New Development Set to Expand Kitchener

The Mattamy River Mill development, a large residential development on the edge of Cambridge that leads into Kitchener, is officially underway. Although few houses stand complete, the entire development is already sold out. The new area is expected to attract many new residents and businesses to downtown Kitchener.

Home sales for last month were 20% year-over-year, but remained inline with the previous five-year average. The average price for a detached home was up 8.9%, reaching $515,721. The total number of sales for the month was slightly down however, from 470 to 425, with the number of listings currently standing at 601 homes.