Financial LiteracyEllen Roseman: The true cost of COVID-19 payment deferrals
Suppose the bank grants a deferral on your next six mortgage payments. What effect does this have?
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Compare mortgage rates in Kitchener-Waterloo.
Kitchener-Waterloo mortgage rates remain near all-time lows, so now is a great time to apply for a mortgage or renew the one you already have. As a borrower in Kitchener-Waterloo, you’ll have access to some of the lowest mortgage rates in the entire country thanks to intense competition among lenders in the region. The best part is you can compare mortgage rates from over 30 brokers and banks in Kitchener-Waterloo all in one place at LowestRates.ca.
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Kitchener-Waterloo housing.
Like many other cities in Ontario, the direction of home prices in Kitchener-Waterloo has generally been ‘up’ for the past several years. Tighter mortgage lending rules enacted in 2012 cooled the Kitchener-Waterloo market for a short period, but didn’t have any long-lasting effects on sales activity or prices.
Average Home Prices in Kitchener-Waterloo.
| Date | Home Prices |
|---|---|
| 01/14 | $330,406 |
| 03/14 | $327,405 |
| 05/14 | $336,677 |
| 07/14 | $337,800 |
| 09/14 | $344,646 |
| 11/14 | $334,525 |
| 01/15 | $329,298 |
| 03/15 | $353,293 |
| 05/15 | $342,499 |
| 07/15 | $344,920 |
| 09/15 | $348,695 |
| 11/15 | $361,318 |
| 01/16 | $360,792 |
| 03/16 | $369,179 |
| 05/16 | $376,000 |
| 07/16 | $380,000 |
| 09/16 | $400,000 |
As new home prices in Kitchener-Waterloo continue to rise, many households are choosing to renovate rather than buy. A shortage of building lots along with strong demand means builders can charge a premium for their limited inventory. The average price of a new, single-detached home in Kitchener-Waterloo is now just over $460,000.
New Home Prices in Kitchener-Waterloo, Single-Detached
| Year | Price |
|---|---|
| 2011 | $394,169 |
| 2012 | $434,415 |
| 2013 | $481,687 |
| 2014 | $455,683 |
| 2015 | $462,000 |
| 2016 | $468,000 |
About Kitchener-Waterloo.
Kitchener and Waterloo are two cities in the Regional Municipality of Waterloo and along with Cambridge, they comprise the 'tri-cities'. The region offers a unique 'high-tech-cultural-culinary' experience enriched by artists and post-secondary institutions.
The University of Waterloo and Wilfrid Laurier University bring an influx of students into the region throughout the year. Kitchener-Waterloo is a well-known Canadian tech hub with companies like Blackberry, OpenText, and Kik Interactive calling the area home.
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