Demand for higher priced homes pushing up averages
The demand for higher priced homes has pushed the average sale price in Kitchener Waterloo up 11.2% to $338,209. Homes sales over $400,000 increased 50.7%. May saw a 25.5% increase in total residential sales on a year to date basis.
2010 is expected to be a record breaking year, in spite of interest rate increases and the HST coming into effect July 1st.
March 2010 Home Sales
Spring has sprung! March home sales see an increase of 47.1% over March 2009. The average price of homes sold in March is also up 9.6% over a year ago. See the full report here.
http://www.kwreb.on.ca/Stats/March%202010%20Media%20Release.pdf
CREA and the Competition Bureau of Canada.
Recently, there has been a hyperbolic amount of media attention upon the Canadian Real Estate Association (CREA) and the Competition Bureau of Canada. As a result, there is considerable confusion among the Public, as to exactly how real estate transactions take place in Canada and what the MLS system is.
Is the MLS system a public forum? No.
The public may view the information but Realtors post to it.
Will Realtor.ca become another “classified ad site”? No.
Integrity of the data presented on Realtor.ca is paramount. Do you trust everything you read on classified ad websites? I know I don't! A short time ago reports surfaced about owners discovering their properties being offered for sale on a “classified ad site”, not by themselves, but by people trying to scam unsuspecting buyers. This is definitely not in everyone's best interest.
Local MLS systems and Realtor.ca were created and paid for by Realtors. It is one of the tools used by Realtors to expose their listings ( I emphasize “one”!). Integrity of the data is vital and enforced to maintain a system that is reliable and trusted by the public.
To become a Realtor one must have extensive education and training in all aspects of Real Estate, including Real Property law, Contract Law, Code of Ethics and more. Once a Realtor, we are governed by and must adhere to rules and regulations set out by the local boards, The Canadian Real Estate Association, and in Ontario, The Real Estate Council of Ontario. Continuing education is one of the components, how a Realtor practices is another. There are severe consequences for Realtors who do not follow the regulations. Why? To add consumer protection and maintain the integrity of the industry. General public “classified ad” websites DO NOT provide this level of protection. One cannot expect the general public to know all the intricacies of a listing and there is currently no way to enforce accuracy of private sales with the general public. This, and the fact that MLS systems and Realtor.ca are privately owned, are the core reasons why The Canadian Real Estate Association will not open the doors of Realtor.ca to the public.
In light of that, never before, has the Consumer had more choices as to how they wish to be represented or NOT represented in their desire to purchase or sell real property. If a consumer wishes to sell a home by themselves without the assistance of a Realtor, there are numerous avenues available for them to do so. The choice is theirs.
If one chooses to work with a Realtor, the Realtor brings much value to the table. Realtors study and practice real estate. Market knowledge and consumer protection are just some of the advantages Realtors provide. There's much more to it than putting up a sign! We have had situations where clients on their own would have made undesirable decisions. It is a gratifying experience to have been able to prevent that from happening!
In short, when you work with a Realtor, you are getting expertise and experience. That's what you are paying for. Realtor.ca is not the key component it is being made out to be, the Realtor is. Realtors would be just fine without it.
Yes...we Realtors make it all look very easy. No wonder some of the Public believe our compensation is not 'in sync' with our labours. But for most, this is the largest financial investment one will likely make in their lifetime. I ask this question...if you were accused on criminal charges...would you choose to represent yourself in the Courts? If your vehicle suffered extensive damage in an accident...would your personally perform the body work to repair it? The answer? Some individuals will, but a greater number of individuals will call upon the services of a professional and expect to compensate the professional for those services.
Consumers have the choice and consumers will continue to have choice.
Home Sales Surge in February
February has seen the most residential home sales in this month for over two decades, boasting a 43.4% increase over 2009 single detached sales, and marking a 31.7% increase over January. The average sale price of a single detached home in Kitchener Waterloo was $324,631, up 15.8% over last year.
