Kitchener Housing Outpaces National Urban Centres.
The Kitchener-Waterloo real estate market has continued moderate growth in sales volume and values through November 2018. Typically, real estate transactions occur at a slower pace during the last calendar months of the year. However, local properties moved at a brisk pace last November with 483 residential transactions occurring in KW. That was good enough for the second strongest November on record in terms of sales volume. Prices were up year over year too, 7.7% on average. Detached homes led all residential sectors for the first time since August with an increase in average value of 12.8% ($580,551) compared to the same time last year, condominiums were up 10% ($305,334) while townhouses slipped 2%.
Interest Rates Holding?
After the bank of Canada raised its central lending rate on October 24th to 1.75% many analysts were stating that further increases could be expected as soon as December and January. This may have led to some of the activity for local detached housing as purchasers looking to step up to a larger home were also hoping to avoid a perceived incoming rate hike. However, weakened oil prices and concerns about the global trade market have slowed down expectations of imminent rate hikes and the Bank of Canada held the central lending rate for December.
Rising interest rates have already cooled off the majority of urban housing markets in Canada. The National Housing Bank recently released data on 29 real estate