Prices up, home sales down in Kitchener-Waterloo market: realtors association

The Kitchener-Waterloo Association of Realtors says home sales were down but prices were up in the region last month. THE CANADIAN PRESS/Graeme Roy

While the number of homes sold in Kitchener-Waterloo decreased in March, prices continued to climb, according to the Kitchener-Waterloo Association of Realtors (KWAR).

A total of 511 homes were sold in the Kitchener-Waterloo market last month, down 5.7 per cent from a year earlier and well below the average for the previous 10 years.

READ MORE: Home sales stall in February in Kitchener-Waterloo

KWAR president Brian Santos says that some of this sales decline is to be blamed on a lack of availability.

“The activity on detached homes continues to be strong,” Santos said in a statement. “But the average number of sales in March was brought down by fewer semi-detached, townhomes and condos.

“I think this can be credited to the lack of inventory and options buyers have in those segments of the market.”

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There were 797 homes listed in the Kitchener-Waterloo market in March, a year-over-year decrease of 4.8 per cent.

READ MORE: Home sales on the rise in Kitchener-Waterloo in January

There were 325 detached homes sold in March (down 3.2 per cent), a stark contrast to the 116 townhouses (down 14.7 per cent), 45 condos (down 11.8 per cent) and 25 semis (down 37.5 per cent) that changed hands.

While home sales fell a healthy number, the prices still jumped 3.4 per cent over a year earlier to an average of $505,855.

This jump was not fuelled by detached homes, though, as they saw an increase of just 0.8 per cent ($585,668) over a year earlier.

The price of purchasing a condo continued to climb, rising 7.5 per cent year over year to $320,857. Semis also saw a significant jump to $422,360, rising 6.4 per cent. Townhomes saw a decrease in average prices as they fell by one per cent to $372,003.