Kitchener-Waterloo home prices continue drastic surge, realtors say

Prices continued to climb dramatically in Kitchener-Waterloo last month. THE CANADIAN PRESS Jonathan Hayward

Home prices in Kitchener-Waterloo continued to skyrocket in February, according to numbers released by the Kitchener-Waterloo Association of Realtors (KWAR) on Thursday.

Their figures show that on average, it cost $571,023 to buy a home in the area last month, a whopping 16.3 per cent jump from February 2019.

READ MORE: Kitchener-Waterloo home prices see another double-digit increase in January: realtors

KWAR says the increase was seen in all areas of the market as detached homes were up 13.2 per cent to an average sale price of $673,825 while condos were up 16.4 per cent to an average sale price of $371,923. Townhomes and semis also increases of 12.9 per cent (up to $443,382) and 8.4 per cent (up to $485,831) respectively.

Realtors say there was healthy 7.8 per cent increase in the number of homes (609) that went on the market compared to a year earlier but clearly supply is not meeting demand.

Story continues below advertisement

“Like many other markets across the province, the story of our local housing market continues to be one of supply and demand,” said KWAR president Colleen Koehler in a statement. “Market-wide, the number of homes available for sale is simply not keeping up with the number of people wanting to purchase a home in the Kitchener-Waterloo area.”

With more homes available, there was also a rise in the number of homes sold in the Kitchener-Waterloo area.

READ MORE: Average cost of a home in Kitchener-Waterloo jumps 9.3 per cent in 2019, realtors say

KWAR says that 467 residential properties sold in February, which is a breathtaking jump of 36.5 per cent over 2019 and 15.3 per cent above the 10-year average. That number includes 272 detached homes, 62 condos, 32 semis, and 101 townhouses.

“After a few consecutive months of sluggish home sales, home buying activity in February was much stronger,” Koehler said.