Real estate market hot
With the mild winter, early spring and historically low interest rates, the Canadian real estate market is off to a strong start. Sales for January and February were up in 12 of the 15 major markets (80% of the Canadian Market). A busy spring real estate market is expected as a strong Canadian economy and high consumer confidence continue to drive demand. Kitchener Waterloo again is going against the trend with sales volume decreasing by 4.5% compared to the January February 2012. This decrease is widely blamed on the over supply of new condominium high rise units on the local market. In terms of prices, average prices rose in 14 of 15 major markets, most (including KW) by 10% or more over the same period in 2012.
Canada Mortgage and Housing Corporation in an attempt to cool down Canada’s housing market is indicating that it will try to curb the growth in the mortgage market. It will do this by insuring few mortgages in the next few years. The change comes because the federal government has set $600-billion as the limit for the amount of mortgage insurance Canada Mortgage and Housing Corporation can have outstanding. The move is a sign Ottawa is trying to engineer a soft landing for Canada’s $1.1-trillion housing market by restraining the credit available for homebuyers to rack up mortgage debt.
Zellers local roots
Walter Philip Zeller was a Canadian businessman and founder of discount retail chain Zellers. Zeller was born in Waterloo County, near the city of Kitchener, Ontario. His great-grandfather settled in Breslau, Ontario after arriving from Germany. He founded Zellers in 1931. Zellers stores in the Stanley Park Mall in Kitchener and on Bridgeport Road in Waterloo are scheduled to close on June 6 after which time they will be converted to Walmart stores.
365 Business Network
365 Business Network is a group like no other. We will be meeting for the first time this Tuesday March 27, at Bobby O’Brien’s. Please RSVP if you plan to attend. Bring a friend.
Coming up next week
We have a new listing in Kitchener’s East Ward coming onto the market next week. If you’re looking for a beautiful and fully updated home on a leafy street in Kitchener’s East Ward, stand by to be impressed. This is truly a unique opportunity.
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