Last Updated on October 24, 2023 by Ephraim Vecina
Amid steady growth in prices and activity, the Ontario Tri-Cities would likely see even more active sales next quarter, according to Royal LePage Grand Valley Realty broker and owner Keith Church.
The average home price in Kitchener/Waterloo/Cambridge grew by 8.9% annually during Q1 2019 to reach $517,370, Royal LePage research indicated. This growth rate has made the region’s pace among the strongest nationwide.
In particular, two-storey homes magnetized a lot of attention, with prices going up by 9.6% to $551,042. Bungalows were not far behind with a 6% increase in median values, up to $461,336.
“Activity has been mostly flat, but we cannot discount how the weather impacts the market,” Church explained. “January was relatively active but sales dropped off in February. However, we are expecting a busy spring this year.”
The region’s gains were much larger than those of the GTA, which had 3.4% growth during the first quarter of the year to reach $836,425.
However, the federal government’s new home buyer incentives introduced last month are unlikely to have a significant impact on the Tri-Cities.
“While all measures that help qualified buyers to become homeowners are welcomed, it won’t be a game-changer for the region,” Church explained. “First-time homebuyers are already doing quite well here as the down payment on an average house is $25,000.”
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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