Of primary importance to people intending to move to the Kitchener-Waterloo area is where they’re going to live and how much it’s going to cost them. We’re big believers in the fact that every decision you make should be an informed decision, so the following information and statistics is intended to help you get an overview of the real estate situation in the Kitchener-Waterloo area. Of course, real estate markets are ever changing. This information was compiled in mid 2010. For more up to date information, consult your local Kitchener-Waterloo real estate agent.
One of the factors that attract so many new residents to the Kitchener-Waterloo area is its’ very reasonable real estate prices. Stacked up against cities in the Greater Toronto Area, buying real estate in Kitchener-Waterloo seems downright cheap. The average price for a small single family home in the Greater Toronto Area ranges from $350,000 to $780,000, with larger homes in some areas selling for upwards of $2,000,000 on average. Meanwhile, in the Kitchener-Waterloo area, the average price for a single family home (which includes all sizes of home) is only $319,000. That’s cheaper than Ottawa and Ancaster as well.
People want to know that when they buy a home in Kitchener-Waterloo, that their investment is going to appreciate over time. They want to know that their property will be worth more later when they go to sell it, which is why they’re so happy to hear that statistically, the real estate values in Kitchener-Waterloo are trending upward. Between May of 2009 and May of 2010, the average sale price of residential real estate in Kitchener-Waterloo increased by almost 12%, with some types of housing, like single family detached homes and link housing, increasing by over 15%. What this means for a potential home buyer is that now is the time to buy, before housing prices increase further.
Another boon for potential new residents of Kitchener-Waterloo is how many different types of housing there are available in the area. Virtually everything you would be able to find in any corner of the Greater Toronto Area you can get in Kitchener-Waterloo for less, which makes it an ideal place to settle for just about anyone. Single-family detached homes are the most popular type of housing, with over 400 homes being bought and sold each month. Condos are the next most popular type of housing with over 100 changing hands in a month, and various types of town houses are selling at a rate of about 50 per month.
With the presence of the University of Waterloo, Wilfred Laurier University, and Conestoga College contributing tens of thousands of students to the population of the Kitchener-Waterloo area, there’s also a brisk trade in rental apartments, houses, and town houses. Bachelor apartments and single rooms cost upward of $500 per month, while one bedroom apartments fall into the $600+ range. Two bedrooms will run $800+ and three bedroom or luxury units will run you $1,000 a month and up. Fall is when competition for apartments is at its highest, with many apartments freeing