Living next to one of the best schools in Waterloo Region is one of the important things you can do to secure the value of your home. It’s good real estate, whether or not you have children, plan to have children or have grown up and moved away children. Education, transportation and amenities are the trinity of great real estate. And, education is number one, top of the pyramid.
With that in mind, I often blog about the schools, neighbourhoods and homes around Kitchener Waterloo as rated by the Fraser Institute. Today is no different.
How much do homes cost next to Waterloo Region’s best schools?
Let’s first find out what the average homes cost in the Kitchner Waterloo. According to the most recent statistics from Kitchener Waterloo Association of Realtors, the average price of residential homes sold in April was $346,702.
The average price of single detached homes sold last month was $392,951
The average price of condominium units was $231,430.
Laurelwood – Kitchener Waterloo’s #1 school
There have been 55 homes sold in Laurelwood Public School catchment area this year. All of those were freehold homes (not condos). Seven were townhouses and the rest were single detached family homes.
The townhouses sold for between $308,000 and $342,000.
The single detached homes range from $336,000 to $732,000.
The median price for a 3 bedroom house is in the $390’s.
The median price of a 4 bedroom house is around $485,000.
The median price of all homes sold so far this year in Laurelwood School neighbourhood is $428,000. This is 23% higher than Kitchener Waterloo average.
If you want to live in the Laurelwood School catchment area and don’t want to spent more than average, you can buy a townhouse or a 3 bedroom, one car garage 1,700 square foot house.
Millen Woods – The new top contender for top school
There have been only 19 homes sold in the Millen Woods School catchment area. They are all single detached, mostly 3 bedroom, one-car garage homes.
Of the 19 homes sold, 15 are in the $300’s. The median price is $364,000, pretty much bang on with the overage average price of KW real estate and 8% lower than the average price for single family homes.
Buying a home next to Millen Woods Public School is a great value. Most people haven’t heard of this school yet and have yet to discover what the neighbourhood has to offer.
Abraham Erb – A real heavyweight
80 homes have sold so far this year in the Abe Erb school catchment area. The price range is varied. You can live in this school zone for as little as $209,000 or for as much as $1.4million.
11 condominium units sold, mostly at 776 Laurelwood Drive. The median price for a two bedroom unit is $265,000 – about 14% higher than average.
The median price for single family homes sold in the area was $349,250, just about average.
If you want to live in a great school zone but are on a tight budget, this is a great neighbourhood to buy a little condo unit.