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NEW! Winter 2010 Real Estate Update Fall 2009 Real Estate Update 
KW HOME SALES END YEAR ON STRONG NOTE MLS® home sales reach monthly high for fourth consecutive month in December KITCHENER-WATERLOO, ON (January 6, 2010) – Another new record for residential sales was set by the Kitchener-Waterloo Real Estate Board (KWREB) in December. MLS® home sales hit 356 units to the end of December, a 60 percent increase from the same month one year ago, and a 15 percent increase from the previous record set in 2006. The steady climb of residential property sales that began in the second quarter brought the year-to-date total in Kitchener-Waterloo and area to 6,467, a 5.8 percent increase over 2008. “2009 got off to a slow start due to some lingering economic concerns,” reports Ted Scharf, the President of the Kitchener-Waterloo Real Estate Board, “however, once consumers regained their confidence around April of this year, it proved to be a surprisingly active year. We had strong sales in the second quarter followed by the best third and fourth quarter sales ever.” Homes selling between $200,000 and $250,000 were the most active price point in 2009, with a total of 1794 units, down 2 percent from the year before. Strong sales in this range supported the market throughout the year, though there was an increase in the higher end activity towards the end of the year. Overall, home sales in 2009 totalled $1,689,032,095 (up 4.5 percent from 2008) and included 4,201 detached homes (up 5.8 percent from 2008), 1,174 condominium units (up 4.7 percent from 2008), 529 semis (up 4.1 percent from 2008), and 500 townhouses (up 10 percent from 2008). The average price of all residential properties sold through the MLS® System of the KWREB last year was $261,379 a 1.1 percent decrease from 2008. Single detached homes sold for an average price of $297,757 in 2009, a 1.6 percent decrease relative to 2008. In the condominium market the average sale price 2009 was $176,393 a 1.2 percent increase over the year before. “Last December was simply a great month, the continuing low interest rates along with relatively agreeable weather certainly supported buyers and sellers,” said Scharf. “Heading into the year we are expecting a decent amount of demand in real estate, as Waterloo Region’s economy continues to create jobs and consumer concerns diminish.” Source: Kitchener-Waterloo Real Estate Board, Inc.  Retrofit Your Home and Qualify for a Grant
Natural Resources Canada is offering a new residential energy efficiency assessment service to owners of single family homes, including detached, semi-detached and low-rise multi-unit residential buildings (MURBs) that are no more than three storeys high. Under the ecoENERGY Retrofit program, property owners can qualify for federal grants by improving the energy efficiency of their homes and reducing their home's impact on the environment. Home Energy Audit and Retrofit Rebate Programs provide home owners with up to $150 towards the cost of a home energy audit and rebates of up to $10,000 (50% paid by the province and 50% paid by the federal ecoENERGY Retrofit Program) for retrofits that address issues identified in the audit report. After you have completed your energy upgrades, the auditors will provide you with a second (post-retrofit) evaluation and a new energy efficiency rating label that indicates your home's improved energy use. You have 18 months from the date of your pre-retrofit evaluation to complete the work and qualify for a grant. Here are some examples of eligible improvements: - Heating System
- Ventilation System
- Cooling System (replacement only)
- Domestic Hot Water System
- Attic Insulation
- Exterior Wall Insulation
- Basement Insulation
- Crawl Space Insulation
- Air Sealing
- Doors/Windows/Skylights (heated space only)
- Water Conservation
In addition, CMHC has added environmentally friendly features to the Mortgage Loan Insurance it offers. If you use CMHC insured financing to buy an energy-efficient home, purchase a house and make energy-saving renovations or renovate your existing home to make it more energy-efficient, a 10% refund on the Mortgage Loan Insurance premium may be available. You could also have the added flexibility of a longer amortization from 25 years to a maximum of 35 years for loan-to-value ratios in excess of 80%, significantly reducing your monthly payments.  Home Renovation Tax Credit
Under the Home Renovation Tax Credit, introduced in the January federal budget, home improvements costing between $1,000 and $10,000 will be eligible for a 15 per cent deduction for the 2009 fiscal year. Keep in mind it only applies to renovations done between Jan. 27, 2009 and Feb. 1, 2010 If you're not sure what qualifies for a tax credit, think about it this way: If it stays with the house when you move, then it probably qualifies. That includes:
-kitchens, bathrooms and basements
-floors and the roof
-heating and air conditioning
-insulation
-paint
-resurfacing the driveway or replacing your lawn with new sod
-Expenses such as labour and building permits qualify too If you want to sell and you choose a renovation that recaptures the investment plus increases the value of the house it can benefit you with a higher selling price plus a tax credit down the road. Combine this with the Energy Retrofit program above and you're really ahead! PLEASE NOTE: As with all non-refundable tax credits, the HRTC will reduce your federal income tax. If, however, the total of all your non-refundable tax credits is more than your federal income tax, you will not receive a refund for the difference. 
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