Kitchener-Waterloo-Cambridge ranked in the Top 35 Cities to Buy Real Estate in 2020
September 2, 2020
Here at Edgemont Homes, we are firm believers that Waterloo is one of the best places to live in Southern Ontario. But did you know it is also one of the best places to buy real estate? According to MoneySense.ca, the Kitchener-Cambridge-Waterloo region is in the top 10 of the 35 best cities in all of Canada to buy real estate in 2020. The list was put together based on a number of metrics, such as the 5-year appreciation, average house price, employment rate, and more.
So how did Canada’s Tech Triangle land the number 8 spot in Canada?
The average home price in the region is only $491,241. Compared to Toronto’s average home price of $767,800, or Vancouver’s of $1,017,900, it’s no surprise that Kitchener-Cambridge-Waterloo came in way further up the list.
The five-year dollar appreciation comes in at $40,590.
The compound annual rate of return (1-year) is 12.44%.
The compound annual rate of return (5-year) is 10.87%.
The Average GDP growth between 2014 and 2019 was 2.5%.
The unemployment percentage rate in 2019 was an impressively low 5.3%, compared to 14.83% in Toronto.
The time to buy ratio (avg. home price to income ratio) is only 8.57, whereas cities like Toronto and Vancouver reach over 19.
Value is appreciating, rent is increasing, and families and young people are moving to Waterloo. Thanks to a network of businesses such as Google and Blackberry, 3 highly regarded post-secondary institutions including University of Waterloo and Wilfred Laurier University, and an incredible culture that offers something for everyone, it’s no wonder that the Kitchener-Cambridge-Waterloo region is gaining the attention it deserves.
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