Kitchener is one of the hottest real estate markets. 2017 saw a feverish rise in real estate in Kitchener, which has slowed down, but prices are still rising even though not so sharply. According to real estate agents, the present market is more buyer-friendly and healthier.
– The average sale price of all residential properties sold in November 2018 increased 7.6% to $477,526 compared to November 2017.
– Home sales were up 14.2% in November compared to the same month last year, and up 19% compared to the previous 10-year November average of 406 sales, according to Kitchener-Waterloo Association of Realtors (KWAR).
– During this same period, the average sale price for a condominium was $305,334, showing an increase of 10%.
– Detached homes, on the other hand, sold for an average price of $580,551, revealing an increase of 12.8% compared to November 2017.
– Townhomes sold for an average of $361,177 (down 2%).
Soaring prices of condos in Toronto has made homebuyers turn their gaze towards Kitchener, Waterloo and Hamilton. In 2017 and 2018, sales of new condo units in these areas blossomed so much that it has been making headlines for months. Being affordable, close to Toronto, and having amenities that a modern lifestyle requires, Kitchener is seen as a great place to live.
Increase in property prices in Kitchener and with the probability of the upward trend continuing, investors have started to see Kitchener as a profitable investment opportunity. The city is seeing high growth with revitalization projects and condo constructions that are set to transform the city.
Real estate development is happening very fast in Kitchener with the government permitting $1.2 billion in building permits. Condominiums are the most preferred real estate for those who are looking to buy property solely for investment purposes and also by those who are planning to live in the city. This is seen in consistent rise in prices for condominiums.
– The number of condo sales and prices have risen year-over-year in April 2018, according to the Kitchener-Waterloo Association of Realtors
– There were 185 condos sold last month in Kitchener, Waterloo, Wellesley, Wilmot and Woolwich, showing an increase of 13% over April 2017.
High demand for condos was evident on the first day of sales of Garment Street condo where a line of buyers was seen even before the sales office opened. The condo will be a 23-storey condo tower located on Victoria Street, Kitchener. Many of the buyers were real estate agents purchasing a condo unit on behalf of their local customers who wanted to make the purchase for investment.
Kitchener enjoys convenient transportation owing to Conestoga Pkwy, which connects to Hwy 7 and Hwy 8 allowing speedy access to areas across the city and beyond. Major arterial streets such as King St connects to Hwy 8 where it meets Conestoga in the south. The Kitchener VIA Rail and bus station is located in the heart of the city, offering convenient travelling to residents at all times.
The rapid development of ION, Waterloo Region’s new LRT service will connect rapid transit with GO Transit, VIA Rail, local train system, and Grand River Transit, iXpres and local bus routes. The LRT will help residents of Kitchener face less traffic congestion, new employment opportunities, and speedy travel.