Last week, we took a look at the Cambridge neighbourhoods that were the most active in 2016. For the most part, the streets with the most sales tended to share similar characteristics: at the edge of town, close to major commuter routes like highways 401 and 24, and sale prices averaging at or below 400k.
Was it the same story north of the 401?
In our review of the 2016 Kitchener-Waterloo market, we kicked it up a notch. Instead of looking solely at activity as a measure of neighbourhood “heat” (streets with 10 or more sales), we added the following criteria:
Homes needed to sell faster than market average (26 days)
The average sale needed to be over asking price
So, the neighbourhoods you see listed below may not have sold the most units (for example, Robert Ferrie, Upper Mercer, Parkvale, Zeller, and Bankside ranked higher than some of the streets below in total sales), or the neighbourhoods with homes selling for the highest % of asking price – but outperformed the market on a consistent basis in all three key metrics.
So, here are the Top 10 hottest streets in K-W (see if you notice any similarities between them):
10. Westvale Drive, Waterloo
10 Sales / 101.2% of asking price / 20 days on market
Average Sale Price: $417,538
9. Bridlewreath Street, Kitchener
13 Sales / 101.7% of asking price / 15 days on market
Average Sale Price: $398,985
8. Pastern Trail, Waterloo
13 Sales / 101.7% of asking price / 14 days on market
Average Sale Price: $360,446
7. Auburn Drive, Waterloo
14 Sales / 101.8% of asking price / 12 days on market
Average Sale Price: $400,057
6. Henhoeffer Crescent, Kitchener
10 Sales / 102.1% of asking price / 15 days on market
Average Sale Price: $380,730
5. Zermatt Drive, Waterloo
10 Sales / 102.8% of asking price / 10 days on market
Average Sale Price $388,150
4. Sophia Crescent, Kitchener
15 Sales / 103.3% of asking price / 8 days on market
Average Sale Price: $381,437
3. Activa Avenue, Kitchener
19 Sales / 103.4% of asking price / 12 days on market
Average Sale Price: $343,454
2. Breakwater Crescent, Waterloo
12 Sales / 104.7% of asking price / 7 days on market
Average Sale Price: $466,950
1. Max Becker Drive, Kitchener
14 Sales / 106.6% of asking price / 9 Days on Market
Average Sale Price: $326,464
Notice a trend?
Even more than in Cambridge, the Kitchener-Waterloo hotspots were strikingly similar in their price, age and even their general appearance.
There’s a reason why.
Many are close to the same main artery: Fischer-Hallman Rd:
Max Becker, Activa, Henhoeffer, Bridlewreath, Sophia, Zermatt, Westvale (listed in our Top 10), plus Copper Leaf, Bankside, Parkvale, Westmeadow and more.
These homes are typically under 400k, around 15 years old or younger, and close to shopping, commuter routes and schools. Not surprisingly, homes on all of these streets sold faster than market average and for more than their asking price on average.
While there were a few hotspots in K-W and sellers did very well across the board, Fischer-Hallman and surrounding area was the clear hotspot for buyers in 2016.