Waterloo Property Values Among the Fastest-Rising in Canada
January 20, 2022
Experts predict the rise will continue apace in 2022
A recent report from the Canadian Real Estate Association (CREA) found that average home prices in Kitchener-Waterloo last year surged by an average of 34%. That figure is among the highest in the country, higher even than historically hot markets like Toronto and Vancouver. In the GTA, average home prices rose 28.3%.
According to the report , November 2021 was second strongest month for home sales on record in the country, with the number of homes sold nationally falling just a few hundred transactions shy of the record set in 2020.
Kitchener-Waterloo continues to be a draw not only because its prices remain relatively affordable compared to the GTA (avg. $840,200 vs. $1.19 million) but because of its proximity to Toronto.
Unofficially dubbed Canada's tech triangle, the area has been host to major software and tech companies for decades, and has developed a reputation for its thriving small business and start-up scene.
In addition to an extremely strong economic outlook, the city's cultural offerings, festivals, dining scene, green spaces, and steadily expanding transit system including regular GO service to Toronto, continue to contribute to the community's growth.
The CREA forecasts that demand for homes will continue to outpace supply through 2022, which means prices in the Canadian market, including Kitchener-Waterloo, will continue to rise.
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