How about house prices?
In 2017, predictions are for an 8% increase in house prices here in KW. The outlook for the Kitchener Waterloo housing market is that the seller’s market will continue.
In a few days we will know exactly by how much home prices in Waterloo Region rose over 2016. Somewhere in the range of 10% would be my guess. (Edit: I was right)
Go west young man
A realtor I know advises homebuyers to keep driving west until they can afford to buy a house. A recent report confirmed that thought and identifies New Hamburg and Baden as being “increasing popular with move-up buyers and retirees.”
(Move-up buyers are leaving their starter homes moving into their “married with children” homes.)
The report also suggests that apartments and condos purpose-built for Waterloo university students, which is in over-supply might be opened up to the general public. I disagree. I didn’t even like living with university students even when I was one.
Although inventory levels are predicted to increase (slightly) in 2017, KW real estate will continue to boom because:
- buyers moving further and further out of the GTA,
- new mortgage qualification rules and
- our strong economy buoyed by the tech sector and the LRT construction.
Taken together, our rapid price increases over 2016 are predicted to continue through 2017.
2017 and cities around the GTA
Hamilton has the hottest real estate market in the country in terms of real estate price increases. There, prices increased 23% this year and are expected to increase 13% in 2017. In Kitchener-Waterloo prices are expected to rise by 8%
The graph at the top show where average home prices are predicted to be this year.
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