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Kitchener-Waterloo housing prices reach new heights in June

Click to play video 'Getting buyers’ attention on the housing market' Getting buyers’ attention on the housing market
Getting buyers’ attention on the housing market

The average cost of buying a home in Kitchener-Waterloo skyrocketed last month as the local real estate market recovered from the coronavirus pandemic in a big way.

The Kitchener-Waterloo Association of Realtors (KWAR) says the average cost of buying a home was $601,285, the first time it has crossed the $600,000 mark.

Read more: Kitchener-Waterloo housing market picks up pace in May

The is represents a drastic increase from the previous highwater mark of $583,752 which was established in March.

A month ago, the average price to buy a home was $568,275 but there were also a lot fewer homes changing hands.

Click to play video 'Matt Lee looks at the real estate world during COVID-19' Matt Lee looks at the real estate world during COVID-19
Matt Lee looks at the real estate world during COVID-19

The KWAR says there were 673 homes sold in June, an increase of 57.6 per cent over May.

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“After a pandemic-induced delay to the typical spring market, home sales sprung back to life in a big way in June,” KWAR president Colleen Koehler said in a statement. “As Waterloo Region entered Stage 2 of reopening, we saw many buyers and sellers resuming their home buying and selling plans.”

Still, quarterly sales figures are just two-thirds of what they were last year, according to the KWAR, so Koehler does not see things easing up any time soon.

Read more: Coronavirus — Ontario realtors offer tips on how to get your house ready for sale

“I expect for the remainder of 2020 we will see the number of home sales returning to near historical levels,” Koehler said. “There will be some catching up to do in the coming weeks, but I don’t think you will see the market taking a hiatus this summer.”

A total of 920 new listings hit the market last month, which is the highest figure since May 2019.