Multiple offers have decreased due to lower migration volume from the GTA
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Price growth across the Kitchener/Waterloo/Cambridge region exhibited sustained health in the third quarter of the year, according to the Royal LePage House Price Survey and Market Survey Forecast released earlier this week.
The aggregate price of a residential property in those three markets together rose by 6.0% year-over-year in Q3 2018, up to $508,391.
Condos accounted for a large part of this growth. During the same time frame, the median price of this housing type increased by 7.8%, up to $302,184.
Meanwhile, the region’s two-storey homes saw a 6.5% annual increase, up to $541,134. Bungalowes posted 3.5% year-over-year growth, up to $458,370.
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Royal LePage Grand Valley Realty broker and owner Keith Church said that the volume of people migrating from the Greater Toronto Area has recently decreased, which in turn lowered the occurrence of multiple offers.
“The market has returned to stability after a bout of rapid price appreciation in 2017 and a levelling-off this spring,” Church explained. “With a strong economy and low unemployment in the area, we expect sales activity to gain momentum this fall.”
