Power of sale activity in Kitchener-Waterloo continued an upward trend. In February, there were 11 residential properties sold under power of sale through the Kitchener-Waterloo Real Estate Board. Interestingly, all were in Kitchener. The continued strength of the residential resale market meant there were no bargains to be had as lenders received, on average, 99% of the asking price. The average days on the market for these properties was only 23 days.
Active listings under power of sale on the K-W MLS as of March 15, 2010 totalled 11. Of these, 8 are in Kitchener and 3 in Waterloo. Included in this is the luxury home shown above. It's located in the Hidden Valley area of Kitchener and the asking price is $1.749 million. Yes, sometimes even the wealty have trouble making their payments.
I expect for the balance of the spring market, the power of sale properties will continue to be absorbed in the market. Demand remains high as buyers rush to get their purchase in ahead of the introduction of the HST in Ontario, coming changes in CMHC policy and an impending rise in interest rates. After July 1st, watch for an increase both in listings and in power of sale listings. Until then, it's "nothing to see here...move along".
For sound advice on your real estate needs, contact me at 519-505-4488 or Jeff.Gingerich@Century21.ca
Century 21 Home Realty Inc. Brokerage