Kitchener-Waterloo housing prices rise again, realtors say – Kitchener
After two straight months of falling property prices in Kitchener-Waterloo, the cost of buying a home has started to rise again, according to the Kitchener-Waterloo Association of Realtors.
It is said that home purchases averaged $ 759,115 in June, up 26.4 percent year over year and 2.6 percent year over year increase from the $ 740,103 average lay.
House prices in Kitchener-Waterloo are falling for the second year in a row
It’s still below the peak average price of $ 765,393 in March.
There were 860 homes listed in June, a 6.6 percent decrease from last June when we showed up after the first wave of the COVID-19 battle.
According to KWAR President Nicole Pohl, this lack of supply is still a main reason for rising property prices.
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“The biggest challenge of the housing market is still the limited supply of existing apartments for sale,” said Pohl.
“What we could use now is more homes being built to meet robust buyer demand that continues to outstrip supply.”
Notably, the average cost of a single-family home in Kitchener-Waterloo in June was a whopping $ 919,914.
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A total of 740 apartments changed hands last month, including semi-detached and single-family houses as well as terraced and owner-occupied apartments.
That is a 10.1 percent increase from June 2020 and a 13.6 percent decrease from May, the typical end of the spring housing market.
“The number of homes sold in the Kitchener-Waterloo area in the past 6 months has exceeded all previous 6 months achieved through our MLS® system,” said Pohl.
“We have reported 4,393 home sales in and around Kitchener-Waterloo since the beginning of the year, which is remarkable.”
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