As we look back on 2018, we see that the luxury market (over $1,000,000) continued to outperform other key markets located in southern Ontario and across the GTA. The Waterloo region reported a 2.5% average increase to the sold price compared to the 2017 year-end results.

Total sales were down by 17%.  Homes sold over $1,000,000 were on the market for an average of 44 days, which was a 54.3% increase year-over-year.

In 2018, the Kitchener-Waterloo Real Estate Board reported the highest sold price of $3,500,000 in both Lincoln Village and Hidden Valley.

The luxury community of Hidden Valley & Pioneer Tower reported 25 sales over $1,000,000. This represents 18% of the total sales in the region. The average sold price for the year was $1,358,868 resulting in a 4.0% increase year-over year while, the average sale price per sq. ft. rose 8.5% to $413.65.

Brian Santos, President of the Kitchener-Waterloo Association of Realtors said, “2018 continued to be a seller’s market in the region with stable sales activity and homeowners realizing solid gains in their property values.”

We believe this trend will continue in 2019 as we see more and more migration from Toronto and the GTA particularly since public transit options will continue to expand to support the region. In January, more Go Trains were added from Kitchener to Toronto. Transport Minister Jeff Yurek, noted that “the change will represent a 25 per cent increase in runs between Toronto and Kitchener.”

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If you have any real estate related questions please reach out to me at 289-338-0767 or Roxanne@CPChristies.com

Roxanne Hendseron, Broker, Certified International Property Specialist

Chestnut Park Real Estate Ltd, Brokerage. Stratford

 

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