People ask me all the time what type of property they can buy for (insert amount here). I always start my answer the same way, depends where you’re looking. Recently I sat down and looked at the numbers more closely and wanted to share my findings. I’ve taken a look at prices in Guelph, Cambridge, Kitchener and Waterloo. Because there are so many different options when it comes to homes, I decided to break it down into types of properties. What better place to start than condos? Whether you’re a first time home buyer looking for a way into the housing market, a down-sizer or someone who wants less maintenance than a freehold home, condos can be a fantastic option.
I’ve gathered sale prices for the past year in each area and have highlighted in the lowest, median (mid point) and highest sold for. Here’s what I found for one, two and three bedrooms condos.
First-time purchasers are typically looking at the lower to mid-range price points. As a couple or a single person starting out, the location may not play a role in the decision process. Getting yourself into a condo can be a great way to enter the real estate market. As life changes and need for more or less space changes, it could be time to relocate to a home with a yard perhaps.
Of course, location and amenities will play a factor in price as well. These numbers show the low and high price points across the board from newly built penthouse units in the heart of the city to townhomes, to buildings located in what some would consider less desirable areas.
Depending on your wants and needs when it comes to purchasing a property, there are many options. One great thing about all these locations is that they are fairly close to one another. A commute from one city to another is very reasonable. If your search is solely based on budget, you will get more bang for your buck in Cambridge or Kitchener to start. Guelph is closer to Toronto and Waterloo with the tech industry taking off command higher prices in real estate. Thankfully each of these cities has their own charm and character!