House prices in Waterloo Region actually rose slightly faster over the past year than they did during the red-hot market of 2016-17, according to a new report.
Royal LePage says the aggregate house price in the region hit $474,437 in the first quarter of 2018 – an increase of 15.4 per cent over one year earlier. There had been a 14 per cent increase between the first quarters of 2016 and 2017.
The aggregate price was down from the $490,271 figure recorded in the last quarter of 2017. Keith Church, the broker of record for Royal LePage Grand Valley Realty, says the hot market of spring and summer 2017 is the main reason prices are up so much year-over-year.
Despite the shortage of listings and continued multiple offers, the Kitchener, Waterloo and Cambridge real estate markets are healthy,” Church said in a press release.
Two-storey houses saw the most appreciation, with median values rising 16.5 per cent to $504,311. Bungalow prices increased by nearly 12 per cent, hitting $427,155, while condo prices jumped by 12 per cent to $290,766.
Nationally, the aggregate house price rose by 6.2 per cent, hitting $605,512. Aggregate prices are weighted averages based on factors including analysis of Royal LePage data.