November Market Stats

Today we’re going to take a pause on the blue smurf house flip to discuss the current market trends in Kitchener, Waterloo, Cambridge and Guelph. 

Looking back, we saw a building surplus of properties for sale in the region, meaning there was more inventory than there were buyers. However, that surplus was bought up in November bringing the supply down again. With that surplus we saw a dip in prices of detached homes in the KW region with a median price of $901-905K. Waterloo is in the lead with the higher median price of detached homes at $950k. With the surplus gone the low inventory is back and causing prices to slowly start creeping back up. 

Kitchener and Cambridge houses are still getting 120% of asking price. For example, if a house is listed at $750K it is selling for $900K. Guelph does not show this same trend of going over asking at such an extreme but does have the highest home prices among the 4 cities, even higher than Waterloo. Historically, there has always been a large gap between Guelph and Cambridge house prices. Guelph house prices are 10% higher than Cambridge which has the lowest housing prices in the region. These prices are not only seen in detached homes in Guelph but also in townhomes. This past month there was a 6% increase in townhome prices in Guelph. 

If you’ve always dreamt of living in the country, now may be a good time to check out the inventory as we are seeing a dip in country home prices. 

Now let’s jump into the stats on condos across KW, Cambridge, and Guelph because we are seeing a big shift here. Condos in KW and Cambridge are up 10% with a median price of $520K! Let’s break it down and look at the condo price per sq ft for a 1 bedroom condo. For Kitchener the price is $598K and for Guelph it’s $709K. That’s almost a $100K difference for the same condo! If you’ve been considering diving into the market but haven’t been sure where the best opportunity lies, the Kitchener condo market may be your answer!

Finally, let's look at the stats on who is buying and selling in our region. We are seeing a high number of buyers, 45% to be exact, from outside KW, Cambridge, and Guelph. Many of these buyers are not surprisingly, from the GTA. On the selling side we are seeing 19% of listed homes from brokerages outside KW, Cambridge, and Guelph. 

So tell us, what do you think about these current market trends?

Catch you on the flip side,