The Kitchener Waterloo Real Estate Board released their sales statistics for January and the numbers showed some substantial gains. Compared to January 2015, last month showed an overall increase of 29.8% in home sales volume. Single detached homes were up 33% in volume (205 sales) while the values increased by +10.5% compared to the same time last year. Condos also saw value gains in the same comparison +7.6% while semi-detached and townhouses saw the largest increase at +12.4%
This represents one of the largest value and volume gains seen in sometime from the monthly KWAR report. So what’s driving the market pace?
When we look at monthly sales stats there are some direct variables that contribute to increased market activity.
#1) January was considerably warmer in 2016 compared to 2015. Readers may recall the frequently used weather term “Polar Vortex” from 2015. According to weather statistics, January was 3.5 degrees warmer during the day and 5.5 degrees warmer at night in 2016 versus 2105.
#2) The Waterloo Region was recently highlighted internationally by Prime Minister Trudeau. At the International Davos Summit, Trudeau spoke glowingly of our Region’s schools, technology growth and diversity. This type of exposure will continue to drive migration towards our market and create higher demand for residential and commercial property.
#3) Further international exposure has occurred with the opening of the new Google headquarters. Much like a great grocery store would be considered an anchor tenant in a shopping complex (pulling in potential shoppers to the area) Google is an anchor industry for Kitchener and shines a light on the opportunities to grow and develop information technologies locally.
Have questions about what your home could be worth? Please contact Benjamins Realty for a professional market valuation on your property.