NEW HOMES NEWSLETTER
COLDWELL BANKER PETER BENNINGER REALTY, BROKERAGE
July 2010 Issue 99
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KITCHENER-WATERLOO-CAMBRIDGE AMONG TOP REAL ESTATE TOWNS IN CANADA
The Real Estate Investment Network (REIN) recently named the top real estate towns in Canada by considering the current and future prospects for real estate investment opportunities, and Kitchener-Waterloo-Cambridge was named to the second spot, surpassed only by Calgary.
The cities of Kitchener, Waterloo and Cambridge are known as a competitive area for high-tech companies, with such a strong economy that REIN had previously referred to the communities as the “Economic Alberta of Ontario.” This remains true with a diverse economy complimented by thriving technological, automotive, business, finance and education sectors. While the recession did affect the Technology Triangle, there was nowhere near the steep job losses seen in other areas.
Adding to the allure of the area is the superb location close to other economic centres and the population—”within a 24 hours drive, the Technology Triangle has access to more than 60% of Canada’s population and 40% of the US population.” The President of REIN says “strong in-migration and job growth over the next five years will help make these cities among the healthiest markets not just in Canada but all of North America.”
Source: REIN
NEW HOME STARTS
Canada Mortgage and Housing Corporation (CMHC) released the seasonally adjusted annual rate, with 189,300 starts in June. Seasonally adjusted annual rates are monthly rates modified to account for cyclic variation and multiplied by 12 to reflect annual levels.
Reports CMHC economists, “housing starts decreased during June, largely due to the multiple starts segment in Ontario. The single starts segment was largely unchanged Canada-wide. After a robust start to 2010, we expect the pace of housing start activity to moderate and total 182,000 units by year-end.”
MLS AVERAGE PRICE INCREASES
PLEASE NOTE: To anyone comparing these statistics to previous reports be advised that all residential rentals have been removed from the statistics. In the past, when a residential lease was completed via the MLS system, the total sale price was calculated by multiplying the rent by the length of the term. However, the statistical reports did not distinguish between a home that has sold versus a leased home. With more homes for lease, it was determined this change was necessary to more accurately report the average sale price.
The Kitchener Waterloo Real Estate Board (KWREB) reports 3,633 homes were sold in the first half of 2010—only 96 units short of 2007 record breaking first half, a 16% increase over the first half of 2009. The value of these transactions passed the billion dollar mark for the first time.
The increase was seen mostly in the upper end of the price range—a 45% increase over the first half of 2009, while sales of homes over half a million dollars increased 84%.
Reports the KWREB President, “the residential real estate market is alive and kicking in Waterloo Region...I expect the market will remain steady and healthy for the remainder of the year.”
Click here for KITCHENER WATERLOO MLS summaries for June 2010
FEATURED PROPERTIES
135 Fairway Road North, Kitchener
Land totaling 9.89 acres
One of the few vacant commercial development parcels available in Kitchener
At the intersection of Fairway Road and Lackner Boulevard.
Designated as Mixed Use Node in Municipal plan. Primarily zoned C-2, Neighbourhood Shopping Centre.
MLS
1314 King Street East, Kitchener
0.341 acres with 90’ high profile King Street frontage
Situated along one of Kitchener’s proposed mixed use corridor, offering many permitted uses, both residential and commercial
Exclusive Listing
Southwest Corner - Eckert & Dixon Streets
0.356 acres of vacant land
Lot size 132 x 114
Current zoning allows for multiple family dwelling, single detached and street townhouses
MLS
For More Information Please Contact
Tim Ingold, Broker
Coldwell Banker Peter Benninger Realty, Brokerage
519-742-5800 x 5000
tim-ingold@coldwellbanker.ca
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This newsletter is not intended to cause or induce a breach of an existing Agency Agreement. The Information contained herein has been obtained from sources which we believe reliable but we cannot guarantee accuracy or completeness. Coldwell Banker Peter Benninger Realty Brokerage assumes no liability for the accuracy or use of this information for any purpose and reliance upon this information is solely at the risk of the user.
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