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KITCHENER-WATERLOO, ON (May 4, 2020) ––There were 227
residential homes sold through the Multiple Listing System (MLS® System) of
the Kitchener-Waterloo Association of REALTORS® in April, a decrease of 63.6
per cent compared to the same month last year, and the lowest number of sales
in a single month since December 2008.
“It goes without saying the current pandemic has had a major
impact on the number of sales we would normally see in April,” says Colleen
Koehler, President of KWAR. “With everyone doing their part to flatten the
curve and doing their best to self-isolate, the buying and selling of homes
have been greatly reduced.”
Total residential sales in April included 145 detached homes
(down 63.3 per cent), and 22 condominium apartments (down 71.1 per cent).
Sales also included 44 townhouses (down 61.1 per cent) and 16 semi-detached
homes (down 60 per cent).
The average sale price of all residential properties sold in
April increased 7.3 per cent to $568,738 compared to the same month last
year, while detached homes sold for an average price of $657,042 an increase
of 7.3 per cent. During this same period, the average sale price for an
apartment-style condominium was $367,230 for an increase of 8.1 per cent.
Townhomes and semis sold for an average of $406,463 (up 0.4 per cent) and
$491,816 (up 13.3 per cent) respectively.
The median price of all residential properties sold in April
increased by 7.1 per cent to $525,000 and the median price of a detached home
during the same period increased 6.3 per cent to $605,000.
While still deemed an essential service, REALTORS® listed
considerably fewer homes in April due to the current state of emergency.
There were 417 new listings added to the MLS® System in KW and area last
month, a decrease of 54.8 per cent compared to April of 2019, far fewer than
the previous 10-year average of 937 listings in April.
The total number of homes available for sale in active status
at the end of April was 571, a decrease of 36.6 per cent compared to April of
last year.
The number of Months Supply (also known as absorption rate)
continues to be very low at just 1.2 months for the month of April, 36.8 per
cent below the same period last year. The previous ten-year average supply of
homes for April was 2.95 months, and in the past 5 years, the average supply
for April was 2.12 months.
Koehler says most REALTORS® are advising sellers to hold off
on listing their properties until after the state of emergency has been
lifted. However, not every seller or buyer has that option which is why real
estate was deemed an essential service. Realtors who have been working with
buyers and sellers through this unprecedented time have been carefully
following the guidelines of health Canada and taking all the necessary
precautions to protect themselves and their clients. “In addition to health
safety measures, our members are quickly adapting to new ways of showing property
by conducting virtual showings for their clients, and other innovative
practices,” says Koehler.
The president of KWAR is confident that despite the current
pandemic, the slowdown in housing sales will be temporary. “It has been
a strong sellers’ market for the past few years with buyers competing for a
scare number of listings.” Now for the first time in a long time, April saw
some balance with a sales-to-new-listings ratio of 54 percent – well within
the balanced threshold. “We have witnessed some buyers expecting homes to
sell at greatly reduced amounts, and frankly, that’s simply not the case.
Home values have remained stable which we expect will continue,” says
Koehler.
The average days to sell in April was 19 days, compared to 21
days in April 2019.
     
KWAR cautions that average sale price information can be
useful in establishing long term trends but should not be used as an
indicator that specific properties have increased or decreased in value. The
average sale price is calculated based on the total dollar volume of all
properties sold. Months Supply is the inventory of homes for sale at the end
of a given month, divided by the average monthly closed sales from the last
12 months Those requiring specific information on property values should
contact a local REALTOR®. REALTORS® have their fingers on the pulse of the
market. They know the questions to ask, the areas to probe and what to look
for so that you get a complete picture of the property and community you’re
considering.
|
Monday, May 4, 2020
April Home Sales Impacted by COVID-19 Pandemic - Home Prices Remain Strong
Monday, April 20, 2020
Retirement Living Options
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Retirement isn’t what it used to be. These days, rather than sitting back and watching the roses grow, more of us want to use the extra time, energy, and any cash released from the sale of a property to travel the world or fulfil some other lifelong ambition.
Today’s retirees want somewhere they can perhaps travel from and entertain. Health issues are still there but more people now stay fit for longer, have the spending power, and have the force of numbers to drive change. A whole new home market is growing up to meet their varied demands.
Ideally, the perfect "retirement" home is one that provides for the inevitabilities of ageing and accommodates changing needs. The closer the home matches your needs, the fewer chances are of a subsequent move.
Whether you decide to downsize to a smaller home or move to a retirement community, the advantages are obvious—smaller homes translate into lower costs and less maintenance. Retirement communities also ensure like-minded neighbours. The lifestyle decision is yours.
Moving can be an overwhelming experience both physically and emotionally, however, preparing yourself for your move can make all the difference in the world. Once you've determined that you're ready to take the plunge, there are many options available to you.
Before you make a decision about where to live in retirement you need to consider many factors: the daily lifestyle you want; proximity of children, or other relatives and friends; the type of climate you enjoy; and your health or medical needs. Ideally, you should consider these personal and lifestyle factors first. Then you need to face reality. What can you afford? Your choices may be limited to cost, however, if you have planned your retirement carefully, you should have enough funds to cover the monthly expenses for whatever retirement home you choose.
Should I continue to live in my current home after retirement?
Staying in your current home will probably be much more economical if the mortgage is already paid off. If you don’t own the house free and clear, you’ll need to figure out if your retirement income will be high enough for you to continue the payments.
Staying in your current home will probably be much more economical if the mortgage is already paid off. If you don’t own the house free and clear, you’ll need to figure out if your retirement income will be high enough for you to continue the payments.
If you want to continue living in your home—as most people do—you should evaluate whether it meets your current and future physical needs. If it requires repairs or remodelling, do you want to undertake these projects, and can you afford the cost? For example, if you or your spouse has a medical problem, you may need to consider constructing entrance or exit ramps, modifying stairways, installing railings, support bars, or other modifications to bathrooms, and grading the ground to provide access to the house.
If you decide that you should move, there are many options available:
Condos and apartments
A condominium lifestyle has been a favourite of empty nesters and retirees since its inception. Condominium apartments and townhomes are available in virtually every price range and neighbourhood. Some of the more upmarket developments have their own swimming pools, gymnasiums, tennis courts, and bowling greens. Others are set in the countryside, by lakes, or are even child-free for those who want peace and quiet.
A condominium lifestyle has been a favourite of empty nesters and retirees since its inception. Condominium apartments and townhomes are available in virtually every price range and neighbourhood. Some of the more upmarket developments have their own swimming pools, gymnasiums, tennis courts, and bowling greens. Others are set in the countryside, by lakes, or are even child-free for those who want peace and quiet.
Condo life has many advantages. In addition to being short on maintenance and long on amenities, condos offer more opportunities to socialize. You will meet neighbours in the halls, the lobby and the laundry room. Condo living is a good choice for low-key, sociable types who enjoy getting to know other residents.
On average, condos are much more affordable than houses, making them an excellent fit for individuals who want to lower or limit their housing costs. Clearly condos are the economical choice for retirees hoping to downsize.
Bungalow living
Bungalows provide empty nesters and retirees with the best of both worlds: the opportunity to own a house and a yard with minimal maintenance.
Bungalows provide empty nesters and retirees with the best of both worlds: the opportunity to own a house and a yard with minimal maintenance.
The "bungalow living" concept has surged in popularity in recent years, especially in smaller communities outside major centres. Many empty nesters and retirees are considering the sale of their larger, more expensive homes in the city to purchase less expensive bungalows in more rural areas.
Retirement communitiesRetirement communities offer retires the amenities often associated with condominium living, smaller homes and the opportunity to live with like-minded individuals.
Current day retirement communities are resort-like in nature. The focal point of these communities is the clubhouse, where a variety of amenities including fitness facilities, tennis courts, game rooms, swimming pools, and in some areas, golf courses are available. For the most part, they're built in rural areas that are close to large urban centres, but far enough away from the hustle and bustle of city living.
These communities are designed to help you with the assistance you need. For example, when you first move in, you may not need a large degree of care and supervision, but as time passes, your needs might increase. This is how retirement homes and communities operate today. They attempt to steer completely clear of the stereotypical convalescent or old folks home. Yet as you progress, should you get sick or need surgery, be assured that all necessary care will be there to assist you.
Giving up the home where you have lived for many years may seem frightening. Mentally, emotionally, and physically it is better to start to think and plan for such an eventuality before you are forced into somewhere you really don't want to be.
If you're uncertain about the alternatives available to you, you may want to speak to your Real Estate Agent. He or she can provide you with a free estimate of the value of your home and help you to determine what type of property will best suit your retirement lifestyle.
Home Energy Savings Ideas
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While we all use energy differently, in general, energy is mostly used for heating and cooling the home, with hot water coming in second.
Good energy habits help you save money and the way we use energy plays a big role in how much we’re paying for it. For example, if you leave the hot water running constantly while you’re shaving, you’re using a lot of hot water just to rinse the razor a few times.
Simple choices we make every day can go a long way to help us manage our energy use, cut costs and protect the environment around the year. Here are a few tips to help you conserve energy in your home.
1- Choose off-peak hours
Take advantage of lower energy prices during off-peak hours. Consider running your dishwasher, clothes washer and dryer early in the morning, in the evening or on weekends when electricity rates are lowest.
Take advantage of lower energy prices during off-peak hours. Consider running your dishwasher, clothes washer and dryer early in the morning, in the evening or on weekends when electricity rates are lowest.
2- Use the dishwasher and washer wiselyTry to cut down on power by air drying instead of using the heater. Try washing your clothes in cold water to save hot water costs.
3- Use a programmable thermostat to reduce energy useInstall a programmable thermostat to automate your heating and cooling. It makes it easier to reduce your energy use when you’re not home and when you’re sleeping.
4- Use your appliances properly
Did you know that an uncrowded fridge works more efficiently than a crowded one? However, a freezer works best when they are two-thirds full. When you’re using the dishwasher wait to do a full load. A half-empty dishwasher uses the same amount of energy as a full one.
Did you know that an uncrowded fridge works more efficiently than a crowded one? However, a freezer works best when they are two-thirds full. When you’re using the dishwasher wait to do a full load. A half-empty dishwasher uses the same amount of energy as a full one.
5- Consider caulking and weather stripping
Plugging up air leaks is relatively inexpensive and delivers a great return summer and winter. Look for cracks around windows and doorframes. Also check the sill plate, where your home’s foundation meets the frame. It could be a big source of air leaks.
Plugging up air leaks is relatively inexpensive and delivers a great return summer and winter. Look for cracks around windows and doorframes. Also check the sill plate, where your home’s foundation meets the frame. It could be a big source of air leaks.
6- Find your top 10 locations for compact fluorescent lamp (CFL) bulbs
It pays to replace your most frequently used incandescent bulbs with CFLs. They use 75% less power and last up to 10 times longer.
It pays to replace your most frequently used incandescent bulbs with CFLs. They use 75% less power and last up to 10 times longer.
7- Buy ENERGY STAR® Appliances
Save energy and fight climate change with ENERGY STAR qualified products. They use less energy, save money, and help protect the environment. According to ENERGY STAR, if just one in 10 homes used ENERGY STAR-qualified appliances, the impact could be compared to planting 1.7 million new acres of trees. Switching to these appliances is not only good for the environment but is easy on your pocketbook. Although these appliances may cost more, you can reduce your energy bill by approximately $80 per year.
Save energy and fight climate change with ENERGY STAR qualified products. They use less energy, save money, and help protect the environment. According to ENERGY STAR, if just one in 10 homes used ENERGY STAR-qualified appliances, the impact could be compared to planting 1.7 million new acres of trees. Switching to these appliances is not only good for the environment but is easy on your pocketbook. Although these appliances may cost more, you can reduce your energy bill by approximately $80 per year.
The age, condition, and efficiency of your appliances play a big role in how much energy you use, so it’s important to keep them in good working order, and at some point, consider upgrading to the most energy-efficient models.
Spring Home Maintenance Checklist
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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, and when, can help you to 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 as necessary.
Don’t forget to check your roof from the inside too. Look in the attic for any signs of moisture or surface discoloration 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 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 siding with a pressure washer to keep mold from growing. Check all wood 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 loose paint and sand smooth before painting. Replace rotted siding or trim.
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.
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 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 your gas fireplace pilot lights where possible.
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.
Reopen any valves for outside hose bibs that were shut off last fall.
What Does A Mortgage Deferral Mean?
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The Coronavirus crisis has left many homeowners in Canada without a job or with reduced hours and wondering how to pay their mortgage. Homeowners facing financial stress may be eligible for a mortgage payment deferral up to 6 months to help ease the financial burden.
The COVID-19 Mortgage Payment Deferral program will be ongoing. You can apply at any time during this outbreak.
What is mortgage payment deferral?Mortgage payment deferrals can help you during times of financial hardship — like unemployment or reduced employment due to the Coronavirus (COVID-19) outbreak.
The deferral is an agreement between you and your lender. Typically, the agreement indicates that you and your lender have agreed to pause or suspend your mortgage payments for a certain amount of time. It’s also known as a mortgage payment deferral agreement or mortgage forbearance agreement and it’s a temporary measure.
After the agreement ends, your mortgage payments return to normal and the missed payments — including principal and accumulated interest - repaid.
How mortgage payment deferrals can help you?A mortgage deferral helps you when you’re struggling to make your payments by allowing you to skip your mortgage payment for a specified amount of time.
Are the deferred payments erased or canceled?The mortgage deferral agreement does not cancel, erase or eliminate the amount owed on your mortgage. At the end of the agreement, you will have to resume payment according to your regular payment schedule.
NOTE: The interest that hasn’t been paid during the deferral period continues to be added to the outstanding principal of your mortgage. This can affect the total amount you owe in accordance with the original payment schedule.
Do I need to repay the deferred amounts?Yes, you’ll need to repay the amounts of the skipped payments including both principal and interest.
How do I repay the deferred amounts?Details of the repayment will vary according to the specific lender and situation.
The interest on your mortgage that hasn’t been paid during the deferral period continues to be added to the outstanding principal of your mortgage. When your payments start again, your mortgage payment might be based on the total amount you then owe to pay off your mortgage in accordance with the original payment schedule.
IMPORTANT: Mortgage payment deferrals focus solely on your mortgage. It won’t affect other payments regularly withdrawn, like property taxes and life/disability insurance.
How do I know if I am eligible for a mortgage payment deferral?Your lender — your bank or your mortgage professional — can tell you if you are eligible for a mortgage payment deferral.
Is CMHC helping with mortgage deferrals?Yes, with the COVID-19 outbreak, we are allowing lenders to offer deferred payments for insured mortgages.
All mortgage insurers offer a number of tools to lenders that can help you when you’re in financial difficulty and are struggling to meet your mortgage obligations.
What if my mortgage isn’t CMHC-insured?Any borrower facing financial difficulty should contact their lender — your bank or mortgage professional — to learn what options are available.
What are my options?The payment deferral is for people who will struggle to make their next mortgage payment. If you are in a position to make your payments, you should.
If — at any point in this crisis — you think you won’t be able to make your regular mortgage payment, it’s important for you to take quick action. Contact your bank or mortgage professional immediately before you miss a payment.
Source: Canada Mortgage and Housing Corporation
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