Toronto sold 22% less houses in Jan 2018 compared to Jan 2017. Kitchener-Waterloo was down 18%.
How was it in Cambridge, ON? The opposite.
Cambridge sales were better: 98 residential sales in Jan 2017, and 112 in 2018.
Is there anything worth noting here? The GTA is too big to compare to a city of 130,000 people. But how do you explain the difference with the twin city of K-W? The Kitchener and Waterloo board had 329 sales in Jan 2017 and were 17.6% down to 271 sales in Jan 2018. Cambridge and K-W are so close to each other that they also known as the tri-cities.
I am a real estate agent who works in the Cambridge and Kitchener areas, and I can’t provide a simple answer to why so many buyers have been interested specifically in Cambridge since the late fall in 2017. The trend is still ongoing. For every inquiry I get from a potential seller in Cambridge, I get about 5 inquiries from serious buyers. It is normal for an agent to get more calls from buyers than from people who want to sell their house. But, in fact, houses are certainly selling well in Cambridge.
There is demand throughout the Waterloo region (Cambridge, K-W, and surrounding towns) and low inventory is also a uniform issue. But I don’t agree that the difference in sales can be attributed only to the lack of inventory of resale properties in K-W.
Cambridge is attractive for buyers that are coming from out of the region. Almost all the neighbourhoods here are closer to desirable amenities and the 401 than those in other cities and towns in the area. Families that have moved here during the last few years are sending positive feed back to friends and family in the GTA, who are getting even more out-priced from where they are living now. Stricter lending practices have first time and up-sizing buyers from the Peel and Halton regions looking west toward Waterloo. And their sights are setting on Cambridge.
This trend needs to be observed over Feb and Mar to see if Cambridge remains a sought-after resale residential market. However, there is not a question that the real estate market in Cambridge will stay strong during 2018.
What do you think? Leave a comment here or on a social network. Looking forward to hearing from anyone who would kindly share their opinion.