Waterloo townhouses lowest price per square foot

WATERLOO REGION — Newly released statistics from Century 21 reveal some interesting details about how much homebuyers are paying per square foot.

Locally, condos in Cambridge commanded the highest price per square foot ($344) through the first half of 2018, followed by $339 for detached homes in Kitchener and Waterloo, and $332 for detached homes in Cambridge.

Townhouses in each community proved least expensive, at $304 in Kitchener and Waterloo, and $282 in Cambridge — that figure dipped slightly from $284 in 2017, the only category in either of the two markets to experience a yearover-year decline.

In contrast, the Cambridge condo price of $344 jumped nearly 10 per cent year over year, while Kitchener and Waterloo semis, at $316, showed an eight per cent increase.

Across Canada, Century 21 franchisees used average square footage and either average or benchmark prices in calculating the price per square foot.

While changes in price per square foot are generally in line with changes in average or median sale prices — statistics that are more familiar to most homebuyers and sellers — it’s a useful number for market watchers, said Garrett Verbakel, sales manager and sales representative at Kitchener’s Century 21 Heritage House Ltd.

“You can see where value lies in a neighbourhood.” It can show people how much of a premium they’re paying for certain types of houses in a certain area, and can also point them to where they’ll get the most bang for their buck.

Townhouses and semis are showing the best value per square foot in Cambridge, Kitchener and Waterloo. And that’s good news for many prospective buyers facing sticker shock in the detached segment.

“I think people are starting to see detached as maybe out of reach for their first home purchase,” Verbakel said. “They’re looking for alternatives.” Townhomes offer many of the same features as detached homes, like a basement and backyard, but at far lower entry costs.

Local prices per square foot remain relatively affordable compared to many other communities in Ontario, especially around the Toronto area. The price per square foot for condos in Markham and Thornhill stands at $558.17 and $585, while an apartment/condo in Vaughan went for $593. Condos in downtown Toronto top the Ontario price list at $903.

While those prices may seem exorbitant here in Waterloo Region, they’re a far cry still from square footage costs on the west coast, where detached homes in west side Vancouver are $1,147 a square foot; downtown Vancouver condos commanded $1,345 per square foot.