Kitchener-Waterloo houses continue to sell at peak prices

The Realtors Association of Hamilton-Burlington says the average price for a home in the area is $722,317. THE CANADIAN PRESS IMAGES/Lars Hagberg

Home prices remain well above what they were a year ago, according to data provided by the Kitchener-Waterloo Association of Realtors.

It says the average home sold for $637,336 in November, 18 per cent above the $566,866 average from a year earlier.

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While that is a sharp increase year over year, it remains on par with what house prices have been since things reopened in Ontario in July after the first wave of the coronavirus pandemic.

Last month, homes sold for an average price of $635,301 continuing a trend which has seen an average price of $637,691 in September, $634,409 in August, and $639,814 in July.

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Similarly to the last several months, the peak prices have not slowed down the torrid pace of homes changing hands.

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A total of 575 residential properties were sold in the Kitchener-Waterloo market last month, according to KWAR, which is a 35 per cent year-over-year increase.

While it was a large dip from October when 691 homes changed hands, it was well above the 10-year average for November which is 433.

“We are now well beyond any pent-up demand from the first lockdown,” new KWAR president Nicole Pohl said in a statement.

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“Now we’re simply dealing with straight-up demand for our community as an attractive place to put down roots, and the current COVID-19 pandemic is only further fueling the already hot market and elevating Waterloo Region as a desirable place to own a home.”

The average sales-price-to-list-price ratio for residential properties sold in November was 107.9 per cent, a number which hovered at around 100 per cent in 2019.

“The only other time I’ve seen the sale to list ratio this high was in May of 2017 when it hit 108.6 per cent,” Pohl said.