How to Protect Your Family and Home from Fire

 A fire can be devastating to your home and family, yet many people ignore common fire hazards and don’t prepare themselves or their family members for this common catastrophe.

While a house fire can happen by accident to unsuspecting homeowners, many house fires are completely preventable. Set aside some time and effort to protect your home and family from a devastating blaze with these safety tips.

1. Make sure you have adequate insurance
First, you need to realize that nothing you can do will possibly reduce the risk of a fire to zero, so you will need to purchase adequate insurance to cover your home. This will help you, in the disastrous event of a fire at your house, cover the costs of the damage and help you get back on track. If you do not have fire protection you may find yourself in a tough situation.

After you have insured your home and belongings, you should take measures to reduce the risk of fire as much as you can.

2. Install smoke and carbon monoxide detectors
The number one cause of total loss and death by fire is the lack of working smoke detectors in the home. Smoke detectors are not expensive. Install good-quality smoke detectors in your home and check the batteries at least twice each year.

At a minimum, there should be one smoke detector on each floor including the basement. Ideally, there should be one detector in each bedroom as well as in common areas like hallways. Carbon Monoxide (CO) detectors should be placed by the furnace. A properly installed and working smoke detector can save lives and might save your home.

3. Prevent careless fires
While smoke detectors provide the safety and security of early warning in case of fire, preventing a careless fire from ever starting is another important safety measure you can take. You can easily take fire prevention measures by looking at your house room by room and practicing basic safety rules.

In the kitchen, always double-check appliances like stoves, ovens, toasters, and coffee pots. Make sure they are turned off when not in use and unplug small appliances after each use.

Never leave cooking food — whether on the stovetop, in the oven, microwave or on your barbecue — unattended. Always keep an eye on the food that you are cooking, and keep items that can catch fire away from the stovetop.

Keep flammables, such as drapes and furniture, away from portable heaters or open-flame candles. Keep matches away from small children’s reach.

If you need to store combustible materials, carefully read and follow the packaging instructions.  Keep combustible materials away from areas exposed to high heat.

4. Use electrical outlets properly
Do not overload electrical outlets that could cause a fire. If you need additional power from an outlet, either use a power strip with a surge protector or hire a licensed electrician to run additional power to the outlet.

Set up a routine of checking appliance cords every month or so. This should be done for lamps, TVs, toasters, etc. Check the cords for fraying or open areas. If you notice any problem either replace the item, have the cord replaced, or cover it with electrical tape.

5. Have at least one fire extinguisher
Always keep a small fire extinguisher in or near the kitchen area in case of accidental grease or electrical fires. Don’t just keep the fire extinguisher handy; make sure you know how to use it.

You might also want to keep additional fire extinguishers in the basement, garage, and on second floor if you have one.

6. Plan and practice a fire escape route
Planning an escape route is critical in being prepared for an emergency and can save you valuable time in the event of a fire. Make sure everyone knows how to escape and keep all exits clear. Always keep keys for doors and windows where everyone can find them.

At least twice a year, practice your escape plan during the day and at night. Assign an adult to wake and assist each child in the house. Also, consider lending extra help to family members who are physically challenged or elderly. Identify a meeting place outside the home.

If there is a fire, get everyone out of the house as soon as possible and call 911.

How To Create More Visual Space in Your Home

 

Many people think of adding square footage to create more space. But that doesn't have to be the case. You can make your home appear bigger without going through the hassle of renovating and remodelling. With just a few home modifications, it is possible to make more from less. And remember, often what the eye needs is the illusion of spaciousness not actually more space.

Here's how to create the illusion of space without adding square footage.

1. Think of diagonal views. Think back to geometry and how the hypotenuse of the triangle was the longest of the three sides. Apply that to the sightlines within your small-house design. Your house will appear much bigger than it actually is if you are able to stand at one corner of the house and look to the far corner without any obstructions. Also, if you have a room that will be tiled, place the tiles on a diagonal. It makes the space seem larger visually, pushing the walls out.

2. Think like a sailor. Sailboats usually have no wasted space and that's what you should aim for. Look for opportunities for built-ins, such as building bookshelves in staircases, unique space-saving cabinets, drawers under beds, etc.

3. Use lighting to open up space and add interest. In creating the feeling of more space, it is important to give your house an airy feel. Use simple window dressings to bring natural light into a room. If possible, use recessed spotlights as they are both visually appealing and have a low profile that is perfect for a small space.

4. Play with the furniture. Try to move furniture away from the walls if the space allows. It will give a feeling of more openness compared to a sofa butted against a wall. If you're buying new pieces, try to purchase items that are on legs versus feet. The higher a piece of furniture sits from the floor, the more visual space is present. Also, armless furniture pieces give an illusion of extra space so consider an armless sofa or slipper chairs.

5. Accessorize. The bigger a piece of artwork is, the bigger the feeling of a space. A wall filled with many small pictures seems cluttered and less dynamic versus a wall with a large piece of art, which makes a bold statement. Also, "lighten up" the corners of a room by using lights and plants. It will look stunning at night, casting shadows on the ceilings and giving an illusion of more space.

6. Use mirrors to reflect light. When using mirrors in a space, make sure that whatever the mirror is reflecting it is pleasing to the eye, or at least doubles the amount of light let into the space. In addition to mirrors, use other materials that reflect light and space (stainless steel, chrome, etc.). A glass table with stainless steel legs will allow light to bounce off it.

7. Colour your world. The colour of a room’s walls has the power to create a mood and affect the room’s appearance. Use just one or two colours per room for visual simplicity that expands space. Also keep in mind that white, neutral, or pale colours best reflect light, visually "pushing back" walls. Cool blue and green hues will make a space seem larger and airier. Warm reds and yellows cozy a room and can make it appear smaller.

8. Let there be height. Use at least one tall element in a room to draw the eye upward, towards the ceiling. Not only does this maximize the vertical space in the room, but it also draws the eye up to the less crowded ceiling space above.

9. Minimize the amount of furniture you have in each room. It is both wise and essential to select furniture and accessories that perform multiple tasks. The smaller your space, the more this applies, especially with furniture. Storage is an obvious second job for many pieces of furniture.

Every room has good proportions that make its space flexible enough to create any environment you wish. Compromises in decorating, colour techniques, furniture arranging and lighting considerations can all contribute to the illusion of space. By following some of the tips above, you can create a visually larger room.

Spring Home Maintenance Checklist

 

Keeping your home in top shape requires year-round care. While each season brings different tasks and challenges for homeowners, spring is an especially important time – it’s when to assess winter wear and prepare for summer.

Many big home repairs start out small but, left unattended, become more costly problems. By taking care of little issues now, you can save yourself a lot of money and stress in the long run. Keeping a list of what needs to be done, can help you avoid and prevent the most common household problems.

Many of the necessary tasks are probably easy enough for you to take care of yourself. However, if you don’t feel comfortable or don’t have the proper equipment, consider hiring a qualified contractor to help you.

Inspect the roof 
Shingles that curl (turn up) and claw (turn down) can make your roof inefficient and susceptible to leaking. Check around vents, skylights, and chimneys for leaks and repair them as necessary.

Don’t forget to check your roof from the inside as well. Look in the attic for any signs of moisture or surface discolouration on the underside of the roof that may point to leakage from above or air leaks coming from your house.

Repair leaks
Before rainy spring weather hits, check to make sure you don't have any leaks, especially in a basement or attic. Double-check your door and window seals too, in case they might need a fresh coat of caulk or new weather stripping.

Clean gutters and drain pipes so leaves won't clog them and be sure they drain away from the house. Drain outside faucets.

Chimneys
If you have a masonry chimney, check the joints between bricks or stones. Have any fallen out? Is there vegetation growing out of them? Each signals water infiltration. Also, look for efflorescence which is a white calcium-like deposit that indicates your masonry joints are no longer repelling water but absorbing it. Consider re-sealing masonry with a clear, impermeable, or water-resistant barrier material (like Thoroseal products). Brush it on, small areas at a time; let it absorb for 15 minutes, then reapply—it may need a couple of applications.

Clean your home's siding with a pressure washer to keep mold from growing. Check all wooden surfaces for weathering and paint failure. If the wood is showing through, sand the immediate area and apply a primer coat before painting. If the paint is peeling, scrape the loose paint and sand it smooth before painting. Remember to replace rotted siding or trim it.
Check foundation walls, floors, concrete, and masonry for cracking, heaving, or deterioration. If you see large cracks or a significant number of bricks losing their mortar, call a professional.

Inspect trees for broken branches. If the broken limb is high up, hire a licensed arborist. If you can reach it from the ground, take it down using the three-cut technique, which prevents bark from tearing and creating an open wound on the trunk.

Seal cracks on the driveway and paths before weeds take up residence. Home centers sell patching materials and fillers designed for asphalt and concrete surfaces.

Spring is also a great time to clean your windows, screens, and hardware and replace storm windows with screens. Check your screens for holes or tears first and then repair or replace them if needed. Examine putty/caulk lines around exterior windows and doors and ensure weather stripping creates a good seal.

Check all decks, patios, porches, stairs, and railings for loose members and deterioration. Open decks and wood fences need to be treated every four to six years, depending on how much exposure they get to sun and rain. If the stain doesn't look like it should, or water has turned some of the wood a dark gray, hire a professional to treat your deck and fence.

Prune landscaping and create good drainage. Shrubs and landscaping help against soil erosion, but should be planted to form a negative grade, which means water will flow away from the house. You don't want growth up against the foundation of the home itself.

Inside the house:
When it’s warm enough outside turn off the gas fireplace pilot lights in your home.
Carry out the manufacturer’s recommended maintenance for your air conditioning system and ventilation equipment.  Be sure to consult your owner’s manual for cleaning instructions or hire a qualified contractor.

Check your smoke, carbon monoxide, and security alarms and replace the batteries.

Reopen any valves for outside hose bibs that were shut off last fall.

Tax Deductions You Should be Aware Of

 Many taxpayers overpay their taxes simply because they fail to claim some of the common deductions and credits they are entitled to. As a homeowner, there are several home tax deductions and credits that you can claim.

Before you submit your next return, check the following list. It represents the most frequently overlooked tax breaks available to typical working Canadians.

First-time home buyer’s tax credit
If you are buying a home for the first time, you can claim a non-refundable tax credit of up to $750. This new non-refundable tax credit is based on a percentage of $5,000. You or your spouse or common-law partner can claim the home buyer’s tax credit.

GST/HST tax rebate (new housing rebate)
If you buy a new home as your principal residence, and if it’s less than $450,000, you may be able to claim the GST/HST new housing rebate too. Ontario and B.C. residents may also claim the provincial portion of the HST if they buy, build or do a major renovation on their principal residence. Other home tax deductions exist for homes that are built by the owner as well as for residential rental properties.

Home Buyer’s Plan
The Home Buyer’s Plan allows you to withdraw up to $25,000 from your registered retirement savings plan (RRSP) to help with the purchase or construction of a home. Certain conditions apply. Submit a request by completing the T1036 tax form that is available.

Medical expenses tax credit
Persons with mobility impairments can claim renovation expenses to make their home more accessible under medical expenses deductions in Canada. The government provides an extensive list of eligible medical expenses as well as medical expenses that you cannot claim. 

Moving expenses
If you move within Canada, your moving expenses might be an allowable tax deductible. You must be employed, and your new location must be at least 40 kilometres closer to your place of work. Starting a business would qualify, as would moving away from home to take your first job. If the deductions are greater than earned income, they can be carried forward for one year to realize the full tax benefit.

Expenses that can be claimed include hiring movers or renting a van to move, breaking a lease, furniture storage, meals and lodging for you and your family while traveling, and legal fees and real estate commissions if you have to sell your home.

Work-from-home expenses
If you are using your house as part of your business — a home office for example — you can claim a deduction for that part of the home that is used to conduct business activities. If you are a homeowner you can claim a portion of your mortgage interest, property taxes, and capital cost allowance. You can claim a portion of your monthly rent if you are a renter. You can include in your deduction a share of the utilities, insurance or home maintenance allotted to the area of the house set aside for business use. For each of these expenses, you can claim a percentage equal to the percentage of your home that is reserved for business.

You can’t use these items to create a loss that could be deducted against other sources of income, however. Of course, any expenses solely related to the business, such as supplies, travel, and client entertainment, are fully deductible. CRA forms T2124 and T2032 contain a guide entitled “Calculation of Business-Use-of-Home Expenses” to help you calculate your allowable claim.

Rental income
If you rent a property you own or that you have use of, use the T776 tax form to report the rental income and claim allowable expenses such as advertising, insurance, and interest on the money you borrow to buy or improve the property.

Childcare tax credit
In most cases, childcare expenses for an eligible child must be claimed by the parent with the lower net income for tax purposes.  If parents are separated and share custody, each parent may usually claim a portion of the childcare costs.  Where a medical doctor certifies in writing that the lower-income spouse is incapable of caring for the child due to physical or mental infirmity, the costs may be claimed by the higher-income spouse.

Eligible child care expenses include daycare centres and day nursery schools, some individuals providing child care services, day camps and day sports schools, educational institutions such as private schools (the portion of tuition costs relating to child care services), boarding schools, and overnight sports schools and camps.

Provincial credits
Manitoba homeowners benefit from two other home tax credits: the Education Property tax credit and the School Tax Credit for homeowners. In Ontario, homeowners can apply for the Ontario property tax credit and the Senior Homeowner’s Property tax credit.  For more information, please consult the CRA website http://www.cra-arc.gc.ca

Home Resale Market Stabilizes in February

While higher lending rates are impacting sales activity as expected, we are seeing a stronger pullback in new listings, keeping supply levels low and supporting some stronger-than-expected monthly price gains. Prices are still below the 2022 peak and it is still early in the year. However, if we do not see a shift in supply, we could see further upward pressure on prices over the near term.

Ontario - Resale Market Stabilizes in February with a Glimmer of Hope for Buyers and Sellers Alike!

Toronto, 02 March 2023 -- February sales in the Greater Toronto Area (GTA) were down substantially from the pre-rate hike levels of early 2022. However, the number of new listings also dropped substantially year-over-year. The result was that the average selling price and MLS® HPI continued to level off after trending lower through the spring and summer of last year.

“It has been almost a year since the Bank of Canada started raising interest rates. Home prices have dropped over the last year from the record peak in February 2022, mitigating the impact of higher borrowing costs. Many homebuyers have also decided to purchase a lower-priced home to help offset higher borrowing costs. The share of home purchases below one million dollars is up substantially compared to this time last year,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.

GTA REALTORS® reported 4,783 sales through TRREB’s MLS® System in February 2023 – down 47% compared to February 2022, the last full month before the onset of interest rate hikes. The number of new listings entered into the system was down by a similar annual rate of 40.9% to 8,367.

“New listings continued to drop year-over-year in the GTA. Recently released Ipsos polling suggests buying intentions have picked up for 2023. This increased demand will run up against a constrained supply of listings and lead to increased competition between buyers. This will eventually lead to renewed price growth in many segments of the market, especially those catering to first-time buyers facing increased rental costs,” said TRREB Chief Market Analyst Jason Mercer.

The average selling price for February 2023 was $1,095,617 – down 17.9% compared to February 2022. Some of this decline is attributable to the fact that the share of sales below $1,000,000 was 57% in February 2023 versus only 38% a year earlier. On a monthly basis, the average price followed the regular seasonal trend, increasing relative to January 2023. The MLS® Home Price Index (HPI) Composite Benchmark was down year-over-year by a similar annual rate of 17.7%, but was also up on a monthly basis.

“As we move toward a June mayoral by-election in Toronto, housing supply will once again be front and centre in the policy debate. New and innovative solutions, including the City of Toronto’s initiative to allow duplexes, triplexes and fourplexes in all neighbourhoods citywide, need to come to fruition if we are to achieve an adequate and diverse housing supply that will support record population growth in the years to come,” said TRREB Chief Executive Officer John DiMichele.

 

Resale Market Stabilizes in February with a Glimmer of Hope for Buyers and Sellers Alike!

Ottawa, March 3, 2023 -- Members of the Ottawa Real Estate Board (OREB) sold 855 residential properties in February through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,411 in February 2022, a decrease of 39%. February’s sales included 633 in the freehold-property class, down 42% from a year ago, and 222 in the condominium-property category, a decrease of 31% from February 2022. The five-year average for total unit sales in February is 1,157.

“We’re going to see declines in transactions and prices when we compare current figures to last February — the height of the pandemic resale market activity,” says Ottawa Real Estate Board’s President Ken Dekker. “On the other hand, with the Bank of Canada holding interest rates steady, prospective buyers have more budget certainty to work with as we head into the spring market.”

The average sale price for a freehold-class property in February was $708,968, a decrease of 15% from 2022. However, it marks a 5% increase over January 2023.

The average sale price for a condominium-class property was $410,927, decreasing 12% from a year ago.

With year-to-date average sale prices at $695,086 for freeholds and $411,449 for condos, these values represent a 14% decrease over 2022 for freehold-class properties and a 10% decrease for condominium-class properties.

“The average price increase for freeholds over January could be an indicator that buyers have normalized to the current interest rates. And perhaps, it’s a glimmer of more activity to come in the months ahead.”

Months of Inventory for the freehold-class properties has increased to 2.8 months from 0.7 months in February 2022.

Months of Inventory for condominium-class properties has increased to 2.5 months from 0.7 months in February 2022.

February’s new listings (1,366) were 22% lower than February 2022 (1,762) and up 3% from January 2023 (1,323). The 5-year average for new listings in February is 1,632.

Days on market (DOM) for freeholds decreased from 43 to 37 days and 47 to 43 days for condos compared to last month.

“A decrease in the days on market, paired with fewer new listings entering the market, is good news for sellers,” says Dekker. “However, if that trend continues to impact our supply stock and we don’t get more inventory, our otherwise balanced market could swing back into seller’s territory — but it’s too early to predict.”

“The best advice for sellers and buyers in today’s market is to pay close attention to the comparison and competition insights only a REALTOR® can offer. Ottawa is made up of many micro-markets, and neighbourhood-level data is vital to standing out and closing deals.”

REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 995 properties compared to 800 last year at this time, an increase of 24%.

 

Alberta - Lowest February inventory since 2006

City of Calgary, March. 1, 2023 – Consistent with typical seasonal behaviour sales, new listings and inventory levels all trended up compared to last month. However, with 1,740 sales and 2,389 new listings, inventory levels improved only slightly over the last month and remained amongst the lowest February levels seen since 2006.

“While higher lending rates are impacting sales activity as expected, we are seeing a stronger pullback in new listings, keeping supply levels low and supporting some stronger-than-expected monthly price gains,” said CREB® Chief Economist Ann-Marie Lurie. “Prices are still below the May 2022 peak and it is still early in the year. However, if we do not see a shift in supply, we could see further upward pressure on prices over the near term.”

Both sales and new listings declined over last year’s record high for the month. While sales activity remained stronger than long-term trends and levels reported throughout the 2015 to 2020 period, new listings fell below long-term trends.

With a sales-to-new-listings ratio of 73% and a months of supply of under two months, the market has struggled to move into balanced territory causing further upward pressure on home prices. The unadjusted benchmark price increased by nearly two% over January levels and last year’s prices.

Detached - Both sales and new listings reported significant year-over-year declines over last year’s record high. While the seasonal monthly gain did see inventories move up over the last two months, levels are still amongst the lowest seen in February, and the months of supply fell below two months.

Further tightening conditions did cause the unadjusted benchmark prices to rise over last month’s levels, but at a price of $635,900, it is still below the peak reported in May 2022. While supply continues to remain a challenge relative to demand for lower-priced homes, we are seeing conditions shift into balanced territory for homes priced above $700,000.

Semi-Detached - Like the detached sector despite the seasonal monthly gain, both sales and new listings fell from last year’s record high. While inventories are starting to rise over the levels seen in the past few months, they remain amongst the lowest levels reported for February. The relatively low inventory levels caused the months of supply to fall below two months in February, while it is still higher than last year’s ultra-low levels, conditions continue to favour the seller.

The unadjusted benchmark price reached $568,100 in February, nearly two% higher than last month and a three% gain over last February. Persistently tight market conditions contributed to the monthly unadjusted gain in the benchmark price. However, like detached properties prices remain below the May 2022 peak.

Row - Conditions remained exceptionally tight in February with only one month of supply and a sales-to-new listings ratio of 87%. While row sales have eased over record levels, they have remained relatively strong for February as demand shifts toward the affordable product in the market.

The persistently tight conditions caused further upward pressure on prices. In February, the unadjusted benchmark price reached $369,700, a monthly gain of over two% and a year-over-year gain of nine%. Unlike the other sectors, prices have reached a new high this month.

Apartment Condominium - Sales for apartment condominiums did not see the same pace of decline as other property types in February partly due to the level of new listings coming onto the market. Persistently strong sales compared to listings have caused February inventory levels to remain relatively low compared to levels seen over the past eight years and the months of supply once again dropped below two months.

The tight market condition contributed to the upward pressure on prices. In February, the unadjusted apartment benchmark price reached $286,000, nearly three% higher than last month and over 11% higher than last February. While prices are still higher than the levels reported last year, they remain nearly seven% below the peak levels reported back in 2014.

 

Britsh Coloubia - Below average home sales allow inventory to inch upwards

Metro Vancouver, 3 February 2022 -- February listing data show a continued reluctance among prospective home sellers to engage in Metro Vancouver’s housing market, leading to below-average sales activity. With sales remaining well-below historical norms, the number of available homes for sale in the region have continued inching upwards.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,808 in February 2023, a 47.2% decrease from the 3,424 sales recorded in February 2022, and a 76.9% increase from the 1,022 homes sold in January 2023.

Last month’s sales were 33% below the 10-year February sales average.

"It’s hard to sell what you don’t have, and with new listing activity remaining among the lowest in recent history, sales are struggling to hit typical levels for this point in the year. On the plus side for prospective buyers, the below-average sales activity is allowing inventory to accumulate, which is keeping market conditions from straying too deeply into sellers’ market territory, particularly in the more affordably priced segments."

Andrew Lis, REBGV Director, economics and data analytics

There were 3,467 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2023. This represents a 36.6% decrease compared to the 5,471 homes listed in February 2022 and a 5.2% increase compared to January 2023 when 3,297 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,868, a 16.7% increase compared to February 2022 (6,742) and a 5.2% increase compared to January 2023 (7,478).

“While we continue to expect home price trends to show year-over-year declines for a few more months, current data and market activity suggest pricing is firming up. In fact, some leading indicators suggest we may see modest price increases this spring, particularly if sales activity increases and mortgage rates hold steady,” Lis said.

“In the somewhat unusual market environment we find ourselves in right now with higher mortgage rates, fewer sales, and inventory that is inching higher but remains far from abundant, working with a Realtor who understands your local market conditions and has experience navigating challenging markets is paramount.”

For all property types, the sales-to-active listings ratio for February 2023 is 23%. By property type, the ratio is 16.8% for detached homes, 30.1% for townhomes, and 25.8% for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,123,400. This represents a 9.3% decrease over February 2022 and a 1.1% increase compared to January 2023.

Sales of detached homes in February 2023 reached 514, a 49.1% decrease from the 1,010 detached sales recorded in February 2022. The benchmark price for detached properties is $1,813,100. This represents a 12% decrease from February 2022 and a 0.7% increase compared to January 2023.

Sales of apartment homes reached 928 in February 2023, a 49.9% decrease compared to the 1,854 sales in February 2022. The benchmark price of an apartment property is $732,200. This represents a three% decrease from February 2022 and a 1.6% increase compared to January 2023.

Attached home sales in February 2023 totalled 366, a 34.6% decrease compared to the 560 sales in February 2022. The benchmark price of an attached unit is $1,038,500. This represents a 6.3% decrease from February 2022 and a 1.8% increase compared to January 2023.

 

Home Sales Down, Prices Stabilizing in February

WATERLOO REGION, ON (March 3, 2023) —Sales volume through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR) set a low for the month of February, with 439 homes sold, representing a decrease of 45.0 per cent compared to February 2022 and 31.5 per cent below the previous 5-year average for the month.

“Once again, we experienced record low listing sales in February,” says Megan Bell, president of WRAR. “Increased borrowing costs, coupled with a shortage of housing supply and strong demand, have put a strain on prospective buyers as affordability continues to be a top concern; however, home prices have remained stable for the past several months.”

Total residential sales in February included 256 detached (down 45.3 per cent from February 2022), and 100 townhouses (down 33.3 per cent). Sales also included 55 condominium units (down 52.6 per cent) and 28 semi-detached homes (down 56.3 per cent).

In February, the average sale price for all residential properties in Waterloo Region was $758,698. This represents a 25.1 per cent decrease compared to February 2022 and a 0.6 per cent decrease compared to January 2023.

• The average price of a detached home was $877,884. This represents a 26.0 per cent decrease from February 2022 and a decrease 0.9 per cent compared to January 2023.
• The average sale price for a townhouse was $642,777. This represents a 25.6 per cent decrease from February 2022 and an increase of 2.7 per cent compared to January 2023.
• The average sale price for an apartment-style condominium was $461,322. This represents a decrease of 19.2 per cent from February 2022 and a decrease of 6.9 per cent compared to January 2023.
• The average sale price for a semi was $667,250. This represents a decrease of 25.8 per cent compared to February 2022 and an increase of 2.6 per cent compared to January 2023.

“Limited supply and the small number of listings coming to the market continues to be a trend within the region,” says Bell. “There may be some hesitation for those considering selling their property due to decreased reported sale prices; however, with demand continuing to outpace supply and prices stabilizing, sellers are in a healthy position to make their move.”

Bell points out that although prices have fallen more than 20 per cent from their peak in February 2022, they remain significantly higher than three years ago.

There were 671 new listings added to the MLS® System in Waterloo Region last month, a decrease of 37.1 per cent compared to February of last year and a 24.8 per cent decrease compared to the previous ten-year average for February.

The total number of homes available for sale in active status at the end of February was 692, an increase of 75.2 per cent compared to February of last year and 38.0 per cent below the previous ten-year average of 1117 listings for February.

The number of months of inventory is up 140.0 per cent compared to February of last year, but still historically low at 1.2 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.  

The average number of days to sell in February was 20, compared to 8 days in February 2022. The previous 5-year average is 16 days.