NEW HOMES NEWSLETTER
COLDWELL BANKER PETER BENNINGER REALTY, BROKERAGE
September 2011 Issue 113
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RETHINK AGING IN PLACE?
Canada’s changing population will present both housing market opportunities and challenges, specifically, the aging in place concept, according to the recent Canadian Home Builder’s Association (CHBA) Urban Council meeting.
The Council detailed how the high-density condominium boom (particularly in the GTA) is in response to strong market forces, with demand from both baby boomers and younger buyers. This shift to downtown condominiums requires more effective transit and zoning policies. Despite the demand for carefree condo living, there is still a strong push for family oriented housing, including higher density townhouses. Locally, the year to date MLS sales breakdown by type of dwelling, notes 61% single detached, 23.4% condominium, 8.5% semi-detached, 6.4% freehold townhouse, and 0.7% other housing types.
Local planners warn the it may be time to rethink the “aging in place” model as demand for single detached and other low density housing may decline soon as baby boomers move into new higher density homes in downtown cores. However, this shift may not be seen for another ten years, with many baby boomers aging in their current homes. As a result of this, the CHBA will further study planning, aging in place and the risks involved. The project will examine the need for development land for single detached housing, consumer driven demand for higher density housing and zoning and transit policies.
HOUSING MARKET TO REMAIN STEADY
Housing starts have been strong in the last few months, but are forecast to moderate closer in line with demographic fundamentals,” said Mathieu Laberge, Deputy Chief Economist for CMHC. “Despite recent financial uncertainty, factors such as employment, immigration and mortgage rates remain supportive of the Canadian housing sector.”
Housing starts will be in the range of 166,300 to 197,200 units in 2011, with a point forecast of 183,200 units. In 2012, housing starts will be in the range of 161,700 to 207,200 units, with a point forecast of 183,900 units.
The average MLS® price increased in the first half of 2011 partly as a result of more higher-end homes sold during that period. For the remainder of 2011, the average MLS® price is expected to moderate. Nevertheless, the annual average MLS® price will experience an overall increase in 2011 compared to last year. As the existing home market moves to more balanced markets, growth in the average MLS® price in 2012 is expected to be more modest.
MLS SALES IMPROVE
The Kitchener Waterloo Association of Realtors (KWAR) report a total of 507 sales via the MLS system in August —a 7.2% increase over August 2010. The average sale price also increased 4.3% to $293,149 from $280,985 last August. The average price of condominium units rose 3.2% while single detached homes rose 3.3%. The KWAR president notes “there were a lot of positive numbers this August compared to the same month last year. Sales were brisk; we had a good amount of multiple offers reported”.
Higher priced homes continued to dominate the market-homes in the $300-350,000 price range represented 14% of all sales, while homes above $350,000 also saw 23% of sales.
The president further reports “the cooler weather signifies the beginning of the fall market—always a busier time for real estate sales”.
FEATURED PROPERTIES
Church Property
Sanctuary seats approximately 150– 200 plus small balcony
Sanctuary complete with air conditioning and hot water radiant heating
Several classrooms and offices on lower level
Main entry door wheelchair accessible
Accessible washrooms off fellowship hall remodeled in 2011
New kitchen installed 2010/2011
6 Washrooms total
Exclusive Listing
King Street East Mixed Use Corridor
1314 King Street East, Kitchener
0.341 acres with 90’ high profile King Street frontage
Development or investment property situated along one of Kitchener’s proposed mixed use corridor, offering many permitted uses, both residential and commercial
Property currently contains single detached rental and retail
Zone—King Street East Mixed Use Corridor, MU2, MU3
Exclusive Listing
For More Information Please Contact
Tim Ingold, Broker
Coldwell Banker Peter Benninger Realty, Brokerage
519-742-5800 x 5000
tim-ingold@coldwellbanker.ca