In a mixer, combine the cream cheese and goat cheese. Beat until smooth. Add the cheddar cheese and mix until well incorporated. Spread into the bottom of a baking dish. Cover and chill for at least 1 hour.

Heat oil in a skillet over med-high heat. Add the diced onions and saute until softened. Add sugar and mix well. Continue cooking to caramelize the onions. Lower the heat slightly and stir every few minutes. This should take about 10 minutes.

Once the onions are caramelized remove them from the skillet and set aside. Add the cranberries, water, and sugar into the skillet the onions just came out of. Stir to dissolve sugar. Turn heat up to medium and cook until cranberries pop open and are softened, ~5 minutes. Once mixture thickens, add the balsamic vinegar and return the onions to the skillet.

Stir well and then let cool.

Just prior to serving dip, spoon the cranberry mixture on top of the cheese mixture.