The following information pertains exclusively to the luxury market (sales over $1,000,000). All statistics were obtained from the Kitchener-Waterloo Real Estate Board.
As we look back on 2019, we see that the Kitchener-Waterloo luxury market (over $1,000,000) continued to outperform other key markets located in southwestern Ontario and across the GTA.
The total number of sales over $1,000,000 increased by a staggering 38.2% – rising from just 89 sales in 2018 to 123 sales in 2019. The average days on market was 43 days, up from 41 in 2018.
Perhaps even more impressive was the rise in the number of new luxury listings in 2019. New listings rose by 58.1% to 408 in 2019. The average luxury sale price did decreased slightly from $1,296,956 in 2018 to $1,263,281 in 2019, the median sale price, however increased by 1.7% to $1,180,000 – up from $1,159,204 in 2018.
Based on the ongoing demand in the upper tier market it appears that the sales volume in 2020 will continue to rise as KW experiences more and more migration from Toronto and the GTA – particularly as public transit options continue to expand to support the region.
In a recent CBC interview Colleen Koehler, President of the Kitchener-Waterloo Association of Realtors (KWAR), called the city’s current state “a strong real estate market” and says she expects the trend to continue this year. In another article Colleen also noted that “with interest rates expected to stay low in the year ahead combined with Waterloo region’s ongoing growth, [she] expect[s] 2020 will see more price gains alongside a steady increase in sales”.
Notable Neighbourhoods in 2019:
Upper Beechwood / Beechwood
The Kitchener-Waterloo Real Estate Board reported in 2019, the city’s highest sale price occurred in Upper Beechwood / Beechwood West for $2,350,000.Upper Beechwood / Beechwood experienced a 16.5% increase to the sale price year-over-year from $1,113,333 in 2018 to $1,297,181 in 2019. It appears that this neighbourhood could be one of the fastest growing luxury communities in KW, posting a 166.7% increase in the number of new listings on the market – rising from 12 to 32 – and the number of sales – increasing from 3 to 8 year-over-year.
Pioneer Park / Doon / Wyldwoods
Pioneer Park / Doon / Wyldwoods also entered the luxury market (over $1million) in 2019, their total new listings was up 223.1% from 13 to 42 in 2019. Theaverage sale price sales rose by 5.22% from $1,088,125 to $1,114,938 in 2019.
Hidden Valley / Pioneer Tower
Hidden Valley / Pioneer Tower was once again the top performing luxury neighbourhood in Kitchener-Waterloo posting 106 new listings, a 65.6% increase in 2019. While the number of sales stayed consistent year-over-year, the average sale price rose 1.8% from $1,382,776 in 2018 to $1,382,776 in 2019 – and the median sale price rose an impressive 21.74% from $1,150,000 in 2018 to $1,400,000 in 2019.
Colonial Acres / East Bridge
Colonial Acres / East Bridge continues to be a strong performing luxury community with sales up in 2019 by 42.9% they also experienced a 70.3% increase in the number of new listings rising to 63 in 2019 up from 37 in 2018.
Detailed Community Statistics
If you would like to obtain a copy of our full report, please email us at Roxanne@ChestnutPark.com or call us direct at 289-338-0767.
This publication is not be copied or duplicated without the express written permission of Roxanne Henderson. This publication is not intended to solicit buyers or sellers currently under contract with a real estate brokerage.
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