Survey: House prices in Waterloo Region up over 9% in Q3

Home prices in Waterloo Region are up over 9% for the third quarter according to the latest Royal LePage House Price Survey.

The biggest increase was for a standard two-storey home which had double-digit growth of 10% to just over $392,000.

Keith Church with Royal LePage Grand Valley Realty says “With sales up and a shortage in the number of listings, buyers in the region are often engaging in bidding wars” and adds “although we have less of a market for condos, we are seeing more people move to Kitchener, Waterloo or Cambridge attracted by lower prices here, as compared to those for similar properties available in the Greater Toronto Area.”

Nationally, Canada’s residential real estate market continued to grow, with the price of a two-storey home increasing 13.7%.

Early this month, Federal Finance Minister Bill Marneau announced new measures to cool the housing market down and limit foreign buyers. The measures are meant to bring some consistency to mortgage insurance rules by standardizing eligibility for high and low-ratio insured mortgages, expanding stress tests and improving on tax fairness by removing the ability of non-residents to claim capital gain exemptions.

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