Here we are again: it’s December, winter tires are on, Christmas lights are up (be honest – some of you never took them down) – all signs of another year *almost* in the books.
And since we’re all clamouring for a little heat this time of year, it’s the perfect time to reflect on this year’s hotspots in Cambridge real estate.
So, grab your eggnog and check out which streets saw the most (freehold) home sales in 2017:
10) Grand Ridge Dr – 12 Homes Sold
Our first entry is one of Cambridge’s most prominent family neighbourhoods.
While not seeing as many home sales as last year, it still managed to crack the Top 10 and sported a significant home value increase, rounding out at an average sale price of 512k.
9) Blair Rd – 12 Homes Sold
An established (and long!) road, close to downtown Galt and offering quick access to the 401, it’s not surprising to see this family neighbourhood in the Top 10.
Homes on this road sold for an average price of 484k in 11 days or less.
8) Burnett Ave – 12 Homes Sold
This North Galt neighbourhood is consistently sought after for its spacious homes, variety of nearby schools, and 5-minute drive to both Hespeler Rd. and the 401.
With an average sale price of around 586k, it wins the tiebreaker with Grand Ridge and Blair.
7) Norfolk Ave – 13 Homes Sold
Norfolk made our inaugural “Hottest Neighbourhoods” list last year, topping out with 12 homes sold at an average price of around 250k.
This year, even though it saw more sales and an average sale price increase of 70k (wow!), it dropped from #4 to #7. That’s just the kind of year it was in Cambridge real estate.
6) Scott Rd – 13 Homes Sold
Our first of three consecutive Hespeler entries, Scott is about as close as you can get to the action for commuters. At an average price point of 410k, it proved to be a popular choice for families on the go.
5) Fisher Mills Rd – 14 Homes Sold
Most of the homes sold on Fisher Mills were in one complex. Homes sold on this road, with an average sale price just shy of 400k, provided buyers with affordable, low-maintenance living – close to it all.
4) Holland Cir – 15 Homes Sold
Not too far from Scott and Fisher Mills, you’ll find Holland – a newcomer to the Top 10.
While homes in this neighbourhood sold for an average price of 568k, they still moved quickly – in less than 15 days on average.
3) Garth Massey Dr – 18 Homes Sold
Barring an epic comeback in the final weeks of 2017, our 2016 champion will be dethroned.
While no longer #1, Garth Massey put up some big numbers this year, with its average sale price jumping from 394k to 476k (granted, many of those numbers were put up during the market’s peak).
Expect to see this street on our list for years to come.
2) Langlaw Dr – 19 Homes Sold
#2 last year; #2 this year. A model of consistency, Langlaw once again proved to be a popular destination due to its affordability (average price under 450k) and proximity to HWY 24.
And, homes in this neighbourhood don’t last long on the market, less than 10 days on average.
1) Elgin St. N – 20 Homes Sold
With a 332k average sale price, Elgin was an oasis of affordability in an otherwise overheated market – the main factor in its meteoric rise to our #1 spot after not even cracking the Top 10 last year.
And that was the story in 2017: skyrocketing prices – especially in the first half of the year – and competition for homes that were affordable and conveniently located. While I won’t get into a full-blown prediction for the 2018 market, I think we’ll see an increased focus on these segments as the new mortgage qualification rules come into play – driving buyers toward more affordable options.
Indeed, the 2017 hotspots above will be heavy favourites to make the Top 10 in 2018.