The cost of owning a home in Kitchener-Waterloo continues to skyrocket as average prices reached an all-time high in April, according to figures released by the Kitchener-Waterloo Association of Realtors (KWAR).
Average home prices rose by 10.9 per cent year over year to $529,800 in April, a number buoyed by a 7.6 per cent increase in average detached home prices to $611,803 and a 14.3 per cent increase in the average cost of a condo to $339,426.
“These are the highest sale prices we’ve ever posted in a single month,” KWAR president Brian Santos said in a statement. “It’s only the third time the overall residential sale price has exceeded $500,000, and for the first time, the average price of a detached home climbed over the $600,000 mark.”
All sectors of the housing market saw increases as the average prices for townhomes and semis also rose 5.3 per cent to $405,013 and 7.7 per cent to $433,949, respectively. Just as prices rose, the volume of sales increased in April 2019 as 623 homes changed hands that month, an increase of 1.1 per cent over 2018 and 2.2 per cent over the 10-year average.
That number breaks down to 394 detached homes (up 15.2 per cent), 75 condos (up 1.4 per cent), 113 townhouses (down 28.9 per cent) and 41 semis (no change).
“While sales of detached homes did jump a fair bit compared to the same month last year, they were actually on par with the previous 10-year average for April,” Santos said.
Part of the price increase might be explained by a lack of available product. Only 913 homes were listed in April, a decrease of 6.9 per cent year over year and 1.6 per cent below the 10-year average.