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Steady growth for Waterloo Region housing market

The survey results for the third quarter of the housing market are in from Royal LePage
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The survey results for the third quarter of the housing market are in from Royal LePage.

Broker Keith Church said the number of sales seems to be marginally behind where it was last year.

"That's almost to be expected due to the fact that we couldn't keep up with those numbers that was extraordinarily high last year. We're back to a normal market now."

Church said it is a much better market for buyers this year, when compared to last year.

"Mostly because it's a lot less stressful for buyers. There's more houses now to choose from for buyers. Prices are stabilized and that they're not going up overnight like they were last year, making it more comfortable for buyers."

According to the report, the average price of a standard two-storey has increased by 6.5 per cent year-over-year, bungalow’s are up 3.5 per cent and condominiums rose 7.8 per cent.

Home prices are expected to continue to rise at a steady rate during the fourth quarter for the Waterloo Region.

The same can be said on a national level when it comes to growth.

"Positive economic fundamentals, supported by a new agreement on trade, should bolster consumer confidence across Canada and stoke demand in the nation’s real estate market," said Phil Soper, president and CEO, Royal LePage. "Dangerously overheated regions have cooled considerably this year, while home prices have remained remarkably resilient. This is the soft landing that policy makers were hoping for."

With files from Brandon Graziano


Aastha Shetty

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