Buyers Search For More Possibilities As Home Prices Increase In Waterloo Region

Turning to alternative methods is becoming a new trend in the Waterloo Region as home prices continue to escalate with no hints of cool down soon.

The average home price in the region according to the Kitchener-Waterloo Association of Realtors rose by 30% from last year to $549,691 in February.

This rising trend is also evident throughout Ontario’s Greater Golden Horseshoe states KWAR President James Craig as there has been an increasing variance between the lack of supply of new homes and the high demand for homes which is fueling home prices in various regions.

The rising home prices has left many people out of the real estate market but for some, they are coming up with alternative options to be part of the market before it gets too late.

Some buyers are considering buying with friends or a family member who will cut down on cost and they will get to share the amount needed for down payment.

Some buyers also putting aside their dreams of owning a home for the meantime to renting instead until home prices return to normal which for many will not occur any time soon, while others are planning to move to other regions where homes are more affordable.

However, one of the most alternative is especially for first-time buyers to rely on their parents to help them make down payments to enter the real estate market. But this is for those who are fortunate enough t have parents that can help them out.

For those who do not find themselves fortunate enough, they are inventing new methods to actualized their dreams.