CMHC’s rental market report for Kitchener CMA for FAll 2011 is now out. The average vacancy rate in Kitchener moved to 1.7% the lowest since 2001. There has been more students moving into the area and there are more young adults renting and less movement into homeownership and that has led to a decrease in the vacancy rate. The 2 bedroom vacancy rate is 1.6% and the one bedroom vacancy rate is 1.5%. 30% of the population in the Kitchener CMA are people aged between 15 and 24 and they have a high propensity to rent. In Kitchener, the average rent for two bedroom rentals will increase to $916 and that is more than the Canadian average rent of $883. The availability rates have decreased to 3.4% from 4.5% and that means fewer tenants have given notice to their landlords that they are moving out. Future landlords should also note that rental apartments above $900 has very low vacancy rates because the demand from young adults and downsizing babyboomers are attracted to these higher end units. Also, newer buildings have a lower vacancy rate of 0.4% and that is for buildings built after 1990. There were 268 condominium apartments that were completed between Oct. 2010 and Sept. 2011. The vacancy rate will be moving to 1.9% in 2012 as more apartments and condominium projects come on line.
Archive for the ‘KW Market Update’ Category
The Rental Market Report for the fall 2011.
Wednesday, December 28th, 2011How is the KW Housing Market Doing in October 2011?
Wednesday, November 2nd, 2011Year-to-date Dollar Sales of Homes sold in Kitchener-Waterloo in 2011 are $1,178,066,523 compared to $1,178,919,124 in 2008. The spread between YTD unit sales between 2011 and 2008 is much larger at 506 homes (4500 in 2008 less 3994 in 2011). Sales in October 2011 in KW are up, with 283 Single Family Detached sales, 470 Total Homes, 10 Multifamily properties, and 12 Commercial properties compared to 291 Single Family Detached sales, 448 Total Home sales, 11 Multifamily properties and 41 Commercial properties in October 2010 respectively.
Average sale prices for residental Single Family Detached homes in KW was $327,185 in October 2011 compared to $334,408 over the same period in 2010. The Median sale prices for residential Single Family Detached homes in KW was $301,500 in October 2011 compared to $307,655 in October 2010.
The Average Days on Market for Single Family Detached homes was 51 days in Oct. 2011 and 51 days in Oct. 2010. The Ave. DOM for all other Single Family homes was 39 days compared to 50 in Oct. 2010. The Ave. DOM for Multifamily properties was 48 in Oct. 2011 compared to 98 in Oct.2010. Commercial properties were on the market for an average of 169 days in October 2011 compared to 192 in Oct. 2010. The Sales Price to List Price ratio was 97.4% in Oct. 2011 compared to 97.7% in Oct. 2010. Multifamily properties had a ratio of 95.9% in 2011 up from 93.3% over the same period in 2010. Commercial properties also had a decrease with 87.2% in Oct. 2011 compared to 95.5% of list price in 2010.
The number of active listings is slightly higher at the end of Oct. 2011 with 1430 residential properties compared to 1,294 over the same period in 2010. The number of active Multifamily listings at the end of Oct.2011 was 82 compared to 76 in Oct. 2010 and 407 Commercial listings in Oct. 2011 compared to 431 in Oct. 2010. George Patton the President of the KW Association of Realtors says, “Those wishing to enter the housing market can still take advantage of low interest rates”. Stats are courtesy of the Kitchener-Waterloo Association of REALTORS. CLICK here for the Media Release: October_2011_Media_Release
Condominium Sales Remain Strong in K-W
Tuesday, October 11th, 2011According to George Patton, President of KWAR, “The condominium market now comprises nearly of 20% of our total residential sales”. So far there have been 953 condominium sales year-to-date and that is a 2.8% increase compared to last year. There have been a total of 4975 homes sold through the Multiple Listing Service (MLS) of Kitchener-Waterloo Association of REALTORS (KWAR) and that is slightly less than 5126 during the same period last year. Stronger demand for condos have pushed up the average price by 5% on a year to date basis to $205,434. The average price of a detached home has increased to $341,222 up 3.7%.
There were a total of 487 residential sales in September 2011 and that is down 4.7% compared to Sept 2010. The average price of a detached home last month was $330,680 a 0.9% increase from Sept. 2010.
Housing Starts up in Waterloo Region
Tuesday, September 13th, 2011There were 451 housing units started last month according to CMHC. There was a 164 unit rental apartment building on Fallowfield Drive in Kitchener, an 89 unit condo project on Laurelwood Drive in Waterloo, a 66 rental unit on Glasgow Street in Kitchener and a 27 unit rental apartment building on University Avenue in Waterloo.
According to Erica McLerie, a senior market analyst with CMHC, ” starts of rental apartments and condos rose due to increase in demand from students, immigrants and baby boomers.”
Here is the full story in today’s Record, http://www.therecord.com/news/business/article/591569–apartment-projects-boost-housing-starts-in-waterloo-region
August Homes Sales are up from Last Year
Wednesday, September 7th, 2011There were a total of 507 home sales through the MLS system of the Kitchener-Waterloo Association of Realtors (KWAR) in August 2011 and that is up 7.2 percent over the same month in 2010. There were 341 Single Family Detached home sales, 32 Semis, 27 Townhouses and 100 condominium units. The average sale price of all residential properties rose 4.3% to $293,149 up from $280,985 in August 2010. The average sale price of single detached homes rose 3.3% to $330,561 over August 2010.
The President of the KWAR, George Patton said, “Sales were brisk; we had a good amount of multiple offers reported. The $300 to $350,000 price range was definitely the most popular with buyers in August, representing 14% of all sales last month…. The cooler weather signifies the beginning of the fall market – always a busier time for real estate sales. “ KW condos average prices increased 3.2% in August of 2011 to $208,238 over the same month last year. This increase is no doubt in response to the new KW condos and KW Lofts coming on the market. There were only 13 multifamily sales in August 2011. The average days on market was 44 days in August for resale homes and 171 for new builds. The Sale Price to List Price Ratio was 97.7% for residential homes and 94.2% for multifamily properties.
CMHC’s Apartment Vacancy Rates
Tuesday, August 30th, 2011
KWC ave. vacancy is 1.8%
KWC average vacancy rate drops to 1.8%.
Tuesday, August 30th, 2011The average vacancy rate for Kitchener-Waterloo and Cambridge dropped to 1.8% in April 2011 and this is well below the Provincial average of 2.5% according to CMHCs Rental Market Report (Ontario Highlights). This is really good news for those people who are thinking about investing in KWC and for those who already are investing here. The average apartment 2 bedroom rent went up to $877 from $856 in April 2011 from April 2010. Hamilton’s vacancy rate is 3.5% and Brantford’s is 3.6%.
KWC Ave. vacancy rate is 1.8%
KW Housing Market Stats for July 2011
Monday, August 22nd, 2011KW housing market sales in July 2011 were steady according to Kitchener-Waterloo Association of Realtors. There were a total of 512 home sales through the multiple listing service. July sales included 350 detached homes, 93 condominiums, 35 semis and 30 townhouses. The average sale price of residential properties is $302,974 and the average selling price for a single detached home is $343,020.
The President of KWAR said that, “Consumers value home ownership in this region and they value the community. A home is still one of the best investments you can make, and this community is one of the best in the country to call home–it’s a perfect combination.”
Average Days on Market is low for Resale in July 2011
Saturday, August 13th, 2011
Average Days on Market in KW in July 2011
K-W Home Sales are Steady
Saturday, August 13th, 2011
Average Sale Prices in KW for July 2011
