Over the past four years, Waterloo Region has become a magnet for GTA buyers seeking affordable homes.
Even with a 50+% price increase over the past four years (in part due to demand driven by GTA buyers), homes in our market are still 43% cheaper on average than those in Toronto.
Perhaps the only reason why even more haven’t moved westward is the commute. At a 2-3 hour round-trip, it’s tough for many to stomach.
But, I expect this to change. For good.
This year, through forced adoption due to Covid, many businesses and employees have embraced remote working. Across many industries and job roles, this arrangement has proven to be effective and efficient for all involved. As a result, it’ll likely continue.
PLUS, now that people spend more time in their homes, they’re hungrier than ever to buy a home that satisfies their new live/work/play needs. More space, more versatility.
This essentially opens the floodgates.
I expect that GTA buyers, in search of affordability and the space they need, will be much more open to moving not just to Waterloo Region, but to cities even further west: Woodstock and London.
And, I wouldn’t be surprised if more and more working-age buyers in Waterloo Region seek more affordable options 30 min to 1 hour west of here.
For you, as a homeowner and investor, this would mean continued long-term appreciation for your properties in Waterloo Region and surrounding areas.
To be clear, I’m not saying you should expect a market spike tomorrow. But, as remote working becomes more standard – especially beyond Covid – I do expect more and more buyers will, indeed, shift west.
If you have questions about anything real estate, we’re always here to help. Contact us below.
Talk soon,
Cliff
