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Builders of Kitchener’s 1st legal tiny homes imagine a benefit to whole community Social Sharing🏡

Construction on the tiny home on Simon Wong’s property is on track to be complete by the end of 2021. He was the first person to receive a building permit from the City of Kitchener in August and got straight to work.  “It was a great opportunity for us and we took it and jumped,” Wong told CBC News of breaking ground in August. The Ontario city approved an amendment to a zoning bylaw allowing for the construction of tiny homes in April.  “I was very surprised,” said Wong of being the first to receive a building permit. “I thought there would be people ahead of us because it took a few weeks to get the permit and site plan all approved.” Wong’s tiny home is in the backyard of a home he and his wife purchased in April in the Vanier area of Kitchener. They renovated the main house into a duplex that is being rented out. …
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Prices are Rising Everywhere–Transitory Can Last A Long Time📈

Today’s release of the September Consumer Price Index (CPI) for Canada showed year-over-year (y/y) inflation rising from 4.1% in August to 4.4%, its highest level since February 2003. Excluding gasoline, the CPI rose 3.5% y/y last month. The monthly CPI rose 0.2% in September, at the same pace as in the prior month. Month-over-month CPI growth has been positive for nine consecutive months. Today’s inflation is a global phenomenon–prices are rising everywhere, primarily due to the interplay between global supply disruptions and extreme weather conditions. Inflation in the US is the highest in the G7. The economy there rebounded earlier than elsewhere in the wake of easier Covid restrictions and more significant markups. Central banks generally agree that the surge in inflation above the 2% target levels is transitory, but all now recognize that transitory can last a long time. Bank of Canada Governor Tiff Macklem acknowledged that supply chain disruptions …
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Canadian home prices continued to increase in September 📈🏡

Home sales across Canada went up by 0.9% between August and September 2021, according to the Canadian Real Estate Association (CREA). This change marked the first month-over-month increase since March. The chair of the CREA Cliff Stevenson said in a press release that it was the second-highest ever September sales figure by a sizable margin. “September provided another month’s worth of evidence from all across Canada that housing market conditions are stabilizing near current levels,” said Stevenson.  “In some ways, that comes as a relief given the volatility of the last year-and-a-half, but the issue is that demand/supply conditions are stabilizing in a place that very few people are happy about.”  The actual number of transactions in September was down 17.5% on a year-over-year basis, with the record for that month set last year.  The number of newly listed homes fell by 1.6% in September compared to August, as gains …
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The Kitchener-Waterloo housing market stats for September 2021 are here! 🏡📊⁠

KITCHENER-WATERLOO, ON (October 4, 2021) –– A total of 506 residential homes sold last month through the Multiple Listing Service® (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), a decrease of 32.1 percent compared to last September and a decrease of 5.9 percent compared to August. “While the total number of homes sold last month was down considerably compared to last September, it can still be considered an above-average month of activity when we remember that last September smashed any previous September for the number of sales,” says KWAR’s president, Nicole Pohl. “In fact, I would say we are on track for setting a record number of annual sales in 2021.”   Total residential sales in September included 267 detached (down 37.3 percent from September 2020), and 83 condominium units (down 11.7 percent). Sales also included 41 semi-detached homes (down 21.2) and 115 townhouses (down 33.5 percent).   In September, …
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More Canadians Are Moving to BC Than Anywhere Else in the Country

The appeal of British Columbia (BC) is undeniable.  Many fellow Canadians apparently agree. A new report from Statistics Canada, released on September 29, shows that BC experienced the largest net gain in interprovincial migration in the 12-month period ending June 30, 2021.  The province’s net interprovincial migration – the difference between residents moving into and out of a region – was +34,277 in 2020/21. This marks the largest migration increase in BC in 28 years. The pandemic appears to have inspired a re-evaluation of lifestyle and living space, as Canadians packed their bags and set their sights on new provinces like they haven’t in years. According to StatsCan, Canadians are relocating to other provinces at a rate we haven’t seen since the 90s. Naturally, this is fuelled by a remote work culture that has become the norm. While BC may be an attractive option in the lifestyle front, calling the mountain-filled province home doesn’t …
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Buying vs. Renting: Homeowners Come Out Ahead, Study Says

Despite higher home prices and larger mortgages, monthly housing costs are currently lower for homeowners—on average—compared to renters. In fact, in the second quarter of this year, homeowners paid on average $769 less per month compared to renting an equivalent dwelling, according to a new survey sponsored by Royal LePage. “For those who are able to secure a sufficient down payment, it is more financially beneficial to buy a home in Canada than to rent over the long term, in 91% of cases analyzed,” reads a release from Royal LePage. The cases analyzed assumed the borrower was able to put down a 20% down payment. “Historically, homeownership has been very profitable for Canadians, many of whom have factored their real estate investments into their retirement planning,” Karen Yolevski, chief operating officer at Royal LePage Real Estate Services Ltd., said in a release. “Owning a home is widely viewed as a …
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EXCELLING IN A TURBULENT YEAR – CMP Magazine’s Top Brokerages 2021🏡📈

For brokerages across Canada, 2020 was a year like no other in living memory. In many respects, it was a perfect storm: Just as activity in the mortgage market was heating up rapidly, the pandemic was forcing countless brokerages to radically rethink their working model as in-person interaction with both colleagues and clients effectively came to an end.  That said, we are proud to announce that Valko Financial has been recognized as one of CMP Magazines’ Top Brokerage 2021! 🏡📈 The final ranking of Top Brokerages was weighted across four areas: growth in volume funded between 2019 and 2020, average volume funded per broker, total volume funded within a 12-month period, and the number of transactions. Nominated brokerages were ranked in each of these areas, and these rankings were then combined to determine each brokerage’s final placement on the list.  A heartfelt thank you to the CMP Canadian Mortgage Professionals …
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Home prices in Toronto rise to record levels and here’s what experts say will happen next 🏡📈

The frenzied pace of home buying Toronto experienced in 2020 has waned but prices continue to increase. As anyone searching for a home knows, it is difficult to find a decent home under $1 million unless you want to live in a shack or run-down bungalow. And it is not just in Toronto. Across Canada, home sales dipped -0.5 percent from July and -14 percent compared to 2020’s scorching summer market but it’s still the second-best August in history for real estate transactions, according to a new report from Zoocasa. “Canadian housing markets appear to be stabilizing somewhere in between pre-and peak-pandemic levels – which is to say, still extremely unbalanced,” said Canadian Real Estate Association senior economist Shaun Cathcart. Across the GTA benchmark home prices are up 17.3 percent year over year to $1,059,300, the report states. The main factor behind the price increase is the lack of homes on the market. “Greater Toronto buyers continued …
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August market update: Low inventory continues to be the main issue in Kitchener/Waterloo

The real estate market in Kitchener/Waterloo experienced record low inventory all summer and August, unfortunately, was no exception.  The average number of active listings was down 51% compared to August 2020, which, admittedly, was an exceptionally busy month. The months of inventory is now down to just 0.4, a figure that is slightly lower than last month and much lower than the 1.2 months of inventory recorded last August. The good news for sellers is that 85% of properties are selling for over the list price, a number that is up slightly from last month when it was 79%. On average, homes are selling for 14% over asking. Despite this low inventory, prices have remained flat from last month, at around $733,000. The only category to see a slight increase in average sale price was condos and apartments, up 3%. For now, the focus is on September, and the hope …
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Annual Inflation In August Rises to 4.1% in Canada–But Are We Close To The Peak?

Today’s release of the August Consumer Price Index (CPI) for Canada posted another uptick in the year-over-year (y/y) inflation rate, but hidden in the details was some support for the Bank of Canada’s position that the spike in inflation is transitory. The Bank has long suggested that the rise in prices will prove to be the result of base effects (y/y comparisons that are biased upward by the temporary decline in prices one year ago), supply disruptions, and the surge in pent-up demand accompanying the reopening of the global economy. This morning’s Stats Canada release showed that consumer price inflation surged to a 4.1% y/y pace last month, above the 3.7% pace recorded in June, and the 3.1% pace in May. This is now the fifth consecutive month in which inflation is above the 1%-to-3% target band of the Bank of Canada. The good news, however, is that the monthly …
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