The average cost of buying a home in Kitchener-Waterloo took another drastic jump in February, according to the Kitchener-Waterloo Association of Realtors.
The organization says that homes in the area sold on average for $752,289 last month, well above the $695,582 mark posted in January and $634,545 in December.
“We continued to see dramatic increases in the average price in February due to the persistent and fierce competition for homes in our region combined with short supply,” said KWAR president Nicole Pohl.
February’s number was driven by the fact that the average detached home in the area sold for $910,126.
Pohl notes that buyers are becoming frustrated in dealing with the current market as a lack of inventory and low mortgage rates are causing multiple offers as people fear missing out on a chance to own a home as prices continue to skyrocket.
“The rise in the average price we’ve been tracking the past several months has included some exceptional sale prices,” she said.
A record number of 597 homes changed hands in February, a number that is almost a third above the previous 10-year-average of 407.
“Competition for homes continued to be extremely intense in February, leading to a record-breaking number of home sales for the month,” Pohl said.
There were also 737 new listings posted in Kitchener last month, a 20 per cent increase from a year earlier.
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