Kitchener Waterloo, ON

The 6,808 homes sold in Kitchener-Waterloo and area last year set a new record for total annual sales in the history of the Kitchener-Waterloo Real Estate Board. Last year's results were the continuation of a steady climb in sales since 1990 (3,501 total sales).

Dollar volume of all residential real estate sold last year jumped almost twenty percent to $1.7 billion compared with 2006, reflecting continued strong consumer confidence in the local real estate market.

The volume of sales in price categories above $200,000 experienced the greatest increases. The greatest percentage sales increase was for homes selling for $750,000 to $1 million. The most active market segment was for homes selling in the $200,000 to $250,000 price range.

Despite the record unit sales for the year, sale price increases were relatively tempered. The average sale price of all residential real estate sold in 2007 increased 5.6 percent to $248,879. Single family detached homes sold for an average price of $283,080 last year, an increase of 5.2 percent.

Despite strong consumer demand for higher-priced properties, the supply of homes for sale remained constant, with 9,646 new listings this past year topping the supply of homes for sale in 2006 by just four properties.

Tania Benninger, President of the Kitchener-Waterloo Real Estate Board says, "Home sales in 2007 were strong throughout the year as consumer interest went unabated. The strong sales performance locally reflects strong residential sales throughout Ontario and across Canada." Benninger noted that sales throughout 2007 have been strong across all price categories above $200,000, a trend that is likely to continue into 2008. While the sale of single family detached homes continues to drive the market, sales of townhouses, condominiums and semi-detached houses all experienced strong growth in 2007 as well.

Continued affordability, low interest rates and a dynamic local economy that has produced the highest employment rate in the country have created a market with a strongappetite for home ownership.

Welcome to my renewed Kitchener-Waterloo Real Estate Market blog. Check back here often for my insights and observations of the real estate market and industry. I hope to update this site weekly.

Its my goals for this blog are:

1. To keep my clients, customers and friends informed about our local real estate market and trends.
2. To provide useful information to my clients, customers and friends regarding care, maintenance and protection of their real estate investments.
3. To provide information to my clients, customers and friends that will help them make good financial and investment decisions regarding their real estate investments.
4. To provide referring agents and relocating clients information about my community and market place.

Feel free to post and send comments as your feedback is really key to the success of this experiment.

I wish everyone a productive and prosperous 2008!