Sales of million dollar luxury homes in Kitchener Waterloo are few and far between since the new CMHC mortgage rules took effect July 9th. To recap, for purchases of $1 million and up, the buyer is now required to put down a minimum of 20%. Since July 9th, there have been just 2 MLS sales of million dollar homes in Kitchener Waterloo. Prior to that, there were 11 in 6 months. Year-to date, there have been a record 13 sales of million dollar luxury homes breaking the previous mark of 12 set in 2010.
Of the 13 sales, Deer Ridge and Hidden Valley led the way with 4 each. One was newly constructed and 12 were resale homes. Sale prices ranged from $1.04 to $3.2 million. Sellers of resale homes received just 91% of their asking price on average and it took them 87 days to sell.
There are currently 37 million dollar properties for sale in Kitchener Waterloo. Of these, 13 are new or to be built while 24 are resales. Deer Ridge again leads the way with 7. There are 6 in Colonial Acres, 4 in Kiwanis and 3 in Hidden Valley and Westmount. With less than 1 property a month selling, expect to see price reductions coming, particularly for those homes priced just above $1 million. Remember, a sale price below $1 million still qualifies for a 5% downpayment.
Century 21 Fine Homes and Estates offers a Customized Marketing System designed to make the process of selling your luxury home as easy as possible. I'd be happy to consult with you. Together, we will create an unparalled opportunity to distinguish your home in this competitive maketplace. Feel free to call or email 519-505-4488 firstname.lastname@example.org
Century 21 Home Realty Inc. Brokerage
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