What Can You Afford With an Annual Income of $150K in Waterloo?

Welcome to Waterloo, a vibrant city known for its exceptional living standards, thriving economy, and outstanding educational institutions. Whether you're seeking a place to settle down, pursue a fulfilling career, or raise a family, Waterloo has it all. With its strong economy providing ample opportunities, coupled with a high quality of life, this city truly caters to everyone's needs. With an annual income of $150,000 and a 20% down payment, you should be able to afford a house between $800,000 to $850,000 in Waterloo. Exciting, isn't it?

In this blog, we present our carefully curated list of 4 recently sold properties that perfectly fit within your budget, helping you the chance to own a piece of Waterloo's charm. This list will help you determine the kind of houses available in the budget you are looking at.

Condominium

Price: $765,000

One remarkable example of the kind of Condo Apt home that potential buyers should look for in Waterloo, with an annual household income of $150,000, is the recently sold property located at 1605 - 155 Caroline Street S. This stunning unit offers 2-bedrooms, 2-bathrooms, and a garage, making it a perfect choice for those seeking space and convenience. The condo boasts an upgraded kitchen featuring quartz counters, stainless steel appliances, a stylish tile backsplash, and a generously sized eat-at peninsula that easily accommodates 4+ people.

The floor plan is intelligently designed, ensuring no space goes to waste and allowing for versatility to adapt to any lifestyle. Moreover, residents can indulge in the exceptional amenities offered by Cspr, including a state-of-the-art fitness centre, a party room, a rooftop terrace with a putting green, visitor parking, and a dedicated concierge. Positioned as a corner unit on the 16th floor, this condo offers breathtaking views from every room, allowing residents to marvel at the surrounding landscape for miles.

Detached House

Price: $845,000

Welcome to 523 Thorndale Drive, a charming detached home in Westvale, Waterloo. This 3-bedroom, 2-bathroom house with a 2-car garage offers comfort, style and an excellent location near parks, schools, and shopping. The main level boasts open vaulted ceilings, a skylight, and a cosy family room with a wood-burning fireplace. Enjoy outdoor living on the spacious deck and private backyard, or utilise the large finished basement for added versatility. Don't miss the opportunity to own a delightful home such as this, as it perfectly suits a $150,000 annual household income.

Townhouse

Price: $625,000

If you have an annual household income of $150,000, there is a townhouse in Waterloo that would be ideal for you. Located at 491 Beechwood Drive, Townhouse-3, this property offers an array of features that cater to your needs. Situated in a highly desirable and mature complex in west Waterloo's Beechwood, it combines the benefits of a suburban, family-friendly neighbourhood with the convenience of nearby amenities. With three bedrooms and three bathrooms spread across its 1,800-plus square feet of finished interior space on three levels, this townhouse provides ample room for comfortable living.

The kitchen is well-appointed, featuring plenty of windows, generous counter space, cupboards, and an eat-in dinette area. Additionally, the complex offers amenities such as visitor parking, a tennis court, a beautifully landscaped environment, and a well-maintained swimming pool for residents enjoyment during the summer months. This property was quickly sold within 13 days of being listed.

Semi-Detached House

Price: $785,000

Looking for a semi-detached property in Waterloo? Look no further than 185 Northampton Crescent. This well-maintained home, situated in the highly sought-after Westvale area, is the perfect choice for those with an annual household income of $150,000. With three bedrooms, two bathrooms, and a garage, this property offers ample space for a comfortable lifestyle. It presents an excellent investment opportunity. Notably, the living room features updated flooring, creating a modern and inviting ambience. The eat-in kitchen showcases tiled flooring and an open-concept design, providing a bright and sun-filled atmosphere.

It's worth mentioning that this property sold within just 11 days of being listed, highlighting its desirability. On the upper level, you'll find a spacious primary bedroom with updated windows and a large walk-in closet, along with two additional bedrooms and a 4-piece main bathroom. If you're searching for the best semi-detached property in Waterloo, 185 Northampton Crescent sets the standard and is definitely worth considering.

Is this a good time to buy?

Following a recent 25 basis point rate hike by the Bank of Canada to address rising inflation, the policy rate now stands at 4.75%. This increase means that both past and future mortgage rates will see an upward adjustment. While the Canadian housing market experienced significant growth in new home sales and listings until May 2023, the new policy rates are expected to slow down this upward trend temporarily. However, it's crucial to recognise that the real estate industry is constantly changing, and predictions based on data aren't always guaranteed.

Read More : Unlocking Opportunities: Decoding the Canadian Housing Market’s Roller Coaster Ride

For instance, experts previously predicted a shift towards a seller's market, but the increase in policy rates altered this forecast. Additionally, affordability plays a significant role alongside interest rates when considering home purchases. Therefore, if you've diligently determined your budget based on factors such as your annual household income and affordability, any time can be suitable for buying a home. The key is to stick to your budget and buy what you can afford.