Average detached home prices cross $1-million mark in Kitchener-Waterloo in December: realtors

According to the Kitchener-Waterloo Association of Realtors, it costs more than a million dollars to buy a single family home in the Waterloo area on average.

They say the average price for a single family home in the area was $ 1,021,353 in December 2021, which set a new standard for the market.

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That total was 34.7 percent higher than the previous year when that number was $ 755,618.

On average, all residential properties sold for $ 770,596 last month, up 25.8 percent from year-end 2020 when the average was $ 634,545.

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In total, only 344 houses changed hands in the last month, including semi-detached, owner-occupied and semi-detached houses.

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The traditionally quiet December market ended a record year for brokers when 7,581 apartments changed hands in 2021, surpassing a record set in 2020.

“Home sales in 2021 broke last year’s record by more than 1,000 units in absolute terms,” ​​said KWAR President Megan Bell.

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“While this is a good time to sell your home, it remains an extremely difficult market for buyers. Affordability for all types of housing in our community remains a concern that we expect to continue into 2022. “

At the end of the year, only 104 apartments were for sale in the region, 85.7 percent below the 10-year average of 727 offers for December.

“The supply that could not keep up with demand was a steady waiver in 2021, and unfortunately I assume that this will also be the case in the coming year,” said Bell.

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