Recently, news hit that a home in Toronto sold for $1 million over asking. While part of the sale price can be accounted for by the fact that the home was priced below market value to create a flurry of bidding activity, there remains the reality of a continuing highly competitive market in which buyers outnumber the homes for sale.
This trend has become abundantly apparent in Waterloo Region during 2016 as our GTA friends move to the area either as commuters, or new residents, attracted by comparably lower home prices, along with the influx of investment in our technology and innovation sector.
Regardless, locals are feeling the pinch as bigger wallets compete for the same homes. What’s next? Some locals, along with those from out of town, are considering areas just outside of Waterloo Region such as Stratford, Woodstock, and Brantford to enjoy more reasonable prices and less density. With both resale and new-build opportunities, it is becoming worth the commute and some consideration.