Housing prices continue to surge in Kitchener-Waterloo market: realtors

Property prices in the region continued to rise in October when they hit record highs for the second straight month, according to the Kitchener Waterloo Association of Realtors.

The average cost to buy a home in Kitchener-Waterloo rose to $ 841,764 in October, up 6.1 percent from $ 792,599 in September.

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Additionally, the average cost of buying a single family home in the area is about to hit $ 1 million, as it now stands at $ 997,654, up 3.5 percent from a month earlier.

“In view of the ongoing supply and demand restrictions, home prices accelerated further in October,” said KWAR President Nicole Pohl.


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The realtors say 593 homes changed hands in the last month, 11.1 percent less than a year earlier and also 16.5 percent less than September, which is traditionally a busier month when the fall market opens.

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“Although it wasn’t as hot as last year’s record October, it was still an above-average number of home sales for the month and the second highest October on record,” said Pohl.

“The number of offers coming onto the market is struggling to keep up with demand for housing in the Waterloo area, and the continued price growth we are seeing in October reflects this.”

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KWAR said the rapidly rising costs are preventing many from entering the housing market and that local realtors from across the country have held discussions with MPs over the past few weeks to discuss the situation.

“Affordability in the entire Waterloo region continues to be challenged, which creates significant barriers, especially for many people who are just trying to gain a foothold in the housing market,” said Pohl.

“We call on all levels of government to work together to resolve the supply problem facing housing markets across the country and here in the Waterloo region.”

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