It's here, the most comprehensive real estate market report for the entire region - Cambridge, Guelph, Kitchener and Waterloo. Prepared in-house, and always with maximum attention to detail to ensure the most complete data and analysis possible.
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City of Cambridge
Is the value gap getting ready to close for Buyers?
Cambridge kept on keeping on in Q1, but the indicators for some big jumps up in upcoming Q2 are there. North, East, and West Galt all had banner Q’s to the start the year and the overall consistency in the city core was apparent across all product types through the first Q of 2019.
A barrage of new construction options, including some new creative architectural options should only add fury to an already hot Cambridge market in Q2.
City of Guelph
Have we met before? You seem familiar.
The good ol’ Guelph real estate market, through all forms of exterior influence it remains a model of consistency. Q1 proved this point perfectly.
After an all-over-the-map 2017 and a few subsequent Q’s of adjustment to the new normal, Q1 saw the Guelph market return to a much more familiar form. Balanced supply, sales ratios and a more recognizable 6% Y/Y increase in detached median sale prices.
An interesting note, for the first time since your friends at TrilliumWest have been tracking data in Guelph (2014), Downtown has moved to become the most expensive sub-market in the city. The measured stability through unstable times in ‘17 & ‘18 have led us to this unfamiliar
territory. The typically robust family move season of Q2 may have different plans, but a unique environment indeed.
Cities of Kitchener & Waterloo
Have we hit a comfort zone? Q2 should tell the whole story.
No big secrets to uncover here anymore. The Kitchener Waterloo Region has even been labeled as the best market in Ontario to invest in. Asking prices across all areas and product types were up, and in some cases way up, in a fast-moving start to the year.
The dust has settled and the huge price jumps of 2018 appear to be behind us, but Q1 still saw a market pace not too far removed. We don’t expect much of that to change in Q2 as all signs point to a busy, yet more calculated spring market.
With plenty of new home supply in the pipeline, Buyers should have interesting options in almost every corner of the Region. Sellers make sure your price is right this spring, listen to your local Realtor® and be rewarded for making the right decisions.
We say ‘full marks’ for the toughest season outside the city.
Q1 and the unpredictable winter weather is always a tough time of year for the hyper-local markets of the Townships. Ask your favourite Realtor® friend - rural properties always show their best when you can experience the land, enjoy the winding drives and envision your family living that country dream. However, Q1 of 2019 was about as seasonally unaffected as we have seen in years.
While the Townships closer to the GTA and the 401 continue to adjust to a less-beaten Buyer path out of the big city, more and more Regional city dwellers are discovering the quieter pasturers on their doorstep. We expect to see this increase further in Q2.
Buyers aren’t opening their wallet for any old property - patience is the name of the game right now. With some of the lowest sales to new listing ratios in the Region, Sellers really need to get their price right to get results.
While we make every effort to obtain as much data as possible from a variety of sources, sometimes there just isn't enough of it to report statistically significant figures.
The Townships can often have very low totals over any individual quarter, so although we do our best to report the facts, sometimes the facts are a little light on substance.
Sales to New Listing Ratio
A real estate market never heads in just one direction. Several key factors can drastically influence the direction of the market including mortgage interest rates, employment levels/growth, investment growth, immigration and development. Separately, or in conjunction with one another, they can influence whether we are it is a buyer’s market or a seller’s market.
A buyer’s market exists when there significantly more homes for sale than there are buyers. The typical end result is a drop in median sale prices over time as homeowners adjust their expectations to the current market conditions.
A seller's market typically exists when interest rates are low are there are plenty of qualified buyers and not as many homes for sale. Buyers must react quickly and often face multiple offer situations. Prices generally rise under these circumstances.
To appropriately measure market activity, TrilliumWest uses the Sales/New Listing Ratio as much as possible. The primary purpose of this ratio is to measure the balance between market supply and demand.
- a ratio between .40-.60 is considered a seller's market
- a ratio of less than .40 is considered to be a buyer's market