Amid steady growth in prices and activity, the Ontario Tri-Cities would likely see even more active sales next quarter, according to Royal LePage Grand Valley Realty broker and owner Keith Church.

The average home price in Kitchener/Waterloo/Cambridge grew by 8.9% annually during Q1 2019 to reach $517,370, Royal LePage research indicated.This growth rate has made the region’s pace among the strongest nationwide.

In particular, two-storey homes magnetized a lot of attention, with prices going up by 9.6% to $551,042.Bungalows were not far behind with a 6% increase in median values, up to $461,336.

“Activity has been mostly flat, but we cannot discount how the weather impacts the market,” Church explained.“January was relatively active but sales dropped off in February.However, we are expecting a busy spring this year.”

The region’s gains were much larger than those of the GTA, which had 3.4% growth during the first quarter of the year to reach $836,425.

However, the federal government’s new home buyer incentives introduced last month are unlikely to have a significant impact on the Tri-Cities.

“While all measures that help qualified buyers to become homeowners are welcomed, it won’t be a game-changer for the region,” Church explained.“First-time homebuyers are already doing quite well here as the down payment on an average house is $25,000.”

Amid steady growth in prices and activity, the Ontario Tri-Cities would likely see even more active sales next quarter, according to Royal LePage Grand Valley Realty broker and owner Keith Church.

The average home price in Kitchener/Waterloo/Cambridge grew by 8.9% annually during Q1 2019 to reach $517,370, Royal LePage research indicated.This growth rate has made the region’s pace among the strongest nationwide.

In particular, two-storey homes magnetized a lot of attention, with prices going up by 9.6% to $551,042.Bungalows were not far behind with a 6% increase in median values, up to $461,336.

“Activity has been mostly flat, but we cannot discount how the weather impacts the market,” Church explained.“January was relatively active but sales dropped off in February.However, we are expecting a busy spring this year.”

The region’s gains were much larger than those of the GTA, which had 3.4% growth during the first quarter of the year to reach $836,425.

However, the federal government’s new home buyer incentives introduced last month are unlikely to have a significant impact on the Tri-Cities.

“While all measures that help qualified buyers to become homeowners are welcomed, it won’t be a game-changer for the region,” Church explained.“First-time homebuyers are already doing quite well here as the down payment on an average house is $25,000.”

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References

  1. ^ Click here to get help choosing the best mortgage rate (www.canadianrealestatemagazine.ca)

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