The Waterloo Region, encompassing the cities of Cambridge, Kitchener, and Waterloo, is gaining attention for its lofty home prices, signalling a growing concern over housing affordability. According to a recent analysis by Wahi*, Doon, a suburb of Kitchener, has emerged as the most expensive neighbourhood in the region, with a median home price of $1.025 million, ranking it the 22nd most expensive in Ontario. To afford a home here, a household would need to earn at least $250,000 annually, translating into a daunting monthly mortgage payment of about $5,200.
Conversely, the most affordable housing in the Waterloo Region can be found in Central Kitchener, where the median home price sits at $701,000, requiring a yearly household income of $175,000 for a feasible purchase.The issue of housing affordability is not isolated to the Waterloo Region but permeates across Ontario. Out of 245 local real estate markets, a mere 19 are deemed affordable for those with an average income around the $100,000 mark, underscoring a provincial-wide affordability crunch.Wahi, however, encourages homebuyers not to be deterred by median pricing data, which doesn’t always capture the full market scope.
For example, in Doon, where the median price is above $1 million, there exists a number of homes sold for less, suggesting more accessible options are available for buyers with more modest budgets. Wahi’s CEO, Benjy Katchen, points out, “The stark reality of Ontario’s affordability crisis is evident when even above-average earners find most cities out of reach. Yet, our new Roadmap to Housing Affordability reveals potential markets previously overlooked by homebuyers.”As home values persistently climb in the Waterloo Region and beyond, Ontarians aiming to buy a home are compelled to consider innovative housing and financing strategies or to set their sights on less competitive markets. The quest for an affordable home continues to be a significant challenge in today’s economic landscape.
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