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!
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