The Kitchener-Waterloo housing market finished 2016 as the strongest year on record for sales volume. The total value of all real estate sold and tracked by our local board increased 31% compared to 2015.
If you owned a median detached home in Kitchener-Waterloo (currently valued at $451,000), the statistical average suggests your home value increased by $54,208 in 2016. That type of value growth is still new to Kitchener but may be here to stay over the next few years. The average sale price in 2016 for all residential units (including condos and townhomes) was $387,404 which actually outpaced Canada Mortgage and Housing Corporation’s (CMHC) most bullish estimate for the year. CMHC continues to predict strong growth for our region, their fall report on Kitchener-Waterloo cites the following:
“With sellers’ market conditions, the average resale price is expected to range between $369,800 and $384,200 in 2016. The market will continue to favour sellers and the average price will range between $383,200 and $400,800 in 2017 and between $389,800 and $410,200 in 2018.”
Benjamins Realty continues to see the strongest competition for residential property at the entry level for detached, semi-detached and freehold townhomes. There is a noticeable influx of out-of-town Buyers looking to purchase in Waterloo Region after being priced out of the Greater Toronto Area.
If you’re considering selling your home, be sure to utilize a brokerage familiar with the latest market conditions in Waterloo Region. Home values can shift in a months time. Contact Benjamins Realty if you’re curious what your home could be worth, we don’t charge for the service and you’re under no obligation.