02-06-2017, 01:11 PM
Meanwhile, literally the day before, the Record had this article:
Average home price in K-W up $100,000 in just three years
And let's go back to the rental oversupply apocalypse article for a second:
A rental house that gets taken off the market doesn't just sit vacant. It gets sold to a new owner. There's already been evidence for a few years of rental houses reverting to owner-occupied.
It's all related, people! There can't be a supply crunch and catastrophic oversupply at the same time! Okay, maybe at some point, some people will have to come to terms that they can't buy the perfect detached house in the perfect neighbourhood for a bargain price tag. That's life. But the housing market is not a completely inelastic beast. If there really is a glut of housing near the universities, then eventually rental prices will start to move, not just near the schools, but across the city, opening up more non-ownership options.
Average home price in K-W up $100,000 in just three years
Quote:WATERLOO REGION — The average price of a home in the Kitchener and Waterloo area has jumped $100,000 in just three years.
Monthly statistics released Friday by the Kitchener-Waterloo Association of Realtors showed the average price of all residential properties sold through the association's Multiple Listing System in January was $421,104.
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In January, 2014, the average stood at $321,591. Those statistics include sales in Kitchener, Waterloo and Woolwich, Wellesley and Wilmot townships.
"Demand continues to be the driver for the increase in the average sales price," association president James Craig said.
"It just speaks to the lack of supply," he said. "It's forcing more people to compete for the product that is out there."
And let's go back to the rental oversupply apocalypse article for a second:
Quote:Landlords may have to resort to incentives to rent older buildings. Other units could be taken off the market as students choose new buildings with more amenities that are closer to campuses. This could reduce the number of basement apartments, small apartment buildings, houses or rental condominiums.
A rental house that gets taken off the market doesn't just sit vacant. It gets sold to a new owner. There's already been evidence for a few years of rental houses reverting to owner-occupied.
It's all related, people! There can't be a supply crunch and catastrophic oversupply at the same time! Okay, maybe at some point, some people will have to come to terms that they can't buy the perfect detached house in the perfect neighbourhood for a bargain price tag. That's life. But the housing market is not a completely inelastic beast. If there really is a glut of housing near the universities, then eventually rental prices will start to move, not just near the schools, but across the city, opening up more non-ownership options.