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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Archives of past reports are at the bottom of this page. Consume wisely, friends.
City of Cambridge
The half million dollar club has a spiffy new member.
We have been talking about it for a few Q’s now, and here we are. For the first time in Regional real estate history, Cambridge has joined the half million dollar club. The median detached sale price in the city didn’t just surpass the landmark 500k mark in Q2, it smashed it. A 6.1% Q/Q and Y/Y increase simply can not be ignored.
With the other cities in the Region also having banner Q2’s, remarkably there is still value to be found in Cambridge. The sub-regions of Preston and East Galt are still seeing detached home values of 20% or more when compared with surrounding neighbourhoods.
Trust your Realtor®, create a real strategy, search outside-the-box and find your hidden gem in Q3 - yes, they are still out there.
City of Guelph
Sustainable in every way. It’s a Guelph market kinda thing.
Back to familiar territory in every area of town, that’s where we are. Despite some of the variations amongst different price points, the Guelph market can be summed up in one blanket statement - price it right and Seller’s will find success. Miss your mark and the market simply will not respond.
While this may seem like an overtly simple statement, this hasn’t necessarily been the case in the past few years. Pricing errors were previously more easily absorbed the past few years. We simply are not there anymore.
This is a return to a more familiar time for Guelph, where for 20+ years we saw a more proactive approach for both Buyers and Sellers prove to be the winning formula.
Cities of Kitchener & Waterloo
Yes, this feels a little more comfortable.
Q2 was to be a telling time for the Kitchener/Waterloo market, and what a story it did tell. After the hectic ride of 2018 was over, the market almost didn’t know what to do to start the year. Would things tail off, or could a happy place in this new reality be found? Q2 went with happy place.
In this new reality, Seller’s still have control, but there is a definite tipping point. Aggressive asking prices are simply not rewarded. This seems to hold especially true in the new home market, where purchasers are still willing to line-up overnight for the right product at the right price. But, it’s 100% gotta be the right price.
The speed should slow slightly this summer, but Buyer interest doesn’t appear to be on the decline headed into Q3.
You do you KW.
Outside the big cities did it’s thing in the spring.
Q2 is always the make or break Q in the Townships. Warmer weather melts the snow and simultaneously heats up the spring market. This was to be a telling time as these smaller markets adjust to the peripheral new normal in the city. Our grade for the Townships? Full marks for staying the course.
Tempered new construction options, coupled with adjusted expectations from Sellers set the tone for a solid spring season. The key is the 0.58 sales to new listing ratio across all of the Townships. A balanced market through spring should see continued activity through the busy summer months.
The busy markets are not just a city thing anymore, the individual Township markets have each found their strength as the Region’s rural areas continue to grow.
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