Outperforming 2019 - The Market Update

Condo Culture

By Condo Culture

Between January - September 2020 the average price in condos increased by 16.36% compared to the same period in 2019, days on market has been positively trending downwards since the beginning of the year, properties on average are selling over ask and the amount of condos sold for the month of September 2020 has increased by 73.68% when compared to September 2019!

In this week's video, Co-founders Jeff Gibson and Scott Cruickshank, take a look at these and other key statistics and indicators and discuss some of the current condo real estate trends in the Kitchener-Waterloo, Cambridge, Guelph and Hamilton markets.

So far for 2020, the condo real estate market in the Waterloo region has almost outperformed 2019 in every way. This record breaking performance can be attributed to a number of factors such as lowered interest rates, the current volatility of other investment classes (e.g. the stock market), and population growth driving higher than expected demand with low overall supply. In addition, we’ve seen an increasing shift in migration from markets such as Toronto where consumers are looking for more affordable yet urban and progressive areas like Kitchener-Waterloo, Cambridge, Guelph and Hamilton. All of which makes local real estate particularly attractive.

The outlook for the reminder of the year remains positive with a number of new projects currently being launched to help address the supply issue such as new stacked Towns at Kitchener’s Parkside and the second phase at Wallaceton as well as previously unreleased luxury suites at The Copper Club at Metalworks in Guelph. Stay tuned for other new exciting launches slated for 2021!

Click here to connect with a CC Expert and Realtor to find out more about the current real estate market, why it's an attractive time to buy, sell or invest in condos and to discuss available and upcoming properties and projects.


Share This Post

Get Exclusive ListingsStraight to Your Inbox

Each and every day, Condo Culture hunts the market and pulls together the most complete database of available condo listings including properties not listed on REALTOR.CA®. Create your account and immediately get access to the latest condo listings before they hit the market.

Sign Up Now

We use cookies to make interactions with our websites and services easy and meaningful, to better understand how they are used and to tailor advertising. By using our website or clicking “I accept”, you are agreeing to our Privacy Policy.