Residential power of sale activity on the Kitchener Waterloo MLS in November was relatively quiet. Active listings under power of sale on December 15th declined to 14 from mid-November's 15. Of note, 13 are in Kitchener with 1 power of sale in Waterloo. Six of the Kitchener power of sales are condominiums and the bulk of the properties are under $300,000. I'll be happy to supply a full list upon request.
There were 7 sales under power of sale in November, 2010. This represents the third straight month the number of power of sales declined with 9 in October and 11 in September. Five of the power of sales were in Kitchener and 2 were in Waterloo including the property shown above. It's located in the exclusive area of Beechwood West and was the scene of a fatal fire in January, 2009. It was listed for $233,500 and was described as "needing extensive repair and/or removal". Inspite of that, it sold for a considerable premium to the asking price.
What can we expect for 2011? Interest rates remain low and the Waterloo Region economy has recovered to a large extent. A cloud on the horizon is the pronouncement made this week by Bank of Canada Governor Mark Carney. The third quarter saw the ratio of household debt-to-disposable income reach a record of 148.1. Carney warns "Low rates today do not neccessarily mean low rates tomorrow". He's concerned that once interest rates rise, many Canadians won't be able to handle higher payments. This could lead to a sharp increase in mortgage defaults and heightened power of sale activity. Until then, it appears locally, it's business as usual.
For information on Kitchener Waterloo power of sales, feel free to call or email 519-505-4488 firstname.lastname@example.org.
Century 21 Home Realty Inc. Brokerage
"Delivering results since 1989"