee tables, books, and other accessories can complement your furniture and make your space look more stylish. Small or unusual games like Japanese puzzle boxes also make interactive and attractive accessories. Remember, your living room is for living in, not staring at—make it fun, functional, and fabulously decorated.

Overcoming Home Ownership Hurdles - Yes, You Can Own A Home

 

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There are many benefits of homeownership. It creates a level of stability in a person’s life and provides a safe environment for children to grow and learn. A home can also have several financial benefits, creating borrowing power for the homeowner and the opportunity to build wealth that can be passed on to children and grandchildren.

Still, many Canadians are sitting on the sidelines because of all the negative news they have heard on the radio, seen on television or read in newspapers. Others may not have enough extra money to save for a down payment or have other financial difficulties, such as poor credit scores that make it difficult for them to get approved for a mortgage
.
This article will help you overcome these hurdles and take advantage of one of the best times in recent memory to buy a home in one of many wonderful communities across Canada.

First, how to conquer your fear of a falling market?
1- Stop listening to negative news and people. If you are waiting for "all lights to be green" then you will wait forever. You must stop every negative source of information from coming into your mind and concentrate on the positive aspect of the current market such as lower mortgage rates, lower prices, and more selection.

2- Read a self-help book on how to set up goals and achieve success. Every successful person that I know has had to overcome the fear of failing in order to reach their goal. You need to fill your mind, body, and soul with positive thoughts that keep you encouraged as you embark on your journey towards homeownership.

3- Speak with your real estate agent. He or she will be able to show you many bargain deals that will make your mouth water. Imagine snatching up a beautiful home in your favourite neighbourhood which is priced twenty thousand dollars below market value because the owners have to move in eight weeks.

Stop listening to advice from family and friends. When the market turns back to a seller's market, the deals and the selection will quickly go away. If you find the right home, and the price is below other similar homes that are comparable then go for it.

Second, how to come up with the down payment?
Using a $300,000 purchase price as an example, the following chart shows the different down payment options available for you and the amount of down payment money needed to qualify for a mortgage:

 

Type of Mortgage	% Down payment	Amount of down payment required
Conventional	20%	$60,000
High Ratio	5%	$15,000
No Down payment	0%	$0 ($4,500 must be available for closing costs)

 

Once you have established the amount of down payment you need, you must put in a solid plan to raise this money in the shortest possible time. Here are a few ideas to help you:

• Simply start saving by having a pre-determined amount of money transferred from your chequing account to your savings account each month.
• If you are a first-time buyer, use money from your RSP as a portion of your deposit.
• Consider moving to a less expensive rental unit and save the difference each month toward your down payment.
• Pay off your credit cards or consolidate them to reduce your debt and the interest you’re paying.
• Consider a second job with the income going directly toward saving for your down payment.
• Borrow from family; relatives may be happy to help.
• Sell some investments or possessions.
• Pass up luxuries such as movies and eating out, and deposit the money you would have spent into savings.
• Take your lunch to work, clip coupons and use them, drive more slowly to avoid unnecessary fuel consumption or take local transit, cut back on
• long-distance calling – it all adds up.

By cutting back on your day-to-day expenses you will be able to put more of your earnings away in a savings account. Budgeting doesn’t have to mean economy meals and nights in with just a book for a company – there are many ways you can cut back without feeling like you are depriving yourself.

Work up your plan vigorously. Many first time buyers that I know were able to save up the required down payment in around two years, and now are the proud owners of their own dream homes. It only takes some planning, willpower, and discipline. 

A Closing Checklist if You're Buying a Home

 

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Congratulations, your offer has been accepted and you can’t wait to move into your new home. But don’t start celebrating yet. There is one final stage involved in purchasing a home - closing the deal.

Having your offer accepted does not mean the end of your real estate transaction. However, there is still plenty of work that needs to be done in order to "close the deal." 

Closing involves many complicated and time-consuming legal maneuvers, which is why you’ve hired professionals. Closing is the point at which ownership and usually possession of the property are transferred from the seller to you. It takes place after the parties involved agree that all legal and financial obligations have been met. Your lawyer and your Realtor will do much of the work for you.

Here is a checklist of what to expect as the process unfolds:

Closing Checklist
• Make sure a copy of the signed Agreement of Purchase and Sale is sent to your lawyer right away. Your Realtor will usually do this for you. Your lawyer needs to see any conditions that exist, and the date you and the seller have agreed to close. The lawyer will ask you how you (and others involved in the purchase) want to be registered on the title to the property.

• Immediately begin satisfying any of the conditions of the agreement that require your action. These have definite dates attached to them and if you miss one you may have to arrange an extension or possibly risk losing the entire deal. As each condition is met, the Realtor will fill out a waiver form for signatures. Note that most lawyers won’t be doing many of the tasks they need to do for closing until the conditions are waived.

• After the conditions have been met, your lawyer will begin searching title to the property. This is an exercise of going back through government records to ensure a clear title that is transferable. Electronic registration and title insurance have significantly changed the way titles on properties are transferred.

• If you decide to have the home inspected, your offer should contain a condition that the property passes inspection. If no current land survey exists on the property, arrange for one soon. Your lender may require it, and you’ll want it for your own peace of mind, anyway.

• Before the closing date contact your insurance agent to arrange homeowner’s insurance coverage to become effective on the date of closing. Your agent can give you a letter, certifying coverage is in place. If you’re moving from your currently owned home to another, your agent will handle the homeowner’s insurance transfer for you.

• Your lawyer will then begin a title search on the property to be sure the seller has clear title and can transfer it to you without a problem. Hydro, gas and water companies will also be contacted by your lawyer to ensure there are no outstanding claims for unpaid bills before these utilities are transferred to your name.

• Other tasks your lawyer will perform include gathering reports, certificates and clearances from various government offices, ensuring the property taxes are up-to-date, local zoning and building restrictions have been met and there are no outstanding obligations or "liens" on personal property to be sold with the house. In other words, your lawyer will make sure you get what you agreed to buy.

• Your lawyer will review and verify the draft deed, statement of adjustments and other closing information provided by the seller’s lawyer, and will deal with any problems as they arise. A few days before closing, you will meet with your lawyer to review and sign the closing documents. You will be asked to provide a certified cheque to cover the costs involved. 

On the closing day, both lawyers will exchange documents, keys, and cheques and your deed and mortgage will be registered at the local registry office. If all goes according to the plan, you will be given the keys to your new home.

Average Home Sale Prices for October in K-W

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514 homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in October, an increase of 7.8 per cent compared to October of last year. On a year-to-date basis 5,070 residential units have sold compared to 5,822 during the same period in 2017, a decrease of 12.9 per cent.

It was a stronger than average October for home sales and listing activity.  Gradually increasing interest rates could be nudging both buyers and sellers from the sidelines of the housing market.

Residential sales in October included 297 detached (up 4.6 per cent compared to October 2017), and 128 condominium units (up 19.6 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 36 semi-detached homes (down 18.2 per cent) and 47 freehold townhouses (up 23.7 per cent).   

The average sale price of all residential properties sold in October increased 7.7 per cent to $489,725 compared to the same month a year ago. Detached homes sold for an average price of $576,731 an increase of 6.2 per cent compared to October of last year. During this same period, the average sale price for an apartment style condominium was $310,215 an increase of 24.1 per cent. Townhomes and semis sold for an average of $387,602 (up 10.9 per cent) and $403,750 (up 13.8 per cent) respectively. 

The median price of all residential properties sold last month was up 6.5 per cent compared to October of last year at $444,500 and the median price of a detached home during the same period increased 8.5 per cent to $525,350. Not surprisingly we’re seeing the biggest surges in average price happening in the denser forms of housing such as condos.  This is partly a reflection of demand being strongest in the entry-level price ranges as well as there being more newly constructed units in the mix.   

REALTORS® listed 760 residential properties in K-W and area in last month, a 14 per cent increase compared to October of last year, and 12.7 per cent above the historical ten-year average of 674. The number of active residential listings on the KWAR’s MLS® System to the end of October totalled 1,014, which is 21 per cent higher than October of last year but still 461 units fewer than the previous ten-year average of 1,475 listings for October. 

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10 Ways to Green Up Your Home

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Being earth-friendly doesn't require going solar or growing all your own food. Making your home a little greener is easy and will have a great impact on the environment. A few simple changes in your home can go a long way to combat both high energy bills and global warming.

There are plenty of easy ways to make a big difference. Consider these 10 tips that will also save you money.

1. Use CFLs.  

Replace your incandescent light bulbs with ENERGY STAR® qualified compact fluorescent light bulbs (CFLs). By replacing even your five most frequently used light bulbs, you'll save $100 per year because they use 66% less energy than a standard incandescent bulb and last up to 10 times longer.

2. Program Your Thermostats.  

Watch the temperature and save 10% on your heating and cooling costs just by setting your thermostat back when you're not home and while you're sleeping. Turn down the thermostat in cold weather and keep it higher in warm weather. Each degree below 20°C (68°F) during colder weather saves 3%-5% more heating energy while keeping your thermostat at 25°C (78°F) in warmer weather will save you energy and money. You won't notice the change in the temperature until you look at the reduction in your energy bills.

 3. Plug Air Leaks.  
Air leaks are the biggest energy waster in the home but they can be simple to fix. Install weather-stripping and caulk to stop those expensive drafts and Improve comfort. It's inexpensive and easy to install, and good for the environment.  Look for leaks around windows, doors, electrical outlets, plumbing penetrations, and in the attic floor. 

4. Go Low-Flow.  

Install low-flow showerheads and faucet aerators to save resources without sacrificing water pressure. An efficient showerhead will save your family $300 per year. They only cost about $15 and installing them couldn't be easier as they just screw on. You could also install a low-flow toilet. However, if you don't want to make changes to your washroom, adjust your toilet's float valve to admit less water into the toilet's tank.

5. Green Up Your Appliances.  

When replacing your appliances, such as your water heater, furnace, or air conditioner, you should select ENERGY STAR® qualified products. Appliance use comprises about 18% of a typical home’s total energy bill. If any of your appliances are more than 10 years old, replacing them with energy-efficient models that bear the ENERGY STAR® logo will be very beneficial and save you hundreds of dollars a year.

6. Clean Green.

Stop buying household cleaners that are toxic to both you and the environment. Use alcohol as a solvent instead of toxic butyl cellosolve, found in carpet cleaners and some window cleaners, and use coconut or other plant oils rather than petroleum in detergents. Or, skip buying altogether and make your own cleaning products. Use simple ingredients such as plain soap, water, baking soda, vinegar, and lemon juice and you will also save money.

7. Use Bamboo for Flooring. 

Renovating your wooden floors? Look for bamboo. Bamboo is considered an environmentally friendly flooring material due to its high yield and the relatively fast rate at which it replenishes itself. It takes about four to six years for bamboo to mature while other typical hardwood take 50-100 years. Look for bamboo sources that use formaldehyde-free glues.

8. Use Healthier Paint. 
Conventional paints contain solvents, toxic metals, and volatile organic compounds (VOCs) that can cause smog, ozone pollution, and indoor air quality problems, all that result with negative health effects. These unhealthy ingredients are released into the air while you’re painting, while the paint dries, and even after the paints are completely dry. When selecting paints, look for the Green Seal and opt for zero- or low-VOC paint.

9. Save a Tree. 

You can save a tree if you use less paper. You can buy "tree-free" 100% post-consumer recycled paper for everything from greeting cards to toilet paper. Paper with a high post-consumer waste content uses less virgin pulp and keeps more waste paper out of landfills. 

10. Green Garden.

When fertilizing your garden's grass, flowers and plants, use compost instead of synthetic fertilizers. Compost provides a full complement of soil organisms and the balance of nutrients needed to maintain the soil’s well-being. This will result in a healthy soil, which will minimize weeds and is key to producing healthy plants.

When it comes to saving the environment, being a good global citizen starts at your doorstep. From using alternative cleaning materials to making minor changes in your home, all can add up to big benefits for the planet and your health, and will also save you money.

Thinking of Buyer a "Fixer-Upper"

 

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With housing inventory tight and fewer houses to choose from, some buyers are starting to consider homes that they previously would have dismissed as problems.

Buying a fixer-upper home can be a nightmare, punctuated by a series of unexpected disasters, or it can be a profitable venture. You can snag a rundown place in a good neighbourhood for way below the market price, invest some time and money renovating it, and end up with a like-new house that's worth a lot more than what you paid for it.  So before you take the plunge, make sure you have a realistic idea of what you're getting into.

Do the math
Figuring out what you should pay to buy a fixer-upper starts with a simple equation. First, add up the costs to renovate the property based on a thorough assessment of the condition of the house. Be tough with this estimate, which should include materials and labour — yours and other people's. Next, subtract that from the home's likely market value after renovation, drawn from comparable real estate prices in the neighbourhood. Then deduct at least another 5-10% for extras you decide to add, unforeseen problems and mishaps that have to be dealt with, and inflation. What's left should be your offer.

It's essential that the real estate contract include an inspection clause. At best, the inspection will assure you that the house is a good investment; at worst, it will help you back out of the deal. Often with fixer-uppers, it's something in between. The inspector will document a serious problem or two, and you can use the findings to get the seller to pay for repairs or negotiate the sale price downward.

If the house needs significant structural improvements, many real estate experts recommend avoiding it altogether. Major repairs like plumbing and electrical system overhauls, foundation upgrades, and extensive roof and wall work are usually "invisible" and hardly ever raise the value of the house enough to offset the cost of the renovation.

Pick projects that pay
The ideal fixer-uppers are those that require mostly cosmetic improvements — paint touch-ups, drywall repairs, floor refinishing — which generally cost much less than what they return in market value. New lighting fixtures, doors, window shutters, and siding, as well as updated kitchens and bathrooms, are also lucrative improvements.

The perfect fixer-upper is the home that everybody wants when fixed up but few can see past its imperfections to buy.

Be prepared to roll up your sleeves
Whatever renovation is required, it's usually most cost-effective when homeowners pitch in. A fixer-upper is for people who are willing to be do-it-yourselfers because it can save them a lot of money and they can keep the increase in home value for themselves.

If you're not the hands-on type, be prepared to devote a considerable amount of time — months or even years — to closely supervising contractors. But remember that all of your financial gains could be wiped out if the project goes over budget because of mistakes or unnecessary delays.

Line up the money
One of the most challenging aspects of purchasing a fixer-upper is paying for the renovation. Understandably, most people don't have much extra cash after making the down payment and paying closing costs, so coming up with the additional money to cover repairs or remodeling can be difficult.

If you have money set aside for repairs or you plan on taking out a loan, make sure you get an accurate estimate and then add another 20% on top of that. If you’re doing everything with borrowed money with no margin for error, there will be extra expenses no matter how carefully you plan.

Enlist help 
Make sure you have a network of helpers and never do the work by yourself. If you’re fortunate to have handy family members or friends, definitely enlist their help. Make sure to enlist the help of people you trust and know their level of experience and expertise in what you’re asking them to do.

Lastly, prioritize your projects and don't tackle them all at once, especially if you're doing it yourself. You don't want to start working on both the bathroom and kitchen and wind up getting stuck or out of money halfway through when your counters are all ripped out.

Buying a house is a stressful experience. Throwing a renovation on top of that, especially for a lot of first-time buyers, isn’t always ideal. Many people move into houses soon after they’ve entered a long-term relationship, and it can be tough on a relationship if you’re trying to figure out these difficult things that have big implications for your finances and how you want to spend your life.

Kitchener -Waterloo September Home Sales Average Prices

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REALTORS® sold 448 homes through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in September, a decrease of 4.7 per cent compared to September of last year.


On a year-to-date basis 4,558 residential units have sold compared to 5,345 during the same period in 2017, a decrease of 14.7 per cent.
"The stress-test that came into force on all new mortgages at the beginning of the year has taken some of the steam out of home sales activity," said KWAR President Tony Schmidt. "Meanwhile home prices continue to rise as inventory levels remain rather low."


Residential sales in September included 270 detached (down 6.3 per cent compared to September 2017), and 110 condominium units (up 7.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 30 semi-detached homes (down 18.9 per cent) and 30 freehold townhouses (down 18.9 per cent).

The average sale price of all residential properties sold in September increased 10 per cent to $492,398 compared to the same month a year ago. Detached homes sold for an average price of $574,653 an increase of 11.4 per cent compared to September of last year. During this same period, the average sale price for an apartment style condominium was $325,378 an increase of 24.1 per cent. Townhomes and semis sold for an average of $377,442 (up 4.7 per cent) and $386,670 (up 4.1 per cent) respectively.

The median price of all residential properties sold last month was up 10.5 per cent compared to September of last year at $453,000, and the median price of a detached home during the same period increased 8.8 per cent to $520,000.
REALTORS® listed 824 residential properties in K-W and area in last month, a 10 per cent increase compared to September of last year, and 9 per cent above the historical ten-year average of 755. The number of active residential listings on the KWAR’s MLS® System to the end of September totalled 1,005, which is 18.2 per cent higher than September of last year but 522 units short of the previous ten-year average of 1,527 listings for September.

"While the mortgage stress was intended to prevent homebuyers in overheated markets like Vancouver and Toronto from borrowing more than they could afford, it has had the unintended consequence of putting the goal of owning a home further out of reach for buyers across all housing markets, including in Waterloo region. This is particularly impactful for first time homebuyers where every penny counts."

How to Protect Your Privacy When Selling Your Home

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Many people are likely going to spend a considerable amount of time browsing through your home while it is on the market. If you are living in the home while it is for sale, your personal things will be on show too and potential buyers might look through drawers and other items that are inside your home. Your privacy and security may become an issue when showing your home, so it is important to consider all your options before you welcome someone into your home.

For many individuals, it is very important for them to protect their privacy, while others are simply concerned that buyers will make assumptions about them and judge them instead of simply judging their home. However, the importance of protecting your privacy is all the same and that goes for anything personal from financial information, such as cheque books to bank statements and personal letters.

Protect your documents 
Keep in mind that a potential buyer may open cabinets or drawers—this is not considered snooping. Buyers can innocently tug on a drawer to inspect its construction or depth and find important documents that you might not intend for anyone to see.

Don't leave mail where anybody can find it 
Many sellers make the mistake of leaving piles of opened mail neatly stacked on the kitchen counter or somewhere else in the home. By leaving your correspondence out on the table, a potential buyer can find out about your credit card debt, whether you have filed for bankruptcy and other private information that you probably don't want the buyer to be aware of. Not only is this an invasion of your privacy it can also change the offers that you receive from buyers. If you have a stack of mail from a collection agency, the buyer will know you are desperate to make a sale and will likely propose far under the list price.

Remove personal effects from your walls 
From diplomas and religious artifacts to wedding certificates and personal photos, don't provide buyers with any personal information about yourself or your family. De-personalizing is also an important move to make when staging your home for sale anyway, so you can actually accomplish two things by removing the personal effects from your home.

Don't leave your computer up and running during showings 
Gaining personal information from your computer takes only minutes for a professional hacker or thief, so be proactive and turn your computer off before potential buyers arrive.

Before you put your home on the market, empty out drawers, stage closets and pack up anything personal including medications. Disassociate yourself with your home—remind yourself that it is a house—a product to be sold on an open market that is bound to see plenty of new faces throughout the term of the selling process.

Consider renting a locker at your local bank and store away your jewelry and other valuable items. It is better to be safe than sorry.

Fall Market Update

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The market saw a slight increase in sales and prices last month in most area of the country. As we go into the cold sessions, it is quite obvious the real issue will be in supply rather than demand. While higher borrowing costs and tougher mortgage qualification rules have kept sales levels off the record pace set in 2016, many households remain positive about home ownership as a quality long-term investment.

Ontario - Tighter Market Conditions  
Toronto, Ocotber 3, 2018 -- Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 6,455 sales through TREB's MLS® System in September 2018 – up 1.9% compared to September 2017. The average selling price for September 2018 sales was up by 2.9% over the same period to $796,786. The MLS® HPI composite benchmark price was up by 2% year-over-year.

New listings entered into TREB's MLS® System in September 2018 amounted to 15,920 – down by 3.1% compared to September 2017. With sales up year-over-year and new listings down, market conditions became tighter. Many buyers may have found it more difficult to find a home meeting their needs.

"It is healthy to see sales and prices in many areas across the Greater Toronto Area up a bit, compared to last year's lows. At the same, however, it is important to remember that TREB's market area is made up of over 500 communities. Market conditions have obviously unfolded differently across these communities. This is why it's important to work with a REALTOR® who is familiar with local market conditions in your areas of interest," said Mr. Bhaura.

"While higher borrowing costs and tougher mortgage qualification rules have kept sales levels off the record pace set in 2016, many households remain positive about home ownership as a quality long-term investment. As the GTA population continues to grow, the real challenge in the housing market will be supply rather than demand. The Toronto Real Estate Board is especially concerned with issues affecting housing supply as we move towards municipal elections across the region," added Mr. Bhaura.

On a monthly basis, after preliminary seasonal adjustment, sales edged up by 0.2 per cent in September 2018 compared to August 2018. The average selling price, after preliminary seasonal adjustment, edged lower by 0.5% month-over-month.

"Generally speaking, annual rates of price growth have been stronger for higher density home types in 2018, including condominium apartments, townhouses and semi-detached houses. In many neighbourhoods, these home types provide more affordable home ownership options. This is why a policy focus on increasing mid-density housing options throughout the GTA is important," said Jason Mercer, TREB's Director of Market Analysis.

Ottawa, October 3, 2018 -- Members of the Ottawa Real Estate Board sold 1,393 residential properties in September through the Board’s Multiple Listing Service® System, compared with 1,383 in September 2017, an increase of only 0.7%. The five-year average for September sales is 1,303. September’s sales included 1,046 in the residential property class, a decrease of 2.5% from a year ago, and 347 in the condominium property class, an increase of 11.9 percent from September 2017.

“We continue to experience supply-side issues going into our fall market. The fact is, the number of residential sales would be much higher had we more robust inventory to draw from,” states Ottawa Real Estate Board President Ralph Shaw. “Condos continue to represent a greater proportion of year-to-date unit sales with a 15% increase from this time in 2017.”

The average sale price of a residential-class property sold in September in the Ottawa area was $449,613, an increase of 7.9% over September 2017. The average sale price for a condominium-class property was $282,781, an increase of 7.6% from this month last year.*

“Economic fundamentals are at play in our market with a lack of supply putting an upward pressure on prices in some areas,” Shaw asserts. “Condo price increases on a percentage basis are finally recovering and are catching up to the increases in residential prices which is very encouraging news for condo owners.”

“With the inventory of available apartment condo units also declining month over month; this trend of price improvements may help kick-start some of the mothballed condo projects to date,” he speculates.

The $300,000 to $449,999 range remains the most active price point in the residential market, accounting for 46% of home sales while the $500,000 to $750,000 price range represents 22.5% of residential home sales this past month. Between $175,000 to $274,999 was September’s most active price point in the condominium market, accounting for almost 57% of the units sold.

“The low rental vacancy rate is spurring the purchase of condominium units, and first time home buyers wanting to enter the market are having to choose between “driving until they qualify” or purchasing a condominium at a price point they can afford.”

President Ralph Shaw offers one final thought. “Although the millennial generation is comfortable sharing their rides, they are not in the sharing mindset for housing – they want to own,” he contends. “In a recent study commissioned by the Canadian Real Estate Association (CREA), research conducted by Abacus Data shows that Housing Affordability is a key issue  and the homeownership dream is alive and well with this demographic.”

In addition to residential and condominium sales, OREB Members assisted clients with renting 2,135 properties since the beginning of the year.

Alberta - All residential average prices stable, unit sales decrease
Edmonton, October 3, 2018 -- In the Edmonton Census Metropolitan Area (CMA), the all residential average prices increased 2.48% to $373,958 compared to August 2018 and increased 0.94% compared to September 2017. Single family home average prices increased 1.71% month over month and increased 0.25% year over year. Duplex/rowhouse average prices also increased in both categories, up 4.38% compared to August 2018 and up 0.68% compared to September 2017. Condominium average prices decreased 1.53% month over month and decreased 4.28% year over year.

Unit sales are down across all categories. Single family home sales decreased by 19.41% relative to August 2018 and 2.22% relative to September 2017. Condominium sales decreased 28.82% month over month and decreased 19.09% year over year. Duplex/rowhouse sales also declined, decreasing 21.02% compared to August 2018 and 21.52% compared to September 2017. Overall, all residential unit sales showed a decrease of 21.83% month over month and 8.53% decrease year over year.

Average days on market increased for all categories. The average for single family homes increased to 61 days for September 2018, two days longer than August 2018 and eight days longer than September 2017. Condominiums average days on market increased to 75 in September 2018, two days longer than August 2018 and seven days longer compared to September 2017. For duplex/rowhouses, the average days on market was 66, increasing from 63 in August 2018 and 61 days in September 2017.

“Stable prices coupled with decreasing sales and increasing days on market indicates sellers are most likely staying firm on their prices and choosing to wait longer to get the price they feel is best for their properties,” says REALTORS® Association of Edmonton Chair Darcy Torhjelm. “As we move further into our final quarter, we will likely continue to see sales decreasing as is typical for this time of year.”

Both inventory and listings decreased in September, with inventory down 1.53% and listings down 17.41% compared to August 2018. Listings also decreased 8.53% compared to September 2017, while inventory increased year over year by 7.35%.

In total, there were 1,225 MLS® System listed properties sold in September 2018, a decrease of 21.83% month over month and an decrease of 8.24% year over year.

Britsh Colombia - More supply and less demand seen across Metro Vancouver housing market
Monday, October 01, 2018 -- The supply of homes for sale continued to increase across the Metro Vancouver* housing market in September while home buyer demand remained below typical levels for this time of year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 1,595 in September 2018, a 43.5% decrease from the 2,821 sales recorded in September 2017, and a 17.3% decrease compared to August 2018 when 1,929 homes sold.
Last month’s sales were 36.1% below the 10-year September sales average.

“Fewer home sales are allowing listings to accumulate and prices to ease across the Metro Vancouver housing market,” Ashley Smith, REBGV president-elect said. “There’s more selection for home buyers to choose from today. Since spring, home listing totals have risen to levels we haven’t seen in our market in four years.”

There were 5,279 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2018. This represents a 1.8% decrease compared to the 5,375 homes listed in September 2017 and a 36% increase compared to August 2018 when 3,881 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,084, a 38.2% increase compared to September 2017 (9,466) and a 10.7% increase compared to August 2018 (11,824).

For all property types, the sales-to-active listings ratio for September 2018 is 12.2%. By property type, the ratio is 7.8% for detached homes, 14% for townhomes, and 17.6% for condominiums.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.

“Metro Vancouver’s housing market has changed pace compared to the last few years. Our townhome and apartment markets are sitting in balanced market territory and our detached home market remains in a clear buyers’ market,” Smith said. “It’s important for both home buyers and sellers to work with their Realtor to understand what these trends means to them.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,070,600. This represents a 2.2% increase over September 2017 and a 3.1% decrease over the last three months.

Sales of detached properties in September 2018 reached 508, a 40.4% decrease from the 852 detached sales recorded in September 2017. The benchmark price for detached properties is $1,540,900. This represents a 4.5% decrease from September 2017 and a 3.4% decrease over the last three months.

Sales of apartment properties reached 812 in September 2018, a 44% decrease compared to the 1,451 sales in September 2017. The benchmark price of an apartment property is $687,300. This represents a 7.4% increase from September 2017 and a 3.1% decrease over the last three months.
Attached property sales in September 2018 totalled 275, a 46.9% decrease compared to the 518 sales in September 2017. The benchmark price of an attached unit is $837,600. This represents a 6.4% increase from September 2017 and a 2% decrease over the last three months.

The Benefits of a Pre-Sale Home Inspection

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Take initiative when selling your home and prevent your home inspection from being the "deal breaker"!

Usually, a professional home inspection is completed by a prospective buyer before the deal to purchase a home is finalized. The home’s final sale is most often subject to a home inspection, as well as financing and insurance.

In my experience, the home inspection is the biggest hurdle for the seller. Home inspections can be a great source of stress for the seller, as they hold their breath and hope that the condition of their home will be satisfactory for the prospective buyer.

A pre-sale inspection can alert you to problems that could complicate a potential sale. Fixing the problems in a home before listing not only makes the property more attractive and desirable; it also simplifies the negotiation process when the time comes for the buyer's pre-purchase home inspection.

It is not uncommon for a sale of a home to fall through due to the results of the home inspection. What can also happen is that after a home inspection, the buyer can request a decrease in price because of the problems identified in the inspection. Or, the buyer can request the problems to be repaired within a certain time frame, which usually causes panic to the seller, as well as unexpected costs.

By getting a pre-sale home inspection done, you are taking a proactive step towards selling your home. Although can cost between $300 to $400, the inspection can identify problems that may prevent a future sale. Once you have had a pre-sale home inspection done, you can fix or repair the problems BEFORE they become an issue to prospective buyers.  By addressing your repairs beforehand, you will reduce your stress and have more confidence as you move forward with selling your home.

Put the inspection report on your table for viewing – Make it a “Selling Feature”

The buyer primarily wants assurance that the home is structurally sound and its roof, electrical and mechanical systems are in good condition. As well, in a buyer's market, the prospective owner can be choosy, picking a home that doesn't require a lot of time and money to repair.

Having the inspection report on your table or counter for viewing is a definite selling feature. You can also display the receipts for the repair costs, to show potential buys that any issues have been fixed. The home inspection will also give confidence to the buyers if/when they make an offer.