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High home prices remain in Kitchener-Waterloo as houses change hands at record pace

The Kitchener-Waterloo real estate market remained hot in October. THE CANADIAN PRESS/Sean Kilpatrick

Housing prices in Kitchener-Waterloo have held steady over the past few months but remain well above what they were in 2019.

The Kitchener Waterloo Association of Realtors (KWAR) said the average sale price of a home was $635,301 in October, which was 19 per cent above the figure for October 2019, when it was $533,288.

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

While that is a big yearly jump, it is similar to sales prices from the last three months as the average price was $637,691 in September, $634,409 in August and $639,814 in July.

Homes turned over at a record pace in October in Kitchener-Waterloo, which in part contributed to housing prices remaining at lofty heights.

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“This is the fourth month in a row we have set a monthly record number of home sales,” KWAR president Colleen Koehler said in a statement. “Demand for homes in October continued to strongly outpace supply in Kitchener-Waterloo and area.”

KWAR says 691 homes changed hands in October, which is almost a hundred more than a year earlier, when 538 homes sold.

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It’s also five more than the September market, which is normally one of the hottest.

Koehler says an influx of buyers from outside of the area has kept the market active during the pandemic.

“Consumers buying/selling real estate continues to be one of the few shining lights to help Ontario’s economy recover from the pandemic,” she stated.

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“We’re continuing to see more buyers than sellers, including additional buyers migrating here from out of the region looking for the quality of life this region offers.”