Kitchener-Waterloo home prices reach record highs in September

Correction: This report originally said there was a 24.1 percent increase from the previous month when it was actually 5.6 percent. The year-on-year increase was 24.1 percent.

For the first time in several months, property prices in the Kitchener-Waterloo area have soared, according to local realtors.

The Kitchener-Waterloo Association of Realtors says the average home sold for $ 792,599, up 5.7 percent from a month earlier when the average home price was $ 753,296.

This is also well above the previous high water mark of $ 765,393 recorded in March.

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“In September house prices reached new highs,” said KWAR President Nicole Pohl.

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“And while the call for greater transparency in real estate trading in Ontario grows, the brutal reality of this market is that supply just can’t keep up with demand and that drives prices up.”

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The number of new home listings will have played a huge role as KWAR says 506 homes were sold in the last month, 5.9 percent less than August, which is usually a quiet month.

It’s also 32.1 percent less than a year earlier, although KWAR President Nicole Pohl says it’s still well above the September average.

“Although the total number of homes sold has decreased significantly in the last month compared to last September, it can nonetheless be considered an above average month of activity if we remember that last September is every previous September in terms of the number of Has exceeded sales, “she said.

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“In fact, I would say that we are well on the way to achieving record annual sales in 2021.”

The sales included 267 single-family homes for an average price of $ 963,646, also a new record for the Kitchener-Waterloo market.

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