Safety Tips for Woodburning Fireplaces and Woodstoves

A properly installed and carefully maintained fireplace or wood-burning stove can provide the warmth and comfort you need in winter. It also provides the perfect heating alternative when there is a power outage. However, as more than 30% of residential fires are caused by these devices, it’s essential to know how to use them safely and understand the importance of regular maintenance.

Ensure the fireplace or stove is properly installed 

Most fire safety codes require that a wood-burning stove must be at least three feet away from drapes, furniture, and other items. Keep flammable materials away from your fireplace mantle. A spark from the fireplace could easily ignite these materials.

Choose the right wood 

Use well-seasoned firewood that has been dried for six months to a year. Logs that are soft or moist can burn off creosote, a residue that can build up in chimneys and is the leading cause of chimney fires. Never burn charcoal indoors. Burning charcoal can give off lethal amounts of carbon monoxide.

Light small fires 

Light a small fire and then add small pieces of seasoned firewood as required. Burning a big pile of wood causes incomplete burning and can result in overheating of the fireplace and chimney.

Before starting a fire in your wood stove or fireplace, be sure the draft is open wide. This allows proper ventilation for your fire.

Close the screen

Always use a fireplace screen or glass doors. Never keep your wood-burning stove door open unless you have a sturdy screen in front of it to prevent flying sparks from catching on something flammable.

Never burn paper or trash 

Burning paper or trash in the wood-burning stove may seem like a quick way to light a fire. However, this practice is dangerous because these substances are highly combustible and may emanate toxic gases.

Keep children and pets away 

Never leave a wood-burning stove unsupervised. Make sure your children and pets are a safe distance away. Installing a safety gate around the wood-burning stove is an effective way of maintaining a boundary.

Put out the fire before you go to sleep 

Make sure your fire is extinguished before you go to bed or leave your home. NEVER close the damper with hot ashes in the fireplace.  A closed damper will help the fire to heat up again and will force toxic carbon monoxide into the house.

Install smoke alarms and carbon monoxide detectors 

Any home that uses a wood-burning stove must have a working smoke alarm and carbon monoxide detector. These devices warn you in times of danger and can save your home and family—keep a fire extinguisher nearby.

Keep the stove or fireplace clean  

A clogged chimney or a fireplace that is coated in residue will result in a smoky and possibly dangerous fire. Make sure to have your unit professionally cleaned at least once a year by a certified chimney sweep.

Common Home Seller Mistakes

Selling your home? Don’t let avoidable mistakes cut into your profits. Most people don’t sell homes for a living. The right real estate agent is a vital piece in the selling puzzle but ultimately it’s your home and your profit or your loss. Don’t let these common sellers' mistakes diminish your profits.

Mistake #1 -- Setting the Wrong Price for Your Property

Every seller obviously wants to get the most money for his or her home. Ironically, the best way to do this is not to list your home at an excessively high price. A high listing price will cause some prospective buyers to lose interest before even seeing your property. Also, it may lead other buyers to expect more than what you have to offer. As a result, overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price.

Mistake #2 -- Mistaking Re-finance Appraisals for the Market Value

Unfortunately, a re-finance appraisal may have been stated at an untruthfully high price. Often, lenders estimate the value of your property to be higher than it actually is in order to encourage re-financing. The market value of your home could actually be lower. Your best bet is to ask your realtor for the most recent information regarding property sales in your neighbourhood. This will give you an up-to-date and factually accurate estimate of your property value.

Mistake #3 -- Failing to "Showcase"

In spite of how frequently this mistake is addressed and how simple it is to avoid, its prevalence is still widespread. When attempting to sell your home to prospective buyers, do not forget to make your home look as pleasant as possible. Make necessary repairs. Clean. Make sure everything functions and looks presentable. A poorly kept home in need of repairs will surely lower the selling price of your property and will even turn away some buyers.

Mistake #4 - Trying to "Hard Sell" While Showing

Buying a house is always an emotional and difficult decision. As a result, you should try to allow prospective buyers to comfortably examine your property. Don't try haggling or forcefully selling. Instead, be friendly and hospitable. A good idea would be to point out any subtle amenities and be receptive to questions.

Mistake #5 - Trying to Sell to Lookers

A prospective buyer who shows interest because of a "for sale" sign he saw may not really be interested in your property. Often buyers who do not come through a realtor are a good 6-9 months away from buying, and they are more interested in seeing what is out there than in actually making a purchase. They may still have to sell their house, or may not be able to afford a house yet. They may also be unsure as to whether or not they want to relocate.

Your realtor should be able to distinguish realistic potential buyers from mere lookers.

Realtors should usually find out a prospective buyer's savings, credit rating, and purchasing power in general. If your realtor fails to find out this pertinent information, you should do some investigating and questioning on your own. This will help you avoid wasting valuable time marketing to the wrong people. If you have to do this work yourself, consider finding a new realtor.

Mistake #6 – Not understanding of Your Rights and Responsibilities

It is extremely important that you are well-informed of the details in your real estate contract. Real estate contracts are legally binding documents, and they can often be complex and confusing. Not being aware of the terms in your contract could cost you thousands for repairs and inspections. Know what you are responsible for before signing the contract. Can the property be sold "as is"? How will deed restrictions and local zoning laws affect your transaction? Not knowing the answers to these types of questions could end up costing you a considerable amount of money.

Mistake #7 - Signing a Contract with No Escape

Hopefully, you will have taken the time to choose the best realtor for you. But sometimes, as we all know, circumstances change. Perhaps you misjudged your realtor, or perhaps the realtor has other priorities on his or her mind. In any case, you should have the right to fire your agent. Also, you should have the right to select another agent of your choosing. Many real estate companies will simply replace an agent with another one, without consulting you. Be sure to have control over your situation before signing a real estate contract.

Mistake #8 - Limiting the Marketing and Advertising of the Property

There are two obvious marketing tools that nearly every seller uses: open houses and classified ads. Unfortunately, these two tools are rather ineffective. Less than 1% of homes are sold at open houses, and less than 3% are sold because of classified ads. In fact, realtors often use open houses to attract future prospects, not to sell the house.

Your realtor should employ a wide variety of marketing techniques. Your realtor should also be committed to selling your property. He or she should be available for every phone call from a prospective buyer. Most calls are received, and open houses are scheduled, during business hours, so make sure that your realtor is working on selling your home during these hours. Chances are that you have a job, too, so you may not be able to get in touch with many potential buyers.

Mistake #9 - Choosing the Wrong Realtor

Selling your home could be the most important financial transaction in your lifetime. As a result, it is extremely important that you select the realtor that is best for you. Experienced real estate agents often cost as much as brand-new agents. Chances are that the experienced agent will be able to bring you a higher price in less time and with fewer hassles.

Take your time when selecting a real estate agent. Interview several agents and ask them key questions. If you want to make your selling experience the best it can be, it is crucial that you select the best agent for you.

The Pros and Cons of Debt Consolidation

Feeling overwhelmed by multiple bills? Looking for a solution to growing credit card debt? Reduce your debt, restore your credit, and feel relief with a debt consolidation loan. 

A debt consolidation loan is where a bank, credit union, or finance company provides you with the money to pay off your outstanding debts and "consolidate" them (bring them all together) into one big loan. This usually applies to your unsecured debt, which may include your credit card bills, lines of credit, unsecured loans – or any other debt that doesn’t require collateral, such as a home or car. 

Advantages of a Debt Consolidation Loan

1. You only have one monthly payment to worry about
2. You often consolidate at a lower interest rate which saves you money
3. Your debt will be paid off in a set amount of time (typically 2 - 5 years)
4. Simple, monthly fund transfers by telephone banking, debit card, or money order
5. Timely, automatic payments to creditors, with full tracking
6. Any fees charged for this service are usually very low

 

Debt Consolidation Loan Interest Rates
Banks and credit unions usually offer the best interest rates for debt consolidation loans. Many factors can help you get a better interest rate with a bank or credit union including your credit score, your net worth, and whether you have a relationship with them and can offer good security (collateral) for a loan or not. Good security for a debt consolidation loan will often be a newer model vehicle, boat, term deposit (non-RRSP), or another asset that can easily be sold or liquidated by the bank if you don't pay to make your loan payments.

For the past decade, banks have typically charged interest rates on debt consolidation loans of around 7% - 12%. Finance companies tend to charge anywhere from 14% for secured loans to over 3% for unsecured loans.

Disadvantages of a Debt Consolidation Loan

1. They usually require security (collateral)
2. You must have a decent credit score
3. Interest rates are higher than a home equity loan (refinancing your home)
4. Interest rates for unsecured debt consolidation loans can be high

While banks rarely approve unsecured debt consolidation loans, some do get approved from time to time. To qualify for one of these you would typically need to have a high net worth (the value of your assets after you subtract all of your debts) and a very strong credit score or a co-signer who has a very high net worth and a very strong credit score.

What are your chances of getting a Debt Consolidation Loan?
If your credit score meets the bank's minimum requirement (meaning: not too many late payments or any big negatives on your credit report), you earn enough income, your total monthly minimum debt payments aren't too high and you can offer some good security for a loan, then you may qualify for a debt consolidation loan. If you don't quite meet all of these requirements on your own, you may still be able to qualify if you can find a good co-signer.

If your minimum monthly debt payments are too high - even after a consolidation loan is factored into the situation, you have bad credit, or you can't offer some reasonable security for a loan, then a consolidation loan probably won't work. 

7 Tips to Keep Your Home Secure this Holiday Season

The holiday season is here, so you’re likely busy shopping for gifts, attending parties, and traveling to visit relatives and friends. But now is also the time to think about your home’s security. Although July and August are the peak months for break-ins, Thousands of burglaries occur during November and December.

Here are a few home security tips for the holidays.

1. Conduct a security check.
Conduct a security check of your home by walking around the perimeter and thinking like a burglar. Look for weak points of entry, such as a door that doesn’t lock properly or an unlocked window, and get them fixed. Then scan your yard for bikes, leaf blowers, or other items that may tempt a burglar and secure them in the shed or garage. Finally, trim overgrown shrubs because they could conceal the burglar while he breaks into your home.

2. Don’t advertise your new gifts.
Placing perfectly wrapped gifts under your Christmas tree makes for a stunning holiday display, but it’s like eye candy to a burglar. Either ensure gifts can’t be seen through windows or habitually close curtains to keep curious criminals from scoping out your house. This tip applies to other goodies too; don’t leave your laptop or your kid’s pricey game console in sight.

3. Take advantage of home automation.
With a good home automation system, you can achieve a lived-in look by turning lights on or off or programming the TV or radio to turn on at random times. Whether you’re at the office or visiting family for the holidays, home automation lets you control your home right from your web-connected device and helps keep burglars at bay.

4. Install a home security system.
Installing a monitored home security system offers a variety of benefits, not the least of which is it makes your home less likely to be burglarized. Plus, many systems allow you to view real-time video of your home from your smartphone, tablet, or another connected device, which can give you valuable peace of mind while traveling.

5. Talk to your trusted neighbours
Make sure that you have someone watch your home while you are away. Most burglars target homes that seem to be unoccupied. Have the home watcher turn on a different light each night, collect the mail and newspapers that pile up, leave a television on, and so on.

If you live in an area where it snows, plan to have your driveway shovelled. Ask a trusted neighbour or friend to leave tires tracks and footprints in the snow.

If your neighbourhood has a Neighbourhood Watch, you may want to notify them of your plans.

6. Keep your travel plans private.
We all want to brag about our holiday travel and post status updates once we’re there, but it is too easy to forget that most of what we say is public, searchable, and ripe for people to take advantage of.

Tell your plans only to those who need to know, and caution your kids to do the same as well. If your home is unattended while you’re away, save the social media updates and photos for after you’re back.

7. Lock vehicles.
Burglars aren’t the only bad guys out there. Petty criminals are known to canvas neighbourhoods looking for unlocked car doors. They’ll take anything they can get their hands on, like CDs, GPS devices, loose change, sunglasses, and even personal identifying information. Keep your car’s doors locked at all times and never leave gifts or other valuables in sight. You should also make it a habit to hide the garage door opener so it can’t be seen by those passing by, or better yet, take it with you when you go inside your home. If a burglar gets his hands on the garage door opener he’s not only able to grab the goodies stashed in the garage, he may gain access to your home through an interior door.

Don’t let a burglary dampen your holiday festivities. Use these tips to take a proactive approach to home security and help strengthen your home’s defense.

Elevated Borrowing Costs Take Their Toll on Housing Affordability Across Canada

Inflation and elevated borrowing costs have taken their toll on affordability. This has been no more apparent than in the interest-rate-sensitive housing market. However, it does appear relief is on the horizon. Bond yields, which underpin fixed-rate mortgages have been trending lower and an increasing number of forecasters are anticipating Bank of Canada rate cuts in the first half of 2024. Lower rates will help alleviate affordability issues for existing homeowners and those looking to enter the market.

 

Ontario Elevated Borrowing Costs Taking a Toll on Housing Affordability

Toronto, 04 December 2023, High borrowing costs and uncertain economic conditions continued to weigh on Greater Toronto Area (GTA) home sales in November 2023. Sales were down on a year-over-year basis, while listings were up from last year’s trough in supply. With more choice in the market, selling prices remained flat year-over-year.

“Inflation and elevated borrowing costs have taken their toll on affordability. This has been no more apparent than in the interest-rate-sensitive housing market. However, it does appear relief is on the horizon. Bond yields, which underpin fixed-rate mortgages have been trending lower and an increasing number of forecasters are anticipating Bank of Canada rate cuts in the first half of 2024. Lower rates will help alleviate affordability issues for existing homeowners and those looking to enter the market,” said Toronto Regional Real Estate Board (TRREB) President Paul Baron.

GTA REALTORS® reported 4,236 sales through TRREB’s MLS® System in November 2023 – a 6% decline compared to November 2022. Over the same period, the number of new listings was up by 16.5%. On a seasonally adjusted monthly basis, sales edged up compared to October 2023, while new listings were down by 5.5%.

The MLS® Home Price Index Composite benchmark and the average selling price, at $1,082,179, in November 2023 were basically flat in comparison to November 2022. On a seasonally adjusted monthly basis, the MLS® HPI Composite benchmark was down by 1.7%. The average selling price was down 2.2% month-over-month.

“Home prices have adjusted from their peak in response to higher borrowing costs. This has provided some relief for buyers, from an affordability perspective. As mortgage rates trend lower next year and the population continues to grow at a record pace, expect demand to increase relative to supply. This will eventually lead to renewed growth in home prices,” said TRREB Chief Market Analyst Jason Mercer.

“Houses and condos are meant to be homes, first and foremost. We know the demand for homes, both rental and ownership, will grow for years to come. We have seen some productive policy decisions recently that should help with housing affordability, including allowing existing insured mortgage holders to switch lenders without the stress test. Additionally, in the interest of household and economic stability, we continue to call on the Office of the Superintendent of Financial Institutions (OSFI) to apply the same approach to uninsured mortgages. It also goes without saying that further policy work is required to bring more supply online,” said TRREB CEO John DiMichele.

 

Ottawa MLS® Home Sales Stable in November Amid Growing Supply

Ottawa, December 5, 2023 --The number of homes sold through the MLS® System of the Ottawa Real Estate Board totaled 724 units in November 2023. This was a small reduction of 1.6% from November 2022.

Home sales were 31.8% below the five-year average and 27.4% below the 10-year average for the month of November.

On a year-to-date basis, home sales totaled 11,421 units after 11 months of the year. This was a decline of 11.7% from the same period in 2022.

“Sales are performing as expected with the arrival of colder months, and an uptick in new and active listings is bringing more choice back into the market,” says OREB President Ken Dekker. “While more choice may mean the pace of buying and selling has slowed, that doesn’t mean people looking to enter or upgrade in the market should sit back. Prospective buyers or those looking to upgrade have an opportunity to collaborate with their REALTOR® to carefully explore the market, identify the ideal property, and negotiate an attractive deal at their own pace. Sellers will have to manage their expectations regarding the quantity of offers and speed of transactions, and their REALTOR® is the best resource to help them confidently price and prepare their home for a quality sale.”

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.

The overall MLS® HPI composite benchmark price was $628,900 in November 2023, nearly unchanged, up only 1.4% from November 2022.

The benchmark price for single-family homes was $708,900, up 1.6% on a year-over-year.

By comparison, the benchmark price for a townhouse was $492,300, nearly unchanged, up 0.8% compared to a year earlier.

The benchmark apartment price was $424,300, up 1.2% from year-ago levels.

The average price of homes sold in November 2023 was $633,138, decreasing 0.8% from November 2022. The more comprehensive year-to-date average price was $669,536, a decline of 5.7% from 11 months of 2022.

The dollar value of all home sales in November 2023 was $458.4 million, down 2.4% from the same month in 2022.

OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood.

The number of new listings saw an increase of 2.7% from November 2022. There were 1,428 new residential listings in November 2023. New listings were 8.4% above the five-year average and 10.4% above the 10-year average for the month of November.

Active residential listings numbered 2,752 units on the market at the end of November, a sizable gain of 15.8% from the end of November 2022.

Active listings were 53.9% above the five-year average and 6.7% below the 10-year average for the month of November. Active listings haven’t been this high in the month of November in more than five years.

Months of inventory numbered 3.8 at the end of November 2023, up from the 3.2 months recorded at the end of November 2022 and above the long-run average of 3.3 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

British Columbia - Balanced conditions come to the Metro Vancouver housing market for the holiday season

Metro Vancouver, November 15, 2023 -- With one month left in 2023, a steady increase in housing inventory is offering home buyers across Metro Vancouver among the largest selection to choose from since 2021.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential sales in the region totalled 1,702 in November 2023, a 4.7% increase from the 1,625 sales recorded in November 2022. This was 33% below the 10-year seasonal average (2,538).

"We’ve been watching the number of active listings in our market increase over the past few months, which is giving buyers more to choose from than they’ve been used to seeing over the past few years. When paired with the seasonal slowdown in sales we typically see this time of year, this increase in supply is creating balanced conditions across Metro Vancouver’s housing market." Andrew Lis, REBGV director of economics and data analytics

There were 3,369 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2023. This represents a 9.8% increase compared to the 3,069 properties listed in November 2022. This was 2.8% below the 10-year seasonal average (3,464).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 10,931, a 13.5% increase compared to November 2022 (9,633). This is 3.7% above the 10-year seasonal average (10,543).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for November 2023 is 16.3%. By property type, the ratio is 12.7% for detached homes, 19.8% for attached, and 18.2% for apartments.

Analysis of the historical data suggests 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.

“Balanced market conditions typically come with flatter price trends, and that’s what we’ve seen in the market since the summer months. These trends follow a period where prices rose over seven% earlier in the year,” Lis said.

“You probably won’t find Cyber Monday discounts, but prices have edged lower by a few% since the summer. And with most economists expecting mortgage rates to fall modestly in 2024, market conditions for buyers are arguably the most favorable we’ve seen in some time in our market.”

Sales-to-active listings ratio - November 2023

Detached 12.7 %
Attached 19.8 %
Apartment 18.2 %
Total 16.3 %

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,185,100. This represents a 4.9% increase over November 2022 and a 1% decrease compared to October 2023.

Sales of detached homes in November 2023 reached 523, a 7% increase from the 489 detached sales recorded in November 2022. The benchmark price for a detached home is $1,982,600. This represents a 6.8% increase from November 2022 and a 0.9% decrease compared to October 2023.

Sales of apartment homes reached 850 in November 2023, a 0.4% increase compared to the 847 sales in November 2022. The benchmark price of an apartment home is $762,700. This represents a 6.2% increase from November 2022 and a 1% decrease compared to October 2023.

Attached home sales in November 2023 totalled 316, a 12.5% increase compared to the 281 sales in November 2022. The benchmark price of a townhouses is $1,092,600. This represents a 6.9% increase from November 2022 and a 0.7% decrease compared to October 2023.

 

Alberta - Increased listings, strong sales, and price growth

Calgary, Dec. 1, 2023 – New listings in November reached 2,227 units, nearly 40% higher than the exceptionally low levels reported last year at this time. Gains in new listings occurred across most price ranges, but the most significant gains occurred from homes priced over $600,000.

Despite the year-over-year jump in new listings, inventory levels remained low thanks to relatively strong sales. With 1,787 sales in November, the sales to new listings ratio remained high at 80%, and the months of supply remained below two months.

“Like other large cities, new listings have been increasing,” said CREB® Chief Economist Ann-Marie Lurie. “However, in Calgary, the gains have not been enough to change the low inventory situation thanks to strong demand. Our market continues to favour the seller, driving further price growth.”

As of November, the benchmark price was $572,700, up over last month and nearly 11% higher than November 2022. Year-to-date, the average benchmark price has risen by over five%. 

City of Calgary November Housing Stats 

Detached - Limited supply choice for homes priced below $700,000 has been the primary cause of the decline in detached home sales. While November reported a marginal gain over last year, year-to-date sales have declined by 20%. November saw a rise in new listings compared to the previous year, but higher-priced homes drove most gains. This has left the detached market with exceptionally tight conditions for prices below $700,000 and more balanced conditions for higher-priced homes. Overall, the month of supply remains exceptionally low at under two months.

Persistently tight conditions continue to cause further price gains in the detached market. As of November, the unadjusted benchmark price reached $699,500, a slight increase over last month and over 13% higher than last November. While detached home prices are much higher than last year's levels in every district, year-to-date gains are the highest in the most affordable districts of the North East and East. 

Semi-Detached - November saw a boost in new listings compared to last year, helping to prevent a year-over-year decline in inventory levels. However, inventory levels are still over 40% below typical levels seen in November. With a sales-to-new-listings ratio of 77% and a month-of-supply below two months, conditions remain exceptionally tight, especially for homes priced below $700,000. 

Despite tight conditions, benchmark prices remained stable compared to last month. However, at an unadjusted benchmark price of $628,700, prices are still over 12% higher than last year. The year-to-date average benchmark price has risen by nearly seven%, with the largest gains occurring in the North East and East districts.

Row - New listings rose again this month compared to last year. The 370 new listings were met with 267 sales, and for the first time since 2021, the sales-to-new-listings ratio fell below 75%. The jump in new listings was enough to support a gain in inventory levels compared to last month and last year. While inventories are still nearly half the levels we traditionally see, this did help cause the months of supply to push up to 1.6 months, a significant improvement from the less than one month of supply that has persisted over the past seven months. While conditions are much more balanced in the higher price ranges, there is less than one month of supply for homes priced below $500,000.

Despite the shift away from exceptionally tight conditions, prices still rose over the last month and last year. As of November, the unadjusted benchmark price reached $429,100, 21% higher than last November and an average year-to-date gain of nearly 13%.

Apartment Condominium - Thanks to the relative affordability of the apartment-style homes, sales continued to reach record highs in November, contributing to year-to-date sales of 7,487. With one month left in the year, sales have already surpassed last year’s record high. This, in part, was possible thanks to the growth in new listings. While inventory levels are similar to levels reported last year, with less than two months of supply, conditions still favour the seller, placing further upward pressure on prices. 

The unadjusted November benchmark price reached $320,100 in November, a monthly gain of over one% and a year-over-year increase of 18%. Year-to-date price gains have occurred across every district in the city, with some of the largest gains arising in the lower-priced North East and East districts.

Waterloo Region Home Sales Cool in November - but inventory is begninning to trend downward

 

WATERLOO REGION, ON (December 5, 2023) — In November, there were 441 homes sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR), representing a decrease of 4.5 per cent compared to the previous year and a decline of 33.1 per cent compared to the previous 5-year average for the month.

“Last month, the number of homes sold followed their typical pattern of cooling to match the weather, but with consumer confidence continuing to drop, we saw sales slump to their lowest level for November in over a decade,” says Christal Moura, president of WRAR. “With many still waiting to see what happens with interest rates in the months to come, homes are taking a little longer to sell, there’s more inventory on the market, all contributing to sale prices levelling off.”       

Total residential sales in November included 266 detached (down 6.7 per cent from November 2022), and 81 townhouses (no change). Sales also included 62 condominium units (up 5.1 per cent) and 31 semi-detached homes (down 16.2 per cent).

In November, the average sale price for all residential properties in Waterloo Region was $757,272. This represents a 2.6 per cent increase compared to November 2022 and a 1.4 per cent decrease compared to October 2023.

• The average price of a detached home was $891,091. This represents a 5.8 per cent increase from November 2022 and on par with October 2023.
• The average sale price for a townhouse was $611,667. This represents a 1.7 per cent decrease from November 2022 and a decrease of 5.1 per cent compared to October 2023.
• The average sale price for an apartment-style condominium was $450,476. This represents a decrease of 1.3 per cent from November 2022 and a decrease of 5.4 per cent compared to October 2023.
• The average sale price for a semi was $617,329. This represents a decrease of 3.9 per cent compared to November 2022 and a decrease of 6.2 per cent compared to October 2023.

“Canadians are feeling the pinch of affordability, leading to price adjustments in the housing market of Waterloo Region,” says Moura.  “For prospective homebuyers, this slowdown presents an opportunity to enter the market during a less competitive phase and enjoy the advantages of homeownership in the long run.”

There were 868 new listings added to the MLS® System in Waterloo Region last month, an increase of 15 per cent compared to November last year and a 16.7 per cent increase compared to the previous ten-year average for November.

The total number of homes available for sale in active status at the end of November was 1,305 an increase of 54.8 per cent compared to November of last year and 21.0 per cent above the previous ten-year average of 1079 listings for November.

There were 2.4 months of inventory at the end of November, an 84.6 per cent increase compared to last year and 50.9 per cent above the previous 10-year average. 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 November was 24, compared to 22 days in November 2022. The previous 5-year average is 20 days. 

These statistics provide a snapshot of the real estate market in the Waterloo Region in November, showing both positive and challenging aspects for buyers and sellers. WRAR encourages buyers to reach out to local Realtors for valuable insights about the current state of the local market and to receive tailored advice based on their specific needs.

View our HPI tool here to learn more: https://wrar.ca/hpi/