Loving Laurelwood: Inside Waterloo’s hottest neighbourhood

CTV Kitchener: Waterloo’s hottest neighbourhood In Waterloo’s Laurelwood neighbourhood, homes are selling within days – often for more than the asking price. Max Wark has details.

No matter where you turn in Waterloo Region, housing is a commodity that’s high in demand.

The Kitchener-Waterloo Association of Realtors announced Friday that it had just finished the busiest May in its history, with 752 properties changing hands through its system.

That figure represents a 19.2 per cent increase over the number of homes sold in May 2015, and an even bigger increase over historical averages.

But as hot as the overall housing market may be, there’s one neighbourhood where things seem to be even busier: Laurelwood, in northwest Waterloo.

“It doesn’t matter what property it is – (it gets) two, three, four, five six offers,” says real estate agent Lee Quaile.

“It’s actually a little bit ridiculous.”

As of Friday, only six homes in all of Laurelwood were listed for sale.

When properties do go on the market, they are typically snatched up within days – and often for more than the owners were asking.

In May alone, nine properties were sold for more than the asking price, including one house listed at $474,900 that sold for $531,000.

None of those numbers come as a surprise to Mandy Storey, who spent several years trying to win the Laurelwood lottery.

“We waited for the right home, and got it. A lot of people are trying to do that (here),” she says.

“It is such a desirable neighbourhood and area.”

Laurelwood is so desirable, apparently, that prospective homebuyers are using off-the-beaten-path methods of letting current homeowners know they’re interested in purchasing.

Marshall Bingeman says he came home one day to find a letter in his mailbox from a family renting in the area interested in making the switch to home ownership – but only if they could do so while staying in Laurelwood.

“It’s a very desirable area for young families,” he says.

Storey and other neighbours cite a number of factors for Laurelwood’s desirability, including its proximity to relatively new schools, as well as its parks and trails.

Quaile sees another benefit in its location, just a little bit removed from busier parts of the city.

“You get the feel of a smaller town, but you still have the amenities,” he says.

Through the first five months of 2016, KWAR has recorded 2,776 home sales – its most ever through May 31.

Despite the high rate of purchases, the number of homes being listed for sale is sitting at level 26 per cent lower than what was seen one year ago.