The real estate market in Canada has been booming recently, be it for investment opportunities or a permanent home for their family. People are looking for the best place to buy real estate. And one of those places is the city of Cambridge in Ontario.
It’s no secret that the city of Cambridge is one of the best cities in Canada. Close to nature while having great opportunities just like any big city. It’s no wonder people like living here. And if you are planning to buy a property here, you might be wondering, “How is the Cambridge, Ontario real estate market?”
Real Estate Market of Cambridge Ontario 2021
As was said before, Canada’s real estate market is booming, and Cambridge is one of the places that have experienced it. Home sales totaled about 2630 units over 11 months this year which is a sizable gain compared to 2020. A 12.5% gain, to be exact.
In November, 200 houses got sold in just three weeks, and on an annual basis, house sales surpassed 2500 units, which is already a good track record for this year. New listings can’t keep up with the demand for a new property, and supply levels have fallen low.
With so many buyers competing, it’s not surprising that the year-over-year growth is approaching 40%. But what does this all mean?
So, when demand is high and supplies are low naturally, prices will increase. A single-family home now has a benchmark price of $867,700. That is up about 39.8% on a year-over-year basis. The same goes for townhouse row units which now have a benchmark price of $631,400 – a 34.9% increase from last year, and apartment units which have a benchmark price of $681,200 – a 26.5% increase.
Why Are People Moving into Cambridge
Some people fear that the real estate bubble might pop at any given time. But seeing as how everyone is buying houses even though the pandemic is still happening, that wouldn’t happen any time soon. Demand would just increase as everything calms down and people can move freely. But if you are having doubts, below are some of the reasons people are interested in Cambridge Real Estate.
Strong, Diverse Economy
The Kitchener-Cambridge Waterloo Region is home to some of the major tech companies in the world. Companies like Google, D2L, Vidyard, Applyboard, and Communitech are all located in the area. That is why the region is sometimes called the “Silicon Valley” of the North.
But it’s not only the tech sector that is thriving. The manufacturing, finance, education, and insurance sector are also strong because of the many employees in companies like Toyota, Manulife, and Sunlife that live in the region.
Location
If you want to live somewhere calmer but don’t want to miss the buzz of the big city, Cambridge is your best bet. Kitchener-Cambridge is just 1 hour away from GTA ( Greater Toronto Area). And Highway 401 is just close too.
Quality of Living
Even though the region of Waterloo is experiencing rapid growth, the density of population is not the same as the big city. Despite that, establishments like restaurants and shops are thriving with no problem.
Many residential communities are built near major parks and green spaces also. These make Cambridge one of the best places to live in Canada.
Value Proposition
With so many job opportunities, it is also worth noting that income in the region is one of the highest in Ontario. And the cost of living is also low compared to big cities like Toronto. And with the real estate market still thriving, you are sure to make a return from your property investment here.
Academic Institutions
Kitchener-Cambridge is also home to the world-renowned University of Waterloo and the Conestoga and Wilfred Laurier College that attracts large companies from all over the country looking for fresh talent.
Because of this, many are also moving into Cambridge looking for a good head start in their career.
Conclusion
If you’re looking for a real estate property in Canada, you are not wrong about looking in Cambridge. It would even be a good investment because of the many perks and amenities in the city. So share this article with your friends to let them know where the best real estate properties are.
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If you’re looking to buy or sell real estate, you need to make sure you have a clear picture of the Cambridge, Ontario Real Estate Market and what you should expect from that market. You’ll want to know if there is a large number of buyers or sellers that you should consider or if there are other factors that could affect the market. Also, We Buy Houses San Antonio company is safe to sell your houses at best rates. In addition, you’ll want to know what kind of price range you should be looking for. You need to understand all of the different factors that contribute to the market and what you should expect from that market.
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