WATERLOO -- A new study from Waterloo city staff has found that households earning under $150,000 a year will most likely have a difficult time finding a single detached house to buy in the area.
The number is based on 2019 stats that also finds a household would need to make $100,000 to afford any kind of ownership housing.
The study comes at the same time as the city committing to create an affordable housing strategy that would be inclusive to low and moderate income families.
"I think there's a sense of real urgency, so we are going to be prioritizing this," said Michelle Lee, senior policy planner for the City of Waterloo. "The affordably housing strategy is going to look at the full range of policy options and financial incentives."
City staff adds that they're also looking into an inclusionary zoning policy, but admit that would take a year or two to finalize.
In the meantime, first-time home buyer Victoria Bailey says she's been in a similar position with almost a dozen Waterloo homes that she's interested in.
"Every week I find a home that I love and it's the perfect home," she said. "Then this one is $110,000 over asking price and there were seven bully offers on beforehand."
The home Bailey has been looking at has been on the market for just one day and has received a lot of interest, but the owners are holding offers until next week.
Shawn Ramautor of Royal Lepage Wolle Realty says bidding wars and house selling over asking are common challenge for first-time home buyers, especially in Waterloo.
"We see a lot of trial and error," he said. "The city's attracting the best and brightest from all around the world. I personally deal with a lot of people that are coming in from the U.S."
According to a 2015 census, the medial total income in Waterloo households was $83,000, which is almost half of the amount of the average income households need to buy a detached home in 2020.
