Kingston and Area home sales remain solid in July

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association numbered 334 units in July, down five per cent from a year earlier.

“Home sales in July were down slightly from strong levels in the same month last year, but came in above the five-year average for the month and right in line with the 10-year average,” said Liza Tallen, President of the Kingston and Area Real Estate Association. “The real story though is that following a pretty quiet start to the year the buyers were back in June and that trend continued in July.”

The average price for homes sold through the Association’s MLS® System in July 2014 was $284,282, an increase of four per cent from July 2013.

There were 768 new residential listings on the Association’s MLS® System in July 2014, rising 12 per cent on a year-over-year basis. This was a record for new supply in the month of July.

Overall supply has risen sharply in recent months. Active residential listings on the Association’s MLS® System numbered 2,312 units at the end of July, up 17 per cent from the same month in 2013.

There were 6.9 months of inventory at the end of July 2014, up from 5.6 months at the end of July 2013 and above the long-run average for this time of the year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The value of all home sales was $95 million in July 2014, edging down one per cent from a year earlier.

Sales of all types of properties numbered 373 units in July, down three per cent on a year-over-year basis. The total value of all property sales increased two per cent from a year earlier to $104.6 million in July.

 


The information contained in this report has been prepared by
The Canadian Real Estate Association, in co-operation with the Kingston and Area Real Estate Association.
The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information is not guaranteed.
In providing this information, neither The Canadian Real Estate Association nor
the Kingston and Area Real Estate Association assumes any responsibility or liability.
Copyright © 2014 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.

 

Bank of Canada signals low rates for longer

Cdn Mortgage Rates

The Bank of Canada announced on July 16th, 2014 that it was keeping its trend-setting overnight lending rate at 1 per cent.

 

The overnight rate has not moved in almost four years, and the Bank’s July announcement and accompanying Monetary Policy Report (MPR) suggest the most likely scenario right now is that the overnight rate will remain parked where it is for at least another year and a half.

 

That said, the Bank made clear that it was “neutral” with respect to not only the timing but also the direction of any future change to the policy rate. The Bank is taking a wait and see approach at this point, saying that any future moves “will depend on how new information influences the outlook and assessment of risks.”

 

With inflation having “moved up to the 2 per cent target in recent months, sooner than expected,” talk of a rate cut has all but gone away; however, the Bank attributes the recent rise in inflation to temporary effects, specifically higher energy prices, a lower Canadian dollar, and other sector-specific shocks rather than to any change in domestic economic fundamentals.

 

As such, headline inflation is expected to continue to bounce around in the 2 per cent range over the next two years, while under the surface there will be a symmetrical unwinding as the temporary effects currently pushing it up gradually fade away and the economic fundamentals currently holding it down, namely slack in the economy and elevated retail competition, also become less of a factor.

 

The Bank noted that global economic growth has been on a lower track than was forecast in the April MPR, and the forecast for global growth has been lowered accordingly, specifically this year but also for next year. The forecast for Canadian economic growth has likewise been trimmed from the 2 ½ per cent range this year and next to 2 ¼ per cent on average this year and next and into 2016 as well.

 

As a result, the economy is now not expected to get back to full capacity until mid-2016 compared to the April MPR’s prediction of early 2016. As such, bets on when the first interest rate hike could come will likely be pushed from mid-2015 to later in the year and possibly even into early 2016. The bottom line is, once again, interest rates will be lower for longer.

 

The Bank still expects that “the lower Canadian dollar and a projected strengthening in global demand will lead to a pickup in Canadian exports and business investment and, eventually, a more sustainable growth track,” although this may take a little longer than expected to materialize with the Canadian dollar having recently popped back up a bit and the forecast for global growth, and particularly growth in the U.S., having been downgraded.

 

The Bank also re-iterated that “household imbalances continue to evolve constructively and recent data are broadly consistent with a soft landing in Canada’s housing market.”

 

As of July 16th, 2014, the advertised five-year lending rate stood at 4.79 per cent, unchanged from the previous Bank rate announcement on June 4th, 2014 and down 0.35 percentage points from the same time one year ago.

 

The next interest rate announcement will be on September 3rd, 2014.

 

(CREA 7/16/2014)

Kingston and Area home sales up in June

Kingston June Residential Sales Activity

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association numbered 385 units in June, up 18 per cent from a year earlier.

“Following a quiet April and May, home sales picked up noticeably in June,” said Liza Tallen, President of the Kingston and Area Real Estate Association. “Meanwhile, new listings posted a second straight double-digit year-over-year increase, giving prospective buyers more options compared to just a few months ago.”

The average price for homes sold through the Association’s MLS® System in June 2014 was $287,738, an increase of 1.7 per cent from June 2013.

There were 832 new residential listings on the Association’s MLS® System in June 2014, rising 17 per cent on a year-over-year basis. This was a record for new supply in the month of June.

Overall supply has risen sharply in recent months. Active residential listings on the Association’s MLS® System numbered 2,344 units at the end of June, up 15 per cent from the same month in 2013 and a 16-year high for active supply at this time of the year.

There were 6.1 months of inventory at the end of June 2014, little changed from 6.3 months at the end of June 2013 and slightly below the long-run average for this time of the year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The value of all home sales was $110.8 million in June 2014, up 20 per cent from a year earlier.

Sales of all types of properties numbered 415 units in June, up 12 per cent on a year-over-year basis. The total value of all property sales increased 15 per cent from a year earlier to $117.1 million in June.


The information contained in this report has been prepared by
The Canadian Real Estate Association, in co-operation with the Kingston and Area Real Estate Association.
The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information is not guaranteed.
In providing this information, neither The Canadian Real Estate Association nor
the Kingston and Area Real Estate Association assumes any responsibility or liability.
Copyright © 2014 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.

Does Your Home Have Curb Appeal?

curb appeal

Drive Up Your Curb Appeal

Is your home’s first impression being hindered by a bland driveway, or an eyesore of a walkway? If so, it might be time to kick start your curb appeal with a few upgrades.  From repairing to repaving, a little attention to your home’s entryway can go a long way when it comes to wowing visitors, not to mention potential home buyers.

Revitalize with Repairs
The easiest way to enhance your walkway and driveway is with some simple repairs and resurfacing.  Repair cracks with rubberized asphalt crack filler or pourable grout.  When dry, pour water over the surface to ensure it is angled in such a way that the water runs off, as standing water is the most common cause of cracks. Once complete, coat with an appropriate sealer and your driveway will look like new again.

Pave the Way to Wow

An asphalt driveway is relatively inexpensive and is less prone to cracks and heaving than concrete.  Add eye-appeal to an asphalt driveway by lining it with a row of trees, shrubs or other greenery, or by adding a decorative lamp post for aesthetic appeal day and night..  Alternatively, a brick or cobblestone driveway costs more, but can add a lot of elegance to your home’s entryway.

Go for Gravel

If paving isn’t in your plans, adding crushed gravel to a dirt driveway is always an option.  Gravel is great for bringing definition to your driveway, especially if you change its contour by adding an inviting curve.  For a more formal appearance consider coloured gravel: blue-grey, red or white.  Edge a small stone gravel driveway with bricks for a finished look.

Talk with Your Walkway
If the entryway to your front door could speak, it should say “welcome”.  Transform it with stained or stamped concrete pavers, stone, flagstones or brick.  A curved walkway provides a natural, meandering feeling while a straight one is more directional. Embellish a short straight walkway with a row of bricks or pavers on either side and soften with groundcover overflowing the edges or line with low lying, attractive plants.

Neat and Tidy Gets Noticed
No room for a driveway or walkway renovation in your budget? Keep things looking good by removing unsightly weeds.  Trim grass edges for a neat, cared-for appearance.  A couple of large pots, overflowing with bright flowers leading up to your front door creates a pleasing, welcoming feature.

Curb appeal is paramount for showcasing not only your property’s individuality, but to tell prospective buyers that your home is as well-maintained inside as it is outside.

New Record for Kingston and Area average price

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association numbered 370 units in May, down 16 per cent from a year earlier.

“Home sales continued to run at lower levels in May while new supply almost set a record,” said Liza Tallen, President of the Kingston and Area Real Estate Association. “Despite this rebalancing of market conditions the average price has shown no signs of softening. It actually topped the $300,000 mark for the first time ever in May, although at least part of that reflects the fact that the biggest sales declines this May were seen in the $200,000 to $250,000 range. That serves to give more weight in the calculation of the average to homes selling at the higher end, and that boosts the average selling price.”

The average price for homes sold through the Association’s MLS® System in May 2014 was a record $302,872, an increase of six per cent from May 2013.

There were 1,009 new residential listings on the Association’s MLS® System in May 2014, rising 17 per cent on a year-over-year basis. This was the highest level for the month on record and only the second time new supply had risen above 1,000 units.

Overall supply levels remain elevated. Active residential listings on the Association’s MLS® System numbered 2,278 units at the end of May, up 12 per cent from the same month in 2013.

There were 6.2 months of inventory at the end of May 2014, up from 4.6 months at the end of May 2013 and above the long-run average for this time of the year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The value of all home sales was $112.1 million in May 2014, falling 11 per cent from a year earlier.

Sales of all types of properties numbered 408 units in May, down 15 per cent on a year-over-year basis. The total value of all property sales declined 12 per cent from a year earlier to $118.9 million in May.


The information contained in this report has been prepared by
The Canadian Real Estate Association, in co-operation with the Kingston and Area Real Estate Association.
The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information is not guaranteed.
In providing this information, neither The Canadian Real Estate Association nor
the Kingston and Area Real Estate Association assumes any responsibility or liability.
Copyright © 2014 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.

 

Quiet April for Kingston and area home sales

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association numbered 298 units in April. This was down 18 per cent from a year earlier.

“Home sales were running at lower levels over the first quarter of the year, and that trend continued to play out in April,” said Liza Tallen, President of the Kingston and Area Real Estate Association. “While activity has quieted down in recent months, prices have shown no signs of softening. That continues to be the case despite a year-over-year decline in the average price in April. That decline was simply the result of a record-breaking jump in the measure last April, not the start of a new trend now.”

The average price for homes sold through the Association’s MLS® System in April 2014 was $283,232, a decrease of 3.9 per cent from April 2013.

There were 877 new residential listings on the Association’s MLS® System in April 2014, down 14 per cent on a year-over-year basis As with sales, new listings have also been running at lower levels in recent months.

Overall supply levels remain above last year’s levels, although they have been trending lower compared to the end of 2013. Active residential listings on the Association’s MLS® System numbered 1,979 units at the end of April, up just three per cent from the same month in 2013.

There were 6.6 months of inventory at the end of April 2014, up from 5.3 months at the end of April 2013 and above the long-run average for this time of the year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The value of all home sales was $84.4 million in April 2014, falling 21 per cent from a year earlier.

Sales of all types of properties numbered 346 units in April, down 14 per cent on a year-over-year basis. The total value of all property sales declined 20 per cent from a year earlier to $93.3 million in April.


The information contained in this report has been prepared by
The Canadian Real Estate Association, in co-operation with the Kingston and Area Real Estate Association.
The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information is not guaranteed.
In providing this information, neither The Canadian Real Estate Association nor
the Kingston and Area Real Estate Association assumes any responsibility or liability.
Copyright © 2014 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.

Bank of Canada holds interest rates steady

The Bank of Canada announced on April 16th, 2014 that it was keeping its trend-setting overnight lending rate at 1 per cent, where it has been parked since September 2010. The Bank also published its latest quarterly Monetary Policy Report and updated its economic growth and inflation forecasts.

The Bank’s global economic growth outlook remains upbeat despite softer readings in recent months that it attributes to “unusual weather” in the United States earlier in 2014. The Bank still expects that investment and exports will outshine consumer spending as the main driver of Canadian economic growth as the United States economic recovery gains momentum.

While the Bank raised its inflation forecast, it expects the increase to be temporary and made it clear that it would not react by raising rates sooner than previously anticipated.

The Bank identified a weaker than expected upturn in exports as being the most significant domestic risk to its inflation outlook. It also repeated its concerns about Canadian household indebtedness while indicating that a soft landing in the Canadian housing market and a stabilization of debt-to-income ratios continue to unfold in line with its expectations.

On balance, the Bank is of the view that interest rates should remain where they are and it will continue to monitor economic and inflation data closely to determine the direction of future policies. Canadian private sector forecasters widely believe that the Bank of Canada will not begin raising the overnight lending rate until well into 2015.

As of April 16th, 2014, the advertised five-year lending rate stood at 4.99 per cent, down from 5.24 per cent at the previous Bank rate announcement on March 5th, 2014.

The next interest rate announcement will be on June 4th, 2014. The next update to the Monetary Policy Report will be on July 16th, 2014.

(CREA 4/16/2014)


The information contained in this report has been prepared by
The Canadian Real Estate Association, in co-operation with the Kingston and Area Real Estate Association.
The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information is not guaranteed.
In providing this information, neither The Canadian Real Estate Association nor
the Kingston and Area Real Estate Association assumes any responsibility or liability.
Copyright © 2014 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.

Kingston home sales and new listings down, average price up in March

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association numbered 226 units in March. This was down 10 per cent from a year earlier.

“Home sales in the region remained at lower levels in March, although still up from the beginning of the year,” said Liza Tallen, President of the Kingston and Area Real Estate Association. “Scratching the surface, it turns out the bulk of the year-over-year decline in March sales was focused in the price range from $200K to $250K, while activity priced above $500K saw a considerable uptick compared to the same month last year. As a result of this compositional change, the average home price in the region posted a double digit increase and set a new monthly record.”

The average price for homes sold through the Association’s MLS® System in March 2014 was a record $294,895, an increase of 13 per cent from March 2013.

There were 643 new residential listings on the Association’s MLS® System in March 2014, down five per cent on a year-over-year basis. New listings have slowed sharply in the past two months.

Overall supply levels remain above last year’s levels, although they have been trending lower compared to the end of 2013. Active residential listings on the Association’s MLS® System numbered 1,666 units at the end of March, up seven per cent from the same month in 2013.

There were 7.4 months of inventory at the end of March 2014, up from 6.2 months at the end of March 2013 and above the long-run average for this time of the year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The value of all home sales was $66.6 million in March 2014, edging up one per cent from a year earlier.

Sales of all types of properties numbered 252 units in March, down nine per cent on a year-over-year basis. The total value of all property sales edged up two per cent from a year earlier to $70.9 million in March.


The information contained in this report has been prepared by
The Canadian Real Estate Association, in co-operation with the Kingston and Area Real Estate Association.
The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information is not guaranteed.
In providing this information, neither The Canadian Real Estate Association nor
the Kingston and Area Real Estate Association assumes any responsibility or liability.
Copyright © 2014 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.

A Guide to Roofing Improvement. Repair? Replace? ROI?


Your roof has a tough life.  Just when it’s survived another long, cold Canadian winter, it faces the heat and humidity of the summer months ahead.  That’s why spring is the perfect time to assess the state of your roof, and to decide whether you need to take steps to improve its condition.  Here is a general guideline of where to begin:

Look for Proof of a Faulty Roof
No matter how old or new your roof is, it’s always a good idea to conduct quarterly inspections of its condition.  Start with the interior walls of your home that touch the roof and look for things like flaking paint, ceiling stains, and peeling wallpaper. All of these may be an indication that your roof has a leak.

On your roof itself, symptoms of deterioration can include missing shingles, visible fiberglass threads, raised shingles with nails protruding, or any areas that look darker or a different shade.  Check the roof deck in your attic as well, noting any water stains, rotting, and pinholes of light. If you are uncertain, you can always hire a roofing professional to do an assessment for you.

Two Options: Repair or Replace
If you’ve discovered signs that your roof may be damaged or leaking, first determine if it’s repairable.  A roofing professional may be best able to determine this. If it’s less than ten years old and only has a few minor issues, the remedy may simply require a little patchwork.

Sometimes a simple repair won’t suffice, and you need to consider replacing your roof altogether.  A professional roofer can determine the state and age of your roof to help you decide if you want to replace it.  As a general rule, if your roof is older than 15 years or showing significant signs of decay they’ll likely recommend that you replace it.  A moderately sized, professionally-installed roofing job will usually take about three to five days to complete. Select a roofing system design and colour that is in keeping with the neighbourhood standard and the colour scheme of your home.

Reap the ROI
If it’s time to replace your roof, you should consider what the return on investment will be.
The most common type of roofing system is the asphalt shingle, where you’ll pay on average between $2.50- $3.50 per square foot*.  If and when you sell your home down the road, you can expect to recoup an estimated 25-75% of your roofing investment*.

Replacing your roof can also add a lot of curb appeal to your home.  A new roof gives your home a mini-makeover, making it look more modern and up-to-date – not to mention safer and more energy efficient.  To make the most of your investment, be sure to maintain and inspect it on a regular basis.

*The Appraisal Institute of Canada, 2011: http://aicanada.ca

Kingston home sales show little change in February

Home sales recorded through the MLS® System of the Kingston and Area Real Estate Association numbered 176 units in February. This was down 2.8 per cent (five sales) from a year earlier.

“Home sales in the region dropped sharply in January but regained most of that lost ground in February,” said Liza Tallen, President of the Kingston and Area Real Estate Association. “Meanwhile, new listings edged back in February, which brought the market back into better balance.”

The average price for homes sold through the Association’s MLS® System in February 2014 was $274,834, almost unchanged (+$272) from February 2013.

There were 499 new residential listings on the Association’s MLS® System in February 2014, down nine per cent on a year-over-year basis.

Overall supply levels remain above last year’s levels, although they have trended lower compared to the end of 2013. Active residential listings on the Association’s MLS® System numbered 1,454 units at the end of February, up eight per cent from the same month in 2013.

There were 8.3 months of inventory at the end of February 2014, up from 7.4 months at the end of February 2013 and still above the long-run average for this time of the year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The value of all home sales was $48.4 million in February 2014, down three per cent from a year earlier.

Sales of all types of properties numbered 185 units in February, down 12 per cent on a year-over-year basis. The total value of all property sales dipped eight per cent from a year earlier to $5.9 million in February.

 


The information contained in this report has been prepared by
The Canadian Real Estate Association, in co-operation with the Kingston and Area Real Estate Association.
The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information is not guaranteed.
In providing this information, neither The Canadian Real Estate Association nor
the Kingston and Area Real Estate Association assumes any responsibility or liability.
Copyright © 2014 The Canadian Real Estate Association. All rights reserved. Reproduction in whole or in part is prohibited without written permission.