Despite repeated warnings of unsustainable debt levels for Canadians, Kitchener-Waterloo power of sale activity remains muted. Currently on the Kitchener Waterloo MLS, there are 7 active properties under power of sale. They range in price from $180,600 to $434,900. They have been on the market just 25 days on average reflecting the lack of properties for sale in a selller's market. This is surprising given that these properties tend to be "fixer uppers" or "handyman specials". For a full list, feel free to call or email 519-505-4488 email@example.com.
The first 60 days of 2012 saw just 16 sales occur under power of sale in Kitchener-Waterloo. This represents less than 3% of the total sales. The sales ranged in price from $114,900 to $799,000. It took an average of 44 days for these properties to sell. There were no bargains or discounts to be had as the lenders received, on average, 98% of the asking price. Of note, Scotia had the dubious distinction of leading the pack with 3 properties while BMO, Genworth and Home Trust were close behind with 2 each.
Where do we go from here? It appears that the combination of low interest rates and a healthy local economy continue to sustain the real estate market in Kitchener Waterloo. Until that changes, expect little distress and more of the same for Kitchener-Waterloo power of sales.
Century 21 Home Realty inc. Brokerage
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