Power of sale activity on the Kitchener-Waterloo Real Estate Board rocketed higher in June 2010. Active MLS residential listings in mid-July totalled 18. This represents a sharp increase over the 13 and 10 active listings in mid-June and May respectively. Of note, 17 are located in Kitchener and 1 in Waterloo and the great majority of listings are concentrated under $250,000.
The month of June, 2010 saw 13 residential sales under power of sale through MLS easily eclipsing the 8 recorded in May. Included in that total is the home pictured above. It's located in the exclusive area of Colonial Acres in Waterloo. It was initially listed for sale at $383,250 in April, reduced to $362,200 and received multiple offers in June selling for $365,000. Among June power of sales, 2 were in Waterloo and 11 in Kitchener.
What can we expect going forward? Slower sales, an increasing amount of houses for sale and lower prices are forecast for the balance of the year. The Bank of Canada is expected to raise the prime rate by .25% on July 20th. A Vanier Institute study in February noted mortgage payments that were at least 90 days late had risen by 50% since 2008. The level of debt Canadian consumers are currently carrying makes it appear power of sale activity will continue to rise in the coming months.
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Century 21 Home Realty Inc. Brokerage