Is there any region in the Ontario real estate market that is experiencing weakness? It would be hard to find a city or a regional municipality whose housing sector is on hard times right now. Despite a significant economic downturn and a global public health crisis, the province’s real estate market is doing rather well. In fact, many places are enjoying all-time highs, whether it is sales activity, prices or both. For once, it is not just Toronto that’s witnessing record-breaking numbers – it is province-wide.
You can add Kitchener-Waterloo to the list of red-hot real estate markets in Ontario, thanks to migrating buyers from the Greater Toronto Area, historically low interest rates, and changing consumer behaviours.
That being said, its not the first time that the Kitchener-Waterloo market has soaked up the spotlight of Canadian real estate news headlines. It has always been an attractive location to plant roots thanks to its thriving tech industries and think-tanks, top universities, and a wide selection of spacious living options for prospective homebuyers. With a foundation of strong demand, the Kitchener-Waterloo housing market has continued to soar throughout the pandemic, and shows no signs of slowing as we kick off 2021.
Ontario Real Estate: Prices Soaring in the Kitchener-Waterloo Housing Market
If you are a homeowner in Kitchener-Waterloo, you are residing in a seller’s market. If you are a homebuyer, be prepared to go to battle for some of the most desirable properties in Central Ontario.
According to the Kitchener-Waterloo Association of REALTORS® (KWAR), it was another record-breaking month for home sales in December. The data highlighted that home sales surged 42 per cent from the same time a year ago, which represents the sixth consecutive month of record home sales.
Property types posting noteworthy annualized growth in December are:
Detached Homes: +46.7 per cent
Condominium Apartments: +34 per cent
Meanwhile, the average sale prices of all residential properties sold in December advanced 14.4 per cent year-over-year to $634,545. The median price of all residential properties soared 17.3 per cent to $575,000.
These prices could be a bargain moving forward since the competition for homes is fierce, with housing inventory sitting at just one month or less throughout most of 2020. For context, the number of months inventory in Kitchener-Waterloo between 2011 and 2015 was four months, while between 2016 and 2020 it was 1.5 months.
Ultimately, says Nicole Pohl, the President of KWAR, much of this demand for Kitchener-Waterloo real estate is being driven by move-over buyers from the Greater Toronto Area.
“Even well before the pandemic we had noted a trend of consumers migrating out of the GTA to our region,” says Pohl. “As the pandemic heated up it only fueled this fire more as the very concept of what home means was shifting. With more people working from home, some permanently, space has become a greater concern than ever before. When you combine this with all the other great attributes of our region, it is no surprise this occurred,” said Pohl in a news release.
Could this intensity persist through 2021?
The Kitchener-Waterloo Market in 2021
It is hard to dispute the idea that the COVID-19 pandemic has reshaped our lives and redefined the concept of work. Our homes have morphed into workspaces as more professionals continue to work from home. If it has yet to become your second office, your home has transformed into an entertainment hub, a do-it-yourself gym, or a restaurant. Put simply, we are spending more time in our homes than ever before.
If this is an accurate representation of what is transpiring at the moment, it explains why people are leaving the GTA and looking to the Kitchener-Waterloo region for homes with a little more living space to accommodate all this additional activity! No longer are households confined to hyper-dense urban centres to be close to work. Now they can advance their careers remotely, saving a lot of money in the process.
Although prices have skyrocketed in Kitchener-Waterloo, they are still a bargain if you sold your home in the Toronto area. As Pohl told Waterloo Region Record: “They’re looking at this massive value for the price. Throwing another $10,000 (or) $20,000 into the pot isn’t such a big decision.”
The Bank of Canada (BoC) slashing interest rates to all-time lows has also given homebuyers more options. Since they can borrow more at a cheaper cost, many families can expand their parameters when searching for their dream home. In Kitchener-Waterloo, you receive more for less, at least in terms of square-feet – not to mention the scenery! With interest rates expected to remain low for another couple of years, the broader Canadian real estate market is going to benefit.
In the end, 2021 could turn out to be another big year for Kitchener-Waterloo and so many other more suburban jurisdictions within Ontario, and across Canada.
Goodbye City, Hello Small Town Canada?
While we’re hesitant to label the current real estate trends an “exodus,” since Canada’s major urban centres continue to be home to millions of people, “relocation” may be a more accurate way to describe the wave of urban homeowners transitioning to a new life in a small town. Is this a temporary trend or a permanent phenomenon? While we may have to wait it out to see and understand post-pandemic home-buying preferences, the Kitchener-Waterloo market is primed to remain strong no matter what unfolds in the years ahead.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
