Kitchener-Waterloo is described as having “overall largely positive fundamentals,” as migration is set to increase to the area in coming years. It’s listed above Hamilton due to its “affordability factor.”

“Kitchener-Waterloo is also benefiting from the Toronto ripple effect by way of Hamilton,” reads the report. “As prices in Hamilton rise, some buyers are choosing Kitchener and Waterloo instead of other, less affordable cities…In terms of housing affordability, according to RBC the region is setting at 35 per cent, well under the Canadian average of 48.7”