The Autumn KW Real Estate Market
Summer is winding down, Labour Day has passed, which means that we are entering the Autumn real estate market.
I love Autumn, and I love the Autumn real estate market. It’s essentially a shorter and less hectic version of the Spring real estate market and depending on the year, can be either a great time to sell or a good time to buy. What is it this year? It’s a good time to sell.
How’s the Market?
In Canada as a whole, after sluggish market activity over the much of the first part of the year, things turned around in June and July with sales and prices rising month-over-month. After a slow start to the year, the Canadian real estate market started its comeback. Industry experts are predicting a ‘normal pace of growth’ till the end of the year.
Rates may rise
The Bank of Canada is expected to raise interest rates in October. That indicates that the BoC thinks that the market is strong and stable enough as a whole to withstand another rate hike.
It is, at least in KW it is.
Locally, we can expect greater-GTA area residents to continue moving into Kitchener-Waterloo. A recent Angus Reid poll found that 38 per cent of Toronto homeowners are seriously considering moving out of the city as housing affordability continues to deteriorate. KW is one of their best options as Barrie, Milton and Burlington are too expensive now.
As an aside, Toronto is one of a couple of cities in Ontario with a balanced real estate market. Most regions in Ontario are still experiencing a seller’s markets.
What’s happening in Kitchener Waterloo Real Estate?
Average real estate year-over-year prices in KW were up 11.5% in August. Sales volume was up as well. Days On Market expanded from 26 days to 28 days. That’s nothing.
As mentioned above, KW is still solidly a seller’s market. The number of homes for sale is still way below our historical average, way below.
The KW real estate market is very favourable to sellers this year. Home sellers have a short window of opportunity — essentially until the end of November — to sell. If you are thinking about selling, try to be on the market right after Thanksgiving at the latest.
Tips for selling in the Autumn real estate market.
Selling your home in the fall has different challenges and methods than selling in the spring. Here are a few things to consider.
- Curb appeal: the leaves may fall but you can spice up your porch and yard with chrysanthemums and marigolds
- Fireplace: autumn is a wonderful time to show off the comfort and coziness of your home. Click on the gas fireplace before showings. Light the wood-burning fireplace before your open house.
- Fresh aromas: Pumpkin pie or muffins, turkey dinner on Thanksgiving Day, fresh bread, even the smell of fresh coffee and cookies will tap into a homebuyer’s senses.
- Staging: put away the breeziness of summer and bring out the autumn accent colours. It is getting dark earlier now and there will be a time change coming up, so remember to turn on all the lights before showings. Get a pumpkin for your front porch and some little pumpkins and gourds for your kitchen cornucopia.