KW and the GTA
How’s the market? The Kitchener-Waterloo region is one of the hottest housing markets in Ontario. Strong local job creation and business investment in Waterloo Region’s tech, education, and healthcare industries have drawn large numbers of buyers to Kitchener-Waterloo-Cambridge. Our housing stock is still affordable compared to GTA and the Golden Horseshoe.
Seller’s Market
However, as migration to KW continues, the supply of available homes for sale has become increasingly scarce. That’s pushed the Kitchener-Waterloo region into a strong sellers’ market, as buyers face increased competition and upward pressure on home prices.
November Market Report
In the November report from the Kitchener-Waterloo Association of Realtors statistics show that our home sales have trended 4% higher than 2018 levels over the past six months. New listings plunged by 27.9% in November. Our overall months of inventory are currently at a historic low of 1.1. As a result, prices have seen considerable gains across all home types:
- The average detached home rose 14.2% to $660,071
- Condos by 13% to $342,561
- Townhouses and semi-detached homes up 22.4% to $443,633.
How Affordable is Kitchener-Waterloo Real Estate?
These price points still make KW a considerably cheaper option than the Greater Toronto Area, where the average home fetches $843,637.
Further Reading:
Kitchener Waterloo Real Estate News – December 4th 2019
How to buy a home in a Seller’s market
Keith Marshall on Youtube
November Surge
Kitchener-Waterloo real estate in 2020
I am currently gathering the information needed to write my prediction for Kitchener-Waterloo Real Estate Market in 2020. As a preview, it seems like our severe lack of inventory is going to lead to a continuation of our Seller’s Market with prices rising and the overall number of sales much below our five and ten year averages. Great for sellers! Bad for buyers. Stay tuned for that important blog post early in 2020.
Source: Zoocasa.com
