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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.

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“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.