Most Common Types of Homes Sold in Kitchener/Cambridge/Waterloo
Slightly Higher Demand for Single Detached Homes
Within Kitchener, Cambridge, and Waterloo (KCW), single-detached starts (new home construction) will be slightly higher in 2016, and remain steady in 2017. This is due to move-up/repeat buyers (50+ age group) as population growth has been the highest amongst this age group. Households in this age group are more likely to have equity for their current homes, so price is not a concern. The price of a new home will increase minimally due to the growth in this age segment (slightly higher demand). The price of a new home will not increase drastically however as smaller homes are being built on smaller lots.
High demand for Townhomes
Demand by younger households for affordable homes has resulted in increases of townhome starts in 2015. Townhomes starts will be close to current levels in 2016 and 2017.
Demand for Apartments (Condo and Rental) Declining
Apartment starts (both condo and rental) declined in 2015. This is due to starts exceeding the level of demand in 2014. This is also due to the fact that currently 4,000 units are under construction. Starts will not rise again until these units have been completed.
Key Takeaways
- Single detached homes and townhomes most common types of homes sold in KCW
- Growth in the move-up/repeat buyers segment has grown demand for single detached homes
- Mass demand for single-detached homes have led younger household looking to affordable housing
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Sources: CHMC, Imaganuncios,
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