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Home prices in Kitchener-Waterloo continue to climb, realtors association says

FILE- In this June 8, 2018, file photo a for sale sign stands in front of a house, in Jenkintown, Pa. On Thursday, Sept. 20,. AP Photo/Matt Rourke, File

The cost of owning a home in the Kitchener-Waterloo area continues to head north, according to monthly figures released by the Kitchener-Waterloo Association of Realtors (KWAR).

The organization says that the average sale price of a home ($533,288) was up 9.1 per cent in the area when compared with October 2018.

READ MORE: Real estate market in Kitchener-Waterloo continues to favour seller: study

The increase came across the board as detached homes rose 6.2 per cent year over year to $610,840, as condos were also up 6.7 per cent to $333,895.

Townhomes and semis saw double-digit increases of 11.2 per cent ($434,035) and 14.3 per cent ($461,590), respectively.

The number of properties that changed hands also took a jump, with KWAR saying that 538 homes changed hands in October.

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That number represents a 4.1 per cent increase over a year earlier.

READ MORE: Near-record homes sales in Kitchener-Waterloo in September: KWAR

That total included 334 detached homes (up 11.3 per cent), and 65 condos (up 1.6 per cent). While there were more detached homes and condos sold than a year earlier, KWAR says the same cannot be said for townhouses (108, down 5.1 per cent) and semis 31 (down 18.4 per cent.)

Part of the rise in prices could be explained by a scarcity in listings.

A total of 670 homes were listed in the Kitchener-Waterloo market last month which is a decrease of 12.4 per cent compared to October 2018.

READ MORE: Real estate listing boasts 4 beds, 1 bath — and a creepy ‘Scream’ character

By the end of the month, there were only 691 listings, down 26.5 per cent from a year earlier and well below the 10-year average.

“Seasonal strength in October is common as people to look to make moves before winter. With a scarcity of listings, buyers continue to snap up properties in the Kitchener-Waterloo area at a robust rate,” KWAR president Brian Santos said in a release.

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Real estate guru Matt Lee visits Global News Morning – Sep 11, 2019