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Housing report for Q4 of 2018 shows stability

Local expert says that the market has finally calmed, making it a good time to buy or sell

Housing prices have finally reached some stability after superheating for over a year.

That's according to the Royal LePage House Price Survey.

During the period, the aggregate price of a home in the region rose 9.0 per cent year-over-year to $523,634.

The report show that when broken out by housing type, the median price of a two-storey home rose 9.3 per cent year-over-year to $557,444 in the fourth quarter of 2018, while the price of a bungalow rose 7.9 per cent year-over-year to $472,752. During the same period, the median price of a condominium rose 7.8 per cent year-over-year to $308,189.

Keith Church, owner of Royal LePage Grand River Valley in Kitchener tells 570 NEWS that Waterloo Region is particularly stable compared to Toronto, and much more affordable.

"I think the good news about living in Waterloo Region is, even though prices took a big jump last year, it's still an affordable market for, for example, a couple with two incomes."

Church adds that he thinks this Spring will be a good time to buy a house given market conditions.

He said the only instability comes from potential interest rate increases, which home buyers need to be ready for when they're getting a mortgage.

"Especially as far as first-time buyers with big mortgages are concerned, even a quarter or a half-point difference in the mortgage rate makes a big difference in their monthly payment."

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