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

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

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

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

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

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

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

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

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

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

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

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

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

9 Easy Ways to Create Curb Appeal

Curb appeal is a term used to describe how your home looks from the exterior and how appealing it looks when viewed from the curb. This includes areas such as the lawn, patio, front door, exterior paint, trees, shrubs, and more. In a simpler sense, curb appeal is what the buyers initially see the moment they step out of their car.

 Curb appeal contributes greatly to the desirability of a home. Most real estate agents confirm that curb appeal can affect a buyer’s decision to purchase a home more than the square footage or the price of the home. It often means the difference between a house sitting for months or selling in a few weeks.

If your home is not particularly attractive from the outside, there are many ways to improve the curb appeal of your home without shelling out thousands of dollars in renovations. There are dozens of small, inexpensive home improvements that you can do to your house to add instant curb appeal. Adding curb appeal to your house not only makes it easier to sell but also gives your house that nice and finished look in which you can take pride in.

The following steps will help to quickly create curb appeal for your home.

1. Tidy up. Make sure you don't have old rusty junk lying around the yard unless it is being used stylistically in a garden. Get rid of things that are just lying around. This would probably be the first step in improving the look of your lawn. Remove items such as old rope, boots, cracked pots, worn hoses, wrecked flower boxes, and other things.

 2. Trim up. Cut the grass and edge the borders with a weed trimmer. Take care to get rid of all weeds, including ones by the walls and around the mailbox post. Add a layer of mulch to cover up dull areas in the landscaping or flower beds.

 3. Build a healthy and green lawn. Adding some starter sod can make a big difference very quickly. Sod can be bought at lawn and garden stores and comes in rolls or squares. After you lay it across your yard, water it well and you'll immediately have a lawn, with roots taking hold within two weeks.

4. Add some colour to your yard. Planting flowers will enhance the curb appeal of your home. Buying colourful plants that have already started blooming will immediately make a difference. They can either be planted in pots or in the ground. Use your imagination and choose flowers that bloom in colours that look good with your home.

5. Paint. Giving your home (trim and shutters too) a new coat of paint easily breathes new life into its appearance. However, make sure you select a colour palette that matches the architectural style of your home. For example, if you live in a historic home, you’ll want to stick to an authentic palette.

6. Update your front door. Greet guests in style with an eye-catching front door that makes a statement. You can find exterior doors in a variety of materials from traditional wood to sturdy steel. The key is to select a door that suits your home’s architectural style. If your current door is in good condition, you can make it stand out by painting it a bold colour or adding windows, sidelights, mouldings, and more.

7. Illuminate paths and walkways with outdoor lighting. Install lighting fixtures that will complement the style of your home as well as help to create dramatic effects. Use fixtures with built-in motion detectors to enhance safety.

8. Add decorative accents. Top your exterior off with finishing flourishes such as trendy new house numbers that are clearly visible from the street. And while you’re at it, why not add a new mailbox? Or frame windows with new shutters?

9. Dress up your front porch or entry. Make sure you have an inviting place for potential buyers to sit and admire the landscaping. Even a small space has room for a chair or bench and a round table, or a stool to place a drink on. An outdoor accessory or two is fine, but keep it simple and uncluttered.

Keep in mind that simplicity is the key to creating curb appeal. A few flower beds that border and define walkways, curbs, and lawn areas, and a few flower pots next to the home is often enough.

Remember: Breaking projects up into small, manageable chunks —as your time and budget allow—is the best way to go, because even just a few design tweaks can make a big impact on your home’s curb appeal.

Condo Living - The Advantages of Downsizing

Many homeowners are realizing that “living large” doesn’t always mean bigger is better. In fact there are many benefits to downsizing to a smaller home. Whether the decision is voluntary or you are forced to move because of a job relocation or other life event, rest assured there are many benefits to decreasing your home size.

Here are a few benefits of living a “cozy life”.

1. A clutter-free lifestyle
Let’s face it, the more space you have, the more space you will fill with furniture, novelties, and clutter. Downsizing is a great opportunity to review your lifestyle and prioritize your needs. Then, you can choose to bring only what is essential and most valuable to you into your new home.

2. Smaller living means less stress
Many homeowners agree that living in a larger home can lead to greater stress and upkeep. Taking into account cleaning, home repair, furnishing, taxes, gardening and the cost to run all of these can lead to financial and emotional stress. Downsizing can reduce the burden of daily chores and free up more time and money for leisure activities and your friends and family.

3. Saving energy is the future
One of the main disadvantages of owning a large home is the ever-increasing energy costs. Smaller homes, especially those with energy-efficient appliances and windows, give you the added benefit of reducing your carbon footprint while being budget-friendly.

4. Easier home upkeep
Who needs house help when you’ve only got 40 sqm to clean? Anyone who has lived in bigger houses like traditional bungalows knows that maintaining a fairly big home is not easy. You need more time, energy, effort, and patience. In a smaller home, you can live on a little less. Plus, you also get to save the environment by using less cleaning products.

5. Minimalist living
Knowing that you have limited space for non-essentials, you will think harder before making that next purchase. As a result, you save money on furniture, appliances, and decorations that you don’t actually need. Aside from this, you are also less likely to turn your lovely home into a warehouse.

6. More time for fun and travel
You will be surprised at the amount of time you will save for living in a condo. The time you save on maintenance, chores, and decorating can be converted to leisure and relaxation. The same goes for the time you save on traffic. Most condos are in the heart of the metropolis and business districts so driving and commuting from work is much faster.

7. Stronger family bond
Among the many benefits of moving to a condo, especially for families are the many opportunities to bond and have fun. Picnics in the park, swimming weekends, strolling down the gardens, and walking the dog along safe community patios are priceless advantages of living in a condo. At home, you are also more likely to talk to each other more and watch movies together because the small space inevitably brings you closer.

Living within your means and living simply are at the heart of condo living. Many people think space will be an issue but it is an opportunity to change the way we live and ultimately make our lives better by living in a small space.

Planting for Late Summer and Early Fall

Planting isn't just a spring activity; fall is also a great time for planting. Turfgrass, spring-blooming bulbs, cool-season vegetables, perennials, trees, and shrubs can all be effectively planted in the fall. Autumn's cooler air temperatures are easier on both plants and gardeners. The soil is still warm, allowing roots to grow until the ground freezes.

What are good vegetables to plant in late summer?
Fall and winter gardening is only successful if you know the average date of the first killing frost in the region in which you live. Crops need to be planted early enough to let them reach full maturity before the killing frost arrives.

Several vegetables can be planted in late summer for a fall crop. For a fall crop, plant beets, carrots, Swiss chard, kohlrabi, and kale in early to mid-August, plant leaf lettuce and spinach in late August to early September, and plant radishes from mid-to-late September. Due to hot, dry soil conditions, seed germination in late summer is often rather poor. To promote seed germination, plant fall vegetables when the soil is moist after a rain, sow the seeds slightly deeper than spring plantings and lightly water the row after the seeds have been sown.

Lettuce seeds are sensitive to extreme heat. To achieve good lettuce seed germination, check the weather forecast and sow the seeds when a prolonged period of mild weather is predicted.

Extending the growing season
There are many ways to add anywhere from 10 to 15 degrees of warmth to the fall and winter garden by taking advantage of free solar energy from the sun. Many of these season-extenders offer frugal ways to get the most from your garden.

Cold Frames
Planting vegetables in a cold frame is an excellent way to lengthen the growing season. Fall and winter crops flourish in a cold frame and are protected from strong winds and cold night temperatures. Cold frames are very easy to build and once the vegetables are planted they require minimal care. An old window sash makes an excellent cold frame. Build a frame that is 18 inches high in the back and 12 inches high in the front and attach the window sash.

Greenhouses
Greenhouses were originally constructed for the wealthy during the Roman Empire. Today, however, there are countless options when it comes to building your own greenhouse or purchasing a do-it-yourself kit. Greenhouses extend the growing season by protecting plants from harsh weather and making great use of solar energy. Many people grow vegetables year-round with the help of a greenhouse and a heater.

Raised Beds
Raised beds are popular amongst gardeners wishing to control soil quality and extend the growing season. The soil in raised beds heats up very quickly, and the bed can be covered with a hoop that protects crops when frost is a threat.

Cool-season vegetables
Many vegetables thrive in cool weather, including broccoli, brussels sprouts, carrots, cabbage, kale, kohlrabi, lettuce, radishes, rutabaga, spinach, and Swiss chard.

Lettuce, spinach, and other greens with a short maturity cycle can be planted later in the summer season. Extend the growing season by planting these vegetables under floating row covers or cold frames that will shield plants from frost but still allow light, air, and water to penetrate.

Trees and shrubs
Fall is an ideal time to plant trees and shrubs. The weather is cool but the soil is still warm enough for root development. Before digging, always check with your local utility companies to locate any underground lines. Always plant trees and shrubs at their natural soil lines. Keep newly planted trees or shrubs well-watered until the ground freezes so they get a good start before going into full dormancy during winter.

Spring bulbs and pansies
Fall is the best time to plant spring bulbs and pansies because the still-warm soil temperatures give their roots time to establish. By planting in the fall, you'll get two seasons of enjoyment out of these cool-season favorites. Remove spent flowers so the plant doesn't use its energy to set seeds, and keep the soil moist. After the soil freezes, mulch plants to prevent alternate freezing and thawing cycles that can heave plants out of the ground.

Turfgrass
Fall is the right time to establish new turfgrass and do most lawn maintenance. If you live in the north, cool-season grasses such as bluegrass, fescue, and ryegrass should be fertilized in early September and again in late October or early November to give a boost for earlier spring green-up. In the south, avoid fertilizing dormant warm-season grasses unless they have been over-seeded with winter ryegrass.

BUYERS - Get the most from a Real Estate Open House!

Open houses are the gold standard in real estate. They’ve been around for decades and will be ingrained in the buying and selling of homes for years to come. But as a buyer, are you making the most of your open house visits?

To get the most out of an open house visit, follow these guidelines:

Use the open house to learn about the market without committing
Even if you’re not serious about moving, viewing a few properties in a neighbourhood you like is a great way to understand the market. Who knows? You might stumble upon your next dream home!

New buyers should leverage the open house opportunity to get a feel for the market. Most open houses will have a handout available containing the list price and other property information. Be sure to keep a copy.

Ask the agent questions
Explore the entire property, including the backyard. Don’t be shy about asking the listing agent questions about the property and the neighbourhood.

• Ask about the area. Are there schools nearby? Where is the nearest park or playground located?

• Ask about potential required repairs and renovations. For example, if the furnace is more than 15 years old, it may need to be replaced soon.

• If it’s a competitive market, ask questions such as: “Why is the seller selling?” “Is there a certain day to review offers or have you had a lot of showings?” In a slow market, ask how long the property has been on the market and what the seller’s motivations are. A good agent will engage you because it’s good for his seller.

Many agents are eager to quiz open-house attendees about their home-buying plans. "How long have you been looking for a home? Are you working with an agent? Are you pre-qualified for a mortgage?" they ask. Why not turn the tables? An open house can be an opportunity for you to pump a local agent for some information about for-sale homes and the housing market.


Watch the other buyers
You can tell a lot about the activity and marketability of a home by watching the other buyers. If you observe a lot of people walking in and out quickly, the home probably has some issues. Are the buyers hanging around, asking questions of the listing agent and huddling in the corner talking to their spouses or partners? If so, it could be a sign this is a well-priced and “hot” listing. If you’re interested too, observing other buyers at the open house could help you learn about the competition.

Finally, walk around the neighbourhood. Try to get a sense of what it’s like to live there. If possible, chat with a neighbour.

If you become interested in the home, be sure to advise the listing agent that your own REALTOR® will be following up. Otherwise, the listing agent might assume that he or she will be representing you.