Multiple offers slowing down in non-Toronto ON markets

by Ephraim Vecina18 Oct 2018

Price growth across the Kitchener/Waterloo/Cambridge region showed sustained robustness in  Q3 2018, according to the Royal LePage House Price Survey and Market Survey Forecast released earlier this week.

Royal LePage Grand Valley Realty broker and owner Keith Church said that the volume of migrants from the Greater Toronto Area has recently decreased. This in turn made multiple offers less frequent.

“The market has returned to stability after a bout of rapid price appreciation in 2017 and a levelling-off this spring,” Church explained. “With a strong economy and low unemployment in the area, we expect sales activity to gain momentum this fall.”

Read more: Non-Toronto markets in Ontario see accelerated home price growth

The aggregate price of a residential property in the three markets together rose by 6.0% year-over-year in the third quarter, up to $508,391.

Condos pushed much of this growth, with the median price of this housing type increasing by 7.8% during that time frame, up to $302,184.

Meanwhile, the region’s two-storey homes posted a 6.5% annual growth, up to $541,134. Bungalows increased by 3.5% to reach $458,370.

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