There might be concerns about a rise in housing prices as the region of Kitchener-Waterloo continues to witness a post–pandemic trend of people relocating from Toronto.
Residents from Toronto, Mississauga, and Brampton are moving to Kitchener-Waterloo, according to Kathrina Kasinski, sales representative at RE-MAX Twin City Realty Inc. “They are still coming back from different areas of GTA.”
According to real estate agents, the rise in housing prices and lack of affordability of living in the GTA and Toronto are the major reasons for a large proportion of residents, shifting to the Kitchener-Waterloo region.
According to the Waterloo Region Association of Realtors, the average selling price for a house in the Waterloo region was more than $800,00 as of June 2023. There has been almost a 6% increase in the price rate since June 2022.
Tony Johal, a Kitchener-based real-estate agent, says despite the recent price increases, housing in the region remains more affordable than GTA.
“You get more house for the dollar into the Waterloo region. Once the GTA areas like Brampton, Mississauga, and Toronto start to rise in housing prices, we will rise in price.” Johal says.
He further mentions that the housing rates in Kitchener-Waterloo might not surpass Toronto because then, there will be no reason for people to relocate here for affordability.
“They would rather live in Toronto,” says Johal.
A large proportion of Torontonians and the GTA public relocating to Kitchener-Waterloo, come here hoping to live in the areas from where the commute to GTA and Toronto is easy.
“They are very specific about where they want to live,” Johal says.
While a certain proportion of real-estate agents think relocation of people from Toronto and GTA is a positive sign, the public who recently moved from Toronto are skeptical about living in the region.
Snehjeet Kaur, 25, is a work permit applicant from India who got a job opportunity in the Waterloo region. She recently shifted from Toronto and says that it is “better in terms of the entertainment and is vibrant in terms of diversity” when compared to the Waterloo region. She further says that people should think and “find more about work opportunities, cost of living and lifestyle preferences” before relocating to the Kitchener-Waterloo area.
Not everyone is happy after relocating to the region with a few complaining about the city being smaller, quieter, and with lesser facilities compared to Toronto.