May was a strong month for real estate in Kitchener-Waterloo region, as the number of residential sales saw a nearly 10% increase over May 2008.
Home ownership incentives introduced in the new budget such as the changes to the RRSP savings program, the First-Time Home Buyer's Tax Credit, the temporary Home Renovation Tax Credit, and the ecoENERGY Retrofit program, seem to be encouraging more home ownership.
The average residential sale price for properties sold in May has seen a 24% increase in value over the past five years, now resting at $295,968 for single detached homes, $207,682 for semi-detached, $229,724 for freehold townhomes, and $166,814 for condo units. It appears overall values are remaining relatively steady. Single family detached homes are moving the fastest with 358 unit sales in May, up 15.1% from this time last year. There were 28 semi-detached homes, 41 freehold townhouse , and 98 condo units sold in May.
Homes in the $225,000 to $249,999 price range sold in the highest volume, with nearly 18% of all sales in this range. 71% of all sales occurred in homes priced between $200,000 to $400,000. 8% of sales were priced higher than $400,000.
Kitchener west of King Street had the most sales for the Kitchener-Waterloo region with 216 units sold in May in this area. West Waterloo had the next highest sales volume with 122 sales in May, followed by Kitchener East with 104 unit sales, and Waterloo East with 85 unit sales. Hespeler had the most sales for Cambridge with 18 units sold, followed by Preston and North Galt with 4 unit sales each, and Galt East and West with 3 unit sales each.
There are plenty of stock available for those looking to buy with 677 new residential property listings processed in May and nearly 1,500 active residential listings to choose from.
Historically low interest rates won't last much longer.Now's the time to buy!