Kitchener-Waterloo housing market remains red-hot in November
Property prices in the area continue to hit new heights as the organization says a home sold for an average of $ 821,969 in November, according to the Kitchener Waterloo Association of Realtors.
“Despite some speculation about an imminent housing market correction for the Waterloo area, continued demand for home purchases combined with record low inventory levels resulted in continued price growth in November,” said new KWAR President Megan Bell.
House prices continue to rise in the Kitchener-Waterloo market, realtors say
This is a two percent increase from the October average price of $ 841,764, which is a six percent increase from September ($ 792,599).
Additionally, the average cost of buying a single family home remains close to $ 1 million, as it was $ 990,447 as of November.
Canada Revenue Agency Suspends Online Services Due to Global “Security Vulnerability”
More than 200,000 still without power as strong winds sweep southern Ontario
The story continues under the advertisement
Buying a new property
A total of 597 homes changed hands in the area last month, setting a new November record for the Kitchener-Waterloo market. The last 10-year average of sales for the month was 446, making the homes quickly changing hands despite the holiday season approaching.
Canada’s housing market is hotter than ever – and investors play a big role
“The lack of supply continues to be the refrain in November,” said Bell.
“With inventory plummeting to an all-time low, it’s a difficult time to be looking for homes right now.”
In November, 605 apartments were listed, an increase of 14.6 percent compared to the average for the last 10 years.
© 2021 Global News, a division of Corus Entertainment Inc.