In May, prices rose dramatically in the Kitchener-Waterloo housing market and that trend continued in June, according to the Kitchener-Waterloo Association of Realtors.
The year-over-year price of buying a house was up 10.6 per cent in May and in June the increase was 8.9 per cent.
On average, it cost $533,619 to buy a home in Kitcehner-Waterloo according to KWAR’s figures.
Detached homes went for an average price of $618,186 (up 7.9 per cent), while condos sold for $332,716 (up 4 per cent.) The average cost of buying a townhome was up 10.7 per cent to $411,126 while semis also rose on a year-over year basis to $430,427 (up 9.9 per cent).
Homes in the area also changed hands at a brisk pace as there 658 sales, up 8.8 per cent from June 2018.
A majority of the homes sold in June 2018 were detached (404) while 50 condos, 159 townhouses and 45 semis also changed hands.
“Home sales continued their strong momentum from last month,” KWAR president Brian Santos said in a statement.
“On a year-to-date basis, we’re seeing sales have increased slightly over last year’s mid-year mark.”
At the hallway mark of 2019, there have been 3,154 homes sold in Kitchener-Waterloo and the surrounding area.
The percentage increase in number of houses hitting the market did not equate with the number of homes sold, as there was only a 4.9 per cent increase in new listings last month.
At the end of June, there were only 890 active listings on the market throughout the Kitchener-Waterloo market.
“We’re still in a solid seller’s market situation heading into the summer months,” says Santos. “While more new listings are coming onto the market, strong buying demand is keeping supply tight.”
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