There were no bargains to be had in March as brisk Kitchener Waterloo residential MLS sales carried over to power of sale activity. There were 10 properties sold under power of sale in March. The average list price to sale price ratio was 99% and the average days on the market for these sales was just 27. The Royal Bank, Bank of Montreal and Firstline/CIBC have the dubious distinction of tieing for the lead with 2 each.
Active power of sale listings as of April 15th sit at only 8. The home pictured above is under power of sale with the Toronto Dominion Bank and is listed at $469,900. Power of sale properties in this price range are rare. Starter homes in the $225,000 range and condominiums make up the bulk of the power of sale properties in Kitchener Waterloo typically.
What can we expect in the coming months? It looks like the active spring market will continue in Kitchener Waterloo. What bears watching is debt levels. With the recent Canada Mortgage and Housing Corporation changes limiting refinance to 85% of the properties appraised value, there will be less opportunity to extract equity. Those living beyond their means may be forced to turn to unsecured lines of credit and credit cards rather than the much cheaper secured line of credit. It is sure to be interesting to see how this change plays out.
If you have any questions about power of sale, feel free to call or email. You can also request a current list of power of sale properties 519-505-4488 firstname.lastname@example.org.
Century 21 Home Realty inc. Brokerage
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