The real estate market was red hot in Kitchener-Waterloo in November, as 483 homes changed hands, according to numbers released by the Kitchener-Waterloo Association of Realtors.
November 2018 was the second-best November in recorded history for home sales in the Kitchener-Waterloo area, with a 14.2-per-cent increase over the same month last year and well above the 10-year average of 406 sales.
“For the second straight month, we are reporting stronger-than-average sales,” new KWAR president Brian Santos said in a statement. “The prospect of further interest rate increases that were indicated last month could be responsible for the current surge in home sales.”
A large portion of the increase came courtesy of a brisk condo market.
A total of 152 condo units were sold in November, a 52-per-cent increase over the year earlier. There were also 265 detached houses, 31 townhouses and 27 semis sold.
With the average number of homes sold reaching lofty heights, it should come as no surprise that prices continue to rise as well.
The average price of a home rose to $477,526 in November, a year-over-year increase of 7.6 per cent.
“Waterloo region continues to be a very desirable place for purchasing a home,” Santos said.
“Affordability is a concern in Waterloo region as we continue to see prices increase, especially for detached homes.”
The average sale price of a detached home in the Kitchener-Waterloo market was $580,551, an increase of 12.8 per cent year over year for November.
Condos were also up 10 per cent ($305,334) over a year earlier, as were semis (up 10.7 per cent to $416,878). There was a two-per-cent decrease in the average cost ($361,177) of a townhouse.
There were 597 properties listed in the area in November, a 1.1-per-cent increase over 2017 but well above the 10-year average of 505.