ReMax has released a report that looked at the local housing market over the last 11 years.
Since 2000, the report found, the Kitchener-Waterloo market has been predominantly a seller's market, having occupied the driver’s seat for almost 60 per cent of the time.
And while more balanced conditions have returned recently, the market according to ReMax Twin City Waterloo Manager Adrian Baas had only dipped into buyer’s territory on four occasions, one of which was during the recession.
There was a feature on Global News the other night about a growing trend that could have major implications for the home building and renovation industry. According to studies, and increasing number of married couples are sleeping in separate beds.
What could this mean for home builders and renovators?
The average rental apartment vacancy rate in Canada's 35 major centres increased slightly to 2.9 per cent in April 2010 from 2.7 per cent in April 2009, according to the spring Rental Market Survey released today by Canada Mortgage and Housing Corporation (CMHC).
“Rental construction and competition from the condominium market added upward pressure on vacancy rates and historically low mortgage rates attracted renter households towards homeownership over the last year,” said Bob Dugan, Chief Economist at CMHC's Market Analysis Centre.
Demand for pricier homes in Waterloo Region has pushed our average home price above the national average. The average for a detached home in the region has increased by more than 11% year over year. The K-W Real Estate Board reports the average home price in Waterloo Region is just over $338,000 while there has been a 50% increase in the number of homes sold worth more than $400,000.
Prices could fall by 10 per cent in the next two years, economist warns.
The remarkable recovery in Canada’s resale housing market is cooling, as increasingly expensive properties and the promise of higher mortgage rates force out buyers.