A semi-detached home in Kitchener just sold for $300,000 above the asking price. The Kitchener-Waterloo real estate market is clearly not slowing down for the time being.
Located in Kitchener’s Laurentian West neighbourhood, the home was listed for $500,000. 53 offers later, it sold for $801,000. According to the story covered by CTV News Kitchener, residents in the area were not surprised, citing the booming housing market in the Region of Waterloo.
Kitchener-Waterloo is a very attractive region for people looking to move out of bigger cities. Statistics Canada recognized Waterloo Region as one of the fastest-growing places, population-wise, in the country.
“It’s just driving up that purchase price,” said Nicole Pohl, president of the Kitchener-Waterloo Association of Realtors. “We just do not have enough supply and, when there’s high demand, that’s just the reality of economics.”
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Original Source: CTV News Kitchener