The price of owning a home rose by double digits in May, according to figures released by the Kitchener-Waterloo Association of Realtors (KWAR).
The association released its sales figures for May, and the average sale price of a home in the area increased 10.6 per cent year over year to $534,348.
The overall market saw sharp increases as the average price of a detached home grew 9.1 per cent to $623,289, while condos continued their dramatic increase in price by rising 11.3 per cent to an average of $332,309.
A similar story also unfolded with the price of townhomes (up 9.8 per cent to an average of $402,426) and semi-detached homes (up 9.3 per cent to an average of $432,207).
While year-over-year prices were up, the number of homes changing hands held steady in May compared to a year earlier.
The number of houses sold in the area rose by 11 per cent in May compared to April, a trend KWAR president Brian Santos expects to continue in June.
“May is often the most active month in a given year, but the way sales picked up in momentum after the Victoria Day holiday makes me think we could see sales activity in June surpass May,” Santos said in a statement.
There were 429 detached homes sold in the Kitchener-Waterloo market in May, a 2.6 per cent increase, while the area saw 68 condo sales, a decline of 23.6 per cent. In addition, 137 townhouses were also sold, a decrease of 4.2 per cent, while the area’s 60 semi-detached home sales represented an increase of 36.4 per cent.
There were five per cent more homes listed in May over the previous year, and Santos is hoping that number grows in June.
“It was good to see more listings coming onto the market in May, but home-buying demand continues to outpace the number of homes available,” Santos said. “I hope to see more listing activity in June and into the summer months. With mortgage rates as low as they are, demand from buyers is bound to stay strong, making it a good time to sell your home.”