HOME PRICES INCREASING IN WATERLOO REGION
NON STOP SHOWINGS AND BIDDING WARS ARE RETURNING
In the past month, Waterloo Region has witnessed a resurgence of the 2022 real estate market with 50-100 showings per week, and some homes experiencing bidding wars again. The prices of properties are also increasing, and some are fetching 10-20 offers, selling for more than their asking prices. Astonishingly, even the properties that require a lot of renovation, updating, even fire restoration are going for up to 60-100K over their asking prices within a week of listing.
Although prices are down from the peak February 2022, the trend is still upward if that is excluded from the data. Compared to two years ago, the prices are still on the rise. This indicates that the demand for properties in the Waterloo Region is still high, buyers are feeling the pinch of increasing interest rates and prices. This has resulted in many prospective buyers feeling left out, while sellers are reluctant to list their homes as they feel that they may miss out on 20% of the value of their properties if compared to the data anomaly of February 2022.
Despite the government’s intervention in trying to cool the housing market, it seems to have had no impact on the Waterloo Region. The combination of buyers’ and sellers’ concerns has created the perfect storm for the housing market to return to the insanity of 2022. Welcome to the spring market of 2023! Are you ready?