Kitchener, Waterloo Real Estate Sales Surge As Bidding Wars Break Out

Bidding wars for homes are popular in big cities such as Toronto and Vancouver but now bidding wars have found their way in cities like Kitchener-Waterloo.

Ian Taylor, a realtor stated that the home he recently put on the market in the Kitchener-Waterloo region sold within 48 hours. He said there were multiple offers, over asking price with no conditions. The two storey home with three bedrooms was located in Kitchener's Stanley Park neighbourhood.

Ian Taylor as well as other local real estate sales professionals have noticed a pattern in Kitchener-Waterloo's real estate market.

They have noticed a distinct shift in the market where more buyers and real estate sales professionals are coming to the city from the Greater Toronto Area and they are brining Toronto-style real estate strategies with them.

According to the Kitchener-Waterloo Association of Realtors, home sales in the region has increased nearly 20 per cent from last year. The average price of a home in the area also increased nearly 10 per cent to $438,708.

Reference:

CBC News

http://www.cbc.ca/…/kitchener-waterloo-2016-real-estate-bid…