On October 16, 2018 Royal LePage released a House Price Survey that showed healthy growth in home prices across Kitchener/Waterloo/Cambridge in the third quarter of 2018. During the period of one year, an average price of a home in the region rose 6.0 per cent to $508,391 since October 2017.
Just for comparison over the same period, Niagara/St. Catharines saw strong price gains of 8.4 per cent, London – 7.6 per cent. In contrast, an average price of a home in the GTA remained relatively flat year-over-year, depreciating 0.4 per cent to $836,402.
When broken out by housing type, the median price of a standard two-storey home in Kitchener/ Waterloo/ Cambridge increased 6.5 per cent year-over-year to $541,134, and the median price of a bungalow rose 3.5 per cent year-over-year to $458,370. During the same period, the median price of a condominium rose 7.8 per cent year-over-year to $302,184.
According to a release, the market has returned to stability after a bout of rapid price appreciation in 2017. With a strong economy and low unemployment in the area, sales activity is expected to grow. In spite of the fact that the number of buyers migrating to the region from the Greater Toronto Area has slowed, home prices in the Kitchener/ Waterloo/ Cambridge region are expected to continue increasing at a steady rate.
What we can see now it is a reduced amount of multiple offers. It is definitely creates a more balanced market.
The Royal LePage National House Price survey compiled from property data in 63 of the nation’s largest real estate markets. It shows that the price of a home in Canada increased 2.2 per cent year-over-year to $625,499 in the third quarter 2018.
Nationally, year-over-year home prices made modest gains in many regions across Canada in the third quarter of 2018.
When broken out by housing type, the median price of a two-storey home rose 1.4 per cent to $736,337 since October 2017, while the median price of a bungalow climbed 1.5 per cent to $519,886. Condominiums continued to see the highest rate of appreciation nationally when compared to the detached segment, rising 6.7 per cent year-over-year to $441,240.
Looking ahead, the survey is projecting a further uptick in home price appreciation in the fourth quarter. Forecast is a 1.5 per cent increase in the average price of a home in Canada over the next three months.