The highs and lows of Waterloo region's real estate market
The region's housing market has seen a lot of upheaval in 2017
There's been a lot of upheaval in Kitchener-Waterloo's real estate in 2017. Here is a timeline and recap of how the market did this year.
January - March
At the start of the year, high house prices in the Greater Toronto Area pushed many buyers to look into nearby markets — especially within the big city's commuting distance — causing the soaring prices to spill over in areas like Kitchener-Waterloo. In March, the region saw an "extraordinary demand" for houses, as sales went up by 24 per cent compared to the year before, according to realtors.
April - June
The Canada Mortgage and Housing Corporation saw a demand for single-detached homes in the region at the start of spring. According to its report, single-detached homes are being bought the most and construction for this type of home increased by 73.5 per cent, compared to last year.
By May, home sales set a new record in Kitchener-Waterloo, as prices jumped up by 40 per cent, with the average price of a home surpassing $500,000.
In June, housing sales began falling in Toronto and the business cooled down in the area, despite prices still rising. The Kitchener-Waterloo Association of Realtors (KWAR) said sales were down compared to June of last year.
July - September
Sales in Kitchener and Waterloo began slowing down, but prices still remained high during the summer. In July, the number of homes sold was down by 5.1 per cent. Fewer homes were sold in August and by September the market became a "saner" playing field with sales dropping by 12.8 per cent, according to KWAR.
October - December
After the lull, In November, housing sales in the region began picking-up again in November, according to the Canadian Real Estate Association (CREA). The CREA's chief economist in K-W said the fear that young families feel of being excluded from the market is now "replaced with confidence."
The CREA said despite the summer lull, housing sales in K-W are still increasing on a year-to-year basis.