As reported previously, August saw diminished residential unit sales and power of sale activity in Kitchener Waterloo was no exception. Eight properties sold under power of sale on MLS in August, 2010 versus 13 in each of the previous 2 months. The property shown above is located in the desirable Uptown Waterloo area. In spite of being described as "an excellent renovation project", it received multiple offers and sold under power of sale for 107% of the asking price.
Active residential MLS listings under power of sale remain at relatively high levels. On September 15th, there were 18 properties versus 20 in mid-August. Of note, 17 are in Kitchener and 1 in Waterloo. The lenders at BMO Bank of Montreal have the dubious distinction of leading the pack with 5 active listings under power of sale or nearly 28% of the total. This is unusual given their slightly more than 9% of the residential mortgage market share.
What can we expect in the coming months? Expect more power of sale properties to come on the market. According to the Canadian Payroll Association, nearly 6 in 10 Canadians say they would be in financial trouble if their paycheque was delayed by just a week. It appears most borrowers will be fine as long as their jobs and current levels of interest rates are maintained. The Bank of Canada hasn't indicated they're done raising interest rates so this bears watching.
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