Home Staging Tips

Home Staging is a proven system for preparing properties for sale. Your aim is to present your home in the best possible light to win the hearts of prospective buyers. With Staging, the focus is shifted from the furnishings to the home itself, the views, the space and the unique features of the property.

In preparing your house for selling you need to take a step back and have the mindset that this is no longer your home but your investment. You want your home to stand out from the crowd and have a broad buyer appeal. Following these 10 tips will help you sell your house sooner and possibly for more money.

1. Curb Appeal – stand back and view your home as if you were seeing it for the first time. This is the ‘first impression’ stage. Depending on the season you may want to have lots of colourful and attractive flowers to greet buyers; a clean and inviting doormat; new and shiny door handles and/or knockers with a freshly painted door.

2. Declutter – start your pre-pack as soon as possible. You need to decide what you are going to keep, give away, sell or throw away. You may rent storage lockers so you can start to clear out what is not going to make the house look good.

3. Clean – you would think this one is common sense but let me assure you, I wish it was so! A clean home translates into “They must have really cared for their home.” Use environmentally friendly cleaners where you can and for hard cleaning areas, tsp is a good product. Bathrooms and kitchens must be sparkling clean at the very least.

4. Depersonalize – we know you love your family photos and your personal treasures and for living they are perfect. However, when it comes to selling your home, you want buyers to focus on the best features of the house and not your personal collection. Pack personal items and photos carefully and store them away so you can showcase them in your new home.

5. A neutral colour scheme is a way to go for selling. Choose only three colours or less to paint your house for selling. If you have an open floor plan then paint the main floor all the same colour. Bedrooms look good in light sage greens or warm blues like the new Aqua.

6. Highlight your home’s best architectural features – place your furniture in each room so that you have very obvious focal points that show off the home’s best selling features. For example, if you have a beautiful fireplace then place the furniture in a parallel grouping so that the eye is drawn to the fireplace.

7. Decide on the function in each room – if you were using your guest bedroom as your a living room, for selling turn it back into a bedroom with bedroom furniture in it. If you do not have the right furniture for each room consider renting it. There are more and more rental furnishing companies opening up every day. If you don’t want to rent then borrow.

8. Lighting your home to its best advantage – spend money on new light fixtures in brushed nickel or stainless steel. Brass is out so don’t fight it. There are many low-cost lighting stores to select from so no excuses for having dated light fixtures.

9. Use window treatments that sell your home – the most popular on the market are the 2” faux wood in a white tone to go with your trim. Decorative side panels will do the trick if you need to add warmth and colour.

10. Flooring needs special attention and is a good investment for updating the look of your home – tile or linoleum is great for entranceways, bathrooms, kitchens, laundry rooms; a good quality laminate or hardwood is perfect for living rooms and family rooms; bedrooms are attractive in a neutral carpet.

By planning and budgeting, you can get yourself to the “OPEN HOUSE READY” stage. Remember that over 79% of prospective buyers have already checked you out through the MLS listings. Will they like what they see?

Happy Selling!

Thinking of Upgrading Your Front Entrance?

A new front entry upgrade instantly improves your home’s curb appeal and is a smart investment that saves energy and adds value to your home. In a recent survey released by the National Association of Realtors, the replacement of an exterior door held the most value and recouped the most cost of any exterior improvement project.

Many advances in the past ten years have made new front entry doors more energy efficient. For example, the new steel and fiberglass front entry doors have dense cores that make them more effective at insulating your home and resisting heat build up compared to solid wood doors. As an added bonus, the majority of these new front entry doors are not easily dented or dinged, nor do they warp or split like a traditional custom entry door, making them somewhat maintenance-free as well as perennially visually appealing.

Here are a few tips to consider when choosing your entry door to ensure you find the perfect fit for your home.

1. Door Styles
A front door reflects the personality of a home and the family who lives there. The style is one element of your home’s design, so it should compliment and enhance the overall look and feel. Style can be casual, traditional, formal or artistically reflect influences from around the world.

In most cases, the front door is the focal point and you should choose a door style with supporting glass accents, door trim, light fixtures and shrubs to create a front entry that captures the eye. If the door plays a supporting role to more intricate landscaping, you might select a simpler door style to play a role within the larger image you’re creating.

2. Consider Your Environment
You need to consider the environment that your door will face. Your entry door is the first line of defense against the elements. If your door cannot stand up to the wind, snow, rain, heat, cold and more you will lose money in energy costs every year. Your entry system is comprised of more than just a door – the components that make up the system (the frame, sill, hinges, lock, and more) also determine how efficient and durable your entry door is. With premium components your door can withstand the elements and last for years.

3. Wood, Fiberglass, or Steel?
There are three basic options for entry door material – wood, fiberglass, and steel. Each has its advantages and disadvantages, it is important to consider each carefully and determine which suits your needs best.

• Wood – Wood doors are considered the go-to choice for high-end projects. Since wood has an implication of being upscale it’ll make any home appear more extravagant and sophisticated. Natural wood textures can complement any number of architectural styles and bring undeniable character and charm to a home. Remember though that continuous care, maintenance and a professional grade finish are musts to ensure long-term performance and beauty with a wood door. Key factors in wood door performance are adequate roof overhang, minimal sun exposure, and proper sill height.

• Fiberglass – Fiberglass doors offer durability and beauty. There are hundreds of fiberglass options available that offer the look of real wood, but unlike real wood, fiberglass will not expand or contract as the weather changes. Fiberglass doors offer superior durability, resisting denting, splitting, cracking, and warping to offer long-term performance. Properly finished, most fiberglass doors can go years without needing a paint or stain touch-up.

• Steel – The most affordable option for entry doors is steel. Steel doors may offer excellent strength, security and insulation, but are very susceptible to denting resulting in difficult and expensive repairs. Compared to wood and fiberglass, steel doors do not stand up as well to normal wear and tear.

4. Components, Accessories and Features
As stated earlier, your entry door is about more than just your door slab. It is about all the components, accessories and features that make up the entry system. There are a number of features to consider before purchasing an entry system:

• Security – When it comes to security, consider the material you chose and the lock accessories available. While steel is often touted as stronger than wood or fiberglass, the difference is not significant. Regardless of which door material you choose, make sure the door slab fits tightly into the frame and make sure the door is fitted with secure, high quality door locks. Multi-point locks provide superior security and help prevent warping, wind deflection and drafts which help keep heating cooling costs low and the elements out.

• Door Frame (Head, Jamb, Mull, Sill) – A continuous frame system provides a consistent foundation to maximize stability and functionality. Make sure that your frame is going to stand up against the elements. Look for wood composite systems that won’t absorb water like real wood as this will help prevent rotting and warping.

• Glass – If you can imagine it, you can get it. There are hundreds of glass options to choose from – clear glass, decorative glass, full view, half view, single sidelite, double sidelite, arched, rectangular, and the list goes on. Glass can add beautiful character to your entry system, however make sure that you research the energy and privacy ratings before purchasing so you are not surprised later.

5. Do Your Research
With thousands of manufacturers, hundreds of dealers, and endless options to choose from, research your options before making a purchasing decision. You want your entry system to last for years to come so don’t skimp out and go for the lowest price – find the best value. Make sure the system you choose reflects your style, fits your needs, and will hold up to the environment. Your entry system is one of the most heavily used and visible parts of your home.

7 Factors that Affect Your Home's Value

There are many factors that can affect the market value of your property, ranging from home improvements to the mood of the seller. All of this is a lot to internalize, but you can make an informed decision while pricing your home if you tackle these issues one at a time.

1. Location
Your home’s proximity to public transportation, train stations, shopping facilities, schools, etc., plays an import factor in determining your property’s market value. Every area has a high end and a low end. The market value of your property is affected by that reality. People that purchase homes in “lower end” areas expect to pay less than they would if they bought the same home in a “higher end” neighbourhood.

2. Features
One of the key factors in your home’s value is the features it provides. For example, some house styles are more popular with buyers than others. The age and size of your home compared to other available properties also plays a part in affecting your home’s value.

3. Condition
Potential buyers will take into account the condition of your home in deciding if they want to buy it and how much they are willing to pay for it. A home in immaculate condition has a much higher potential for a top dollar sale than one that is lacking the most basic routine maintenance.

Experienced buyers look for important conditions like paints, floor coverings, walls, ceilings, floors, doors and windows. Buyers may also pay close attention to the plumbing, electricity work, repairs, bathrooms, kitchen, and so on.

4. Home Improvements
Most people think that home improvements are a sure way to increase the value of a home. Major home improvements are unquestionably important factors that affect the property value. Improvements like room additions, bedrooms, bathrooms, kitchens and other items like floor tiles, swimming pools, etc., can increase the value of your home. However, it only matters what those improvements are worth to the buyer.

5. Market Conditions
When the market is flooded with similar properties for sale and real estate buyers are scarce, you can expect to sell your home for less than you would if there was a shortage of supply and lots of eager potential homebuyers.

6. Seller Motivation
Seller motivation is also a major factor which affects the offer price made by the buyer. For example, if you bought a home in a new area you may be willing to accept a lower price to quickly complete the sale of your current home.

7. Marketing 
The marketing plan that your agent executes on your behalf will determine the amount of interest that is shown in your property. Your agent’s level of skill and expertise in the negotiating process will affect the amount of money you’ll be able to get for your home. Many people put more thought into what they’ll have for dinner tonight than who they will trust to market their most valuable asset. Don’t make the same mistake.  

What you should look for when viewing a home to purchase

When buying a home it is easy to fall in love with a home's appearance, but it is very important to look beyond the window dressing. By playing detective yourself, you can carefully inspect each house you view and eliminate those with too many defects.
 
Here are some things to consider when looking at a home:
 
1. First impression
First appearances do count. Is the home dirty and cluttered? Are the lawns uncut? Are the walls chipped and in need of paint? If the owner hasn't bothered to keep the house looking clean and attractive, what problems are lurking below the surface?
 
2. Kitchens and bathrooms
Kitchens and bathrooms are the most expensive rooms in the house to renovate so pay close attention to the age and quality of cupboards, benches, plumbing fittings and tiling. Turn the taps on in the kitchen, bathroom and laundry to check the water pressure, performance and drainage. Check for dirty water. You might like to leave the tap running for a minute and it can't hurt to drink the water for a taste test.
 
3. Rooms and furnishings
If you are not planning to replace all of your furniture, make sure it will fit into the rooms of the new house. Bring a measuring tape as rooms can be deceptive. Are there any rooms unusually shaped that might be difficult to furnish?
 
4. Doors and windows
Check that doors and windows fit snugly and operate smoothly. Look for flaked paint and loose caulking. Check for drafts. Do windows open and slide easily? Do they have cracked paint? This could be a sign of rot. Press your finger into the wood. If it's soft, it is rotten.
 
5. Floors
Floors should be smooth, even, and solid. Soft springy sections, excessive squeaking, and unevenness are all indications that expensive repairs may be needed. If you intend on renovating, check to see if there are floorboards under old carpets and their condition.
 
6. Storage space
Check the size of the closets, the attic, the basement, and the garage.  Make sure the new house has enough storage space for all your belongings.
 
7. Basement
Use all of your senses. Sight, smell, and touch. Does the basement smell musty? If the basement is finished, are the walls and floor covering dry? Look for cracks in the walls and floors. Look for any large cracks and look for water leakage or stains from past flooding.
 
8. Water leaks
Water can do a lot of damage to a home. It rots wood, undermines foundations, and leads to mould and mildew. It takes an expert eye to find most water leaks. If you spot stains, bulges and other signs of water damage on ceilings or walls, make a special note that there could be a problem.
 
9. Appliances and fixtures
Test the lights, faucets, toilets, furnace, air conditioning, and all major appliances that will be included with the home. Make sure everything is in good working order.
 
10. The outside of the house
Walk around the house and yard looking for areas where water might collect. Soggy areas near the foundation indicate poor drainage. Look at the condition of the roof and external walls. Are there any shingles/tiles missing or deep cracks in the walls or foundation? These can be very expensive to fix and is usually not covered by house insurance.
 
11. Services
Make sure that all the services you need, such as power, water, phone and gas, are available and in working order. There should be at least two power circuits and one light circuit. Safety switches are compulsory in houses built after 1992. If you find exposed wiring in easy reach that is not protected by conduit, it could be a sign of illegal wiring and should be looked into.
 
12. Inspection
Once you narrow your search down, you should hire a certified Home Inspector to perform a Professional Home Inspection.  Inspectors can spot problems that the average person would never find and they can usually advise you on how much it will cost to make the repairs. A home inspection can help you determine whether or not you are going to make an offer on a house, and if you decide to go ahead, just how much that offer is going to be.

National Canadian Market Watch - Home Sales And New Listings Were Up On An Annual And Monthly Basis In February 2024

We have recently seen a resurgence in sales activity compared to last year. The market assumption is that the Bank of Canada has finished hiking rates. Consumers are now anticipating rate cuts in the near future. A growing number of homebuyers have also come to terms with elevated mortgage rates over the past two years. To minimize higher monthly payments, some buyers have likely saved up a larger down payment, chosen to purchase a less-expensive home type and/or looked to a different location in the GTA

Toronto, 04 MARCH 2024 -- Greater Toronto Area (GTA) home sales and new listings were up on an annual and monthly basis in February 2024. Selling prices also edged upward compared to a year earlier. Population growth and a resilient regional economy continued to support the overall demand for housing. Higher borrowing costs kept home sales below the February sales record reached in 2021.

“We have recently seen a resurgence in sales activity compared to last year. The market assumption is that the Bank of Canada has finished hiking rates. Consumers are now anticipating rate cuts in the near future. A growing number of homebuyers have also come to terms with elevated mortgage rates over the past two years. To minimize higher monthly payments, some buyers have likely saved up a larger down payment, chosen to purchase a less-expensive home type and/or looked to a different location in the GTA,” said TRREB President Jennifer Pearce.

REALTORS® reported 5,607 GTA home sales through TRREB’s MLS® System in February 2024 – an increase of 17.9% compared to February 2023. Even after accounting for the leap year effect, sales were up by 12.3% yearover-year. New listings were up by an even greater annual rate than sales in February, pointing to increased choice for buyers. On a seasonally adjusted month-over-month basis, February sales were lower following two consecutive monthly increases while new listings were flat. Monthly figures can be somewhat volatile, especially when the market is approaching a transition point.

Home selling prices in February 2024 remained similar to February 2023. The MLS® Home Price Index Composite benchmark edged up by 0.4%. The average selling price of $1,108,720 increased by a modest 1.1%. On a seasonally-adjusted monthly basis, both the MLS® HPI Composite and the average selling price edged upward.

“As we move through 2024, an increasing number of buyers will re-enter the market with adjusted housing preferences to account for higher borrowing costs. In the second half of the year, lower interest rates will further boost demand for ownership housing. First-time buying activity will also be a contributing factor, as many renters look to trade high monthly rents for a long-term investment in which they can live and build equity,” said TRREB Chief Market Analyst Jason Mercer.

“Population growth has been at a record pace and with the anticipated lower borrowing costs, the demand for housing – both ownership and rental – will also increase over the next two years. Unaffordable housing not only has a financial impact but also a social impact. Recent research conducted for TRREB by CANCEA in our 2024 Market Outlook and Year in Review report underscores the negative impact of unaffordable housing on peoples’ mental health and life satisfaction. It’s comforting to see that there has been some real building happening in the GTA and that the provincial government is rewarding those municipalities that are working to eliminate the red tape and meet those homeownership needs,” said TRREB CEO John DiMichele.

Ottawa’s Market Activity Shows Strong Start to the Year

Ottawa, 04 March 2O24 --The number of homes sold through the MLS® System of the Ottawa Real Estate Board totaled 886 units in February 2024. This was an increase of 15.2% from February 2023.

Home sales were 13.8% below the five-year average and 5.7% below the 10-year average for the month of February.

“Even with higher prices and the interest rate holding steady, Ottawa is a strong, active market,” says OREB President Curtis Fillier. “With metrics across the board up from last year, it’s clear both buyers and sellers are making moves. The metrics, however, don’t tell us about all the people relegated to the sidelines because affordability remains out of reach for many.”

The Municipal Property Assessment Corporation (MPAC) recently reported that “communities with homes under $500,000 are becoming increasingly scarce.” A decade ago, 74% of Ontario residential properties had a home value estimate of less than $500,000 but that number has dropped to just 19% today.

“REALTORS® know firsthand there is persistent demand for housing in Ottawa, and our market’s activity is constrained by a lack of affordable and suitable supply,” says Fillier. “That’s why we’re currently advocating for impactful measures such as allowing four residential units on property lots and getting rid of exclusionary zoning. There’s a missing middle that we need to build up.”

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 $628,500 in February 2024, a gain of 2.8% from February 2023.

The benchmark price for single-family homes was $708,500, up 3.1% on a year-over-year basis in February.

By comparison, the benchmark price for a townhouse/row unit was $495,000, up slightly at 0.6% compared to a year earlier.

The benchmark apartment price was $417,000, up 2.7% from year-ago levels.

The average price of homes sold in February 2024 was $651,340, increasing 2% from February 2023.

The dollar volume of all home sales in February 2024 was $577 million, up 17.5% from the same month in 2023.

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. Prices will vary from neighbourhood to neighbourhood.

The number of new listings saw an increase of 29.5% from February 2023. There were 1,539 new residential listings in February 2024. New listings were 10.3% above the five-year average and 3.3% below the 10-year average for the month of February.

Active residential listings numbered 2,158 units on the market at the end of February 2024, a gain of 16.3% from February 2023. Active listings were 59.6% above the five-year average and 17.7% below the 10-year average for the month of February.

Months of inventory numbered 2.4 at the end of February 2024, unchanged from February 2023. 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.

 

Alberta - Low inventory and high demand drive price gains in February

City of Calgary, March 1, 2024 – New listings continued to rise in February, reaching 2,711 units. However, the rise in new listings supported further growth in sales, which increased by nearly 23% compared to last year for a total of 2,135 units. The shift in sales and new listings kept the sales-to-new listings ratio exceptionally high at 79%, ensuring inventories remained near historic lows. Low supply and higher sales caused the months of supply to fall to just over one month, nearly as tight as levels seen during the spring of last year.

Purchasers are acting quickly when new supply comes onto the market, preventing inventory growth in the market," said Ann-Marie Lurie, Chief Economist at CREB®. “It is this strong demand and low supply that continues to drive price gains in Calgary. The biggest supply challenge is for homes priced under $500,000, which saw inventories fall by 31% compared to last February. At the same time, we are starting to see supply levels rise for higher priced homes supporting more balanced conditions in the upper end.

In February, the unadjusted benchmark price was $585,000, an over two% gain compared to last month and over 10% higher than levels reported at this time last year. Our most affordable East district is experiencing the highest year-over-year price growth at 25%, while the relatively better-supplied City Centre has reported the slowest price growth in the city at under five%.

Detached - In February, 1,195 new listings came onto the market, of which 75% were priced over $600,000. While new listings did improve over last month in line with seasonal expectations, levels are still below typical levels for February. At the same time, sales in February rose to 954 units, a year-over-year gain of 20%. The growth in sales was driven by where we saw listings growth, but with a sales-to-new listings ratio of nearly 80%, inventory levels were near record lows for February.

Exceptionally tight market conditions drove further price growth. In February, the unadjusted detached benchmark price rose to $721,300, nearly three% higher than last month and over 13% higher than last February. While prices rose across every district, the most significant year-over-year gains occurred in the North East and East districts.

Semi-Detached - Last month’s rise in listings compared to sales was short-lived, as the 223 new listings this month were met with 191 sales, driving up the sales-to-new-listings ratio to 86%. This prevented any significant change to the low inventory situation and caused the months of supply to fall to just over one month.

In February, the unadjusted benchmark price reached $639,100, a monthly gain of over two% and 13% higher than last year. Year-over-year price gains ranged from a low of 10% in the City Centre to over 26% in the East district.

Row - New listings rose to 457 units in February, contributing to the year-to-date increase in new listings of 22%. The rise in new listings supported sales growth, preventing any significant change to the low inventory situation. For the second consecutive month, the months of supply were below one month.

The exceptionally tight market conditions have contributed to strong price growth for row properties. In February, the unadjusted detached price reached $436,500, over 2% higher than last month and nearly 19% higher than levels reported last February. Prices rose across all districts, with the highest growth occurring in the most affordable districts.

Apartment Condominium - Sales in February reached 638 units, contributing to the year-to-date sales increase of 39%. Relative affordability has supported the strong demand for apartment-style homes, and sales growth has been possible thanks to the continued growth in new listings. Inventory levels trended up over the last month in line with seasonal expectations. However, inventory levels declined by 12% compared to last year, ensuring the market continued to favour the seller with just over one month of supply.

Persistently tight conditions continued to place upward pressure on home prices. Prices have steadily increased since January of last year, and as of February, they reached $329,600, a 17% gain over last February. Prices rose across every district in the city, with year-over-year gains surpassing 19% in all districts except the City Centre, which reported a year-over-year gain of 13%.

Britsh Columbia -  Home sellers active, bring much-needed inventory to housing market

Metro Vancouver 15 February 2024 -- While Metro Vancouver home sellers appeared somewhat hesitant in January, new listings rose 31% year-over-year in February, bringing a significant number of newly listed properties to the market.

Greater Vancouver REALTORS® (GVR)2 reports that residential sales3 in the region totalled 2,070 in February 2024, a 13.5% increase from the 1,824 sales recorded in February 2023. This was 23.3% below the 10-year seasonal average (2,699).

"While the pace of home sales started the year off briskly, the pace of newly listed properties in January was slower by comparison. A continuation of this pattern in February would have been concerning, as it could quickly tilt the market towards overheated conditions."

Andrew Lis, REBGV director of economics and data analytics

“With new listings up about 31% year-over-year in February, this will relieve some of the pressure that was building in January and offer buyers more choice as we enter the spring and summer markets.”

There were 4,560 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2024. This represents a 31.1% increase compared to the 3,478 properties listed in February 2023. This was 0.2% below the 10-year seasonal average (4,568).

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,634, a 16.3% increase compared to February 2023 (8,283). This is three% above the 10-year seasonal average (9,352).

Across all detached, attached and apartment property types, the sales-to-active listings ratio for February 2024 is 22.4%. By property type, the ratio is 16% for detached homes, 27.9% for attached, and 25.9% 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.

Sales-to-active listings ratio - February 2024

“Even with the increase in new listings however, standing inventory levels were not high enough relative to the pace of sales to mitigate price acceleration in February, with most segments of the market moving into sellers’ territory,” Lis said.

“This competitive dynamic has led to modest price growth across all market segments this month, but it’s noteworthy that benchmark prices remain below the peak observed in the spring of 2022, before the market internalized the full effect of the Bank of Canada’s tightening cycle.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,183,300. This represents a 4.5% increase over February 2023 and a 1.9% increase compared to January 2024.

Sales of detached homes in February 2024 reached 560, an 8.3% increase from the 517 detached sales recorded in February 2023. The benchmark price for a detached home is $1,972,400. This represents a 7.2% increase from February 2023 and a 1.5% increase compared to January 2024.

Sales of apartment homes reached 1,092 in February 2024, a 17.7% increase compared to the 928 sales in February 2023. The benchmark price of an apartment home is $770,700. This represents a 5.6% increase from February 2023 and a 2.5% increase compared to January 2024.

Attached home sales in February 2024 totalled 403, a 10.1% increase compared to the 366 sales in February 2023. The benchmark price of a townhouse is $1,094,700. This represents a 4.2% increase from February 2023 and a 2.6% increase compared to January 2024.

1 Areas covered by Greater Vancouver REALTORS® include: Bowen Island, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.

2 On February 12, 2024, The Real Estate Board of Greater Vancouver changed its organizational name to the Greater Vancouver REALTORS®.

3 GVR is now including multifamily and land sales and listings in this monthly report. Previously, we only included detached, attached, and apartment sales, and these additional categories, which typically account for roughly one to two% of total MLS® activity per month, are being included for completeness in our reporting.

February Home Sales in Waterloo Region up almost 10% from last February, prices remain stable

WATERLOO REGION, ON (March 5, 2024) — In February, there were 485 homes sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR), representing an increase of 9.7 per cent compared to the previous year and a decline of 19.0 per cent compared to the previous 10-year average for the month.  “Home sales remained sluggish in February, up over last year’s record-breaking low, but still well below historical norms for February,” says Christal Moura, president of WRAR.      

Total residential sales in February included 281 detached (up 9.3 per cent from February 2023), and 110 townhouses (up 10.0 per cent). Sales also included 73 condominium units (up 30.4 per cent) and 24 semi-detached homes (down 14.3 per cent).  

In February, the average sale price for all residential properties in Waterloo Region was $755,934. This represents a 0.7 per cent decrease compared to February 2023 and a 0.7 per cent decrease compared to January 2024.  

• The average price of a detached home was $889,280. This represents a 0.5 per cent increase from February 2023 and a decrease of 2.2 per cent compared to January 2024.  
• The average sale price for a townhouse was $629,734. This represents a 2.2 per cent decrease from February 2023 and a decrease of 1.8 per cent compared to January 2024.  
• The average sale price for an apartment-style condominium was $459,455. This represents an increase of 0.2 per cent from February 2023 and an increase of 3.1 per cent compared to January 2024.  
• The average sale price for a semi was $673,638. This represents an increase of 1.0 per cent compared to February 2023 and an increase of 4.2 per cent compared to January 2024. 

Examining benchmark and average prices for various property types over the past twelve months reveals a stable housing market in Waterloo Region,” says Moura.  “With the approaching spring market, both buyers and sellers can take comfort in the steadiness of prices we’ve seen, reinforcing the value of homeownership as a secure and prudent investment in the long run.”  

There were 800 new listings added to the MLS® System in Waterloo Region last month, an increase of 18.7 per cent compared to February last year and a 6.9 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 943 an increase of 38.9 per cent compared to February of last year and 2.9 per cent below the previous ten-year average of 971 listings for February. 

At the end of February, there were 1.7 months of inventory, a 54.5 percent increase compared to last year and 17.2 percent 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 February was 23, compared to 20 days in February 2023. The previous 5-year average is 16 days.   

These statistics provide a snapshot of the real estate market in the Waterloo Region in February, 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/