After two straight months of falling home prices in Kitchener-Waterloo, the cost of buying a home was on the upswing again, according to the Kitchener-Waterloo Association of Realtors.
It says that on average, it cost $759,115 to purchase a home in June, which was a 26.4 per cent increase over last year and a 2.6 per cent increase over May, when the average was $740,103.
It is still below from the peak average price of $765,393 in March.
There were 860 homes listed in June, a decrease of 6.6 per cent from last June when we were beginning to emerge after the first wave of the COVID-19 battle.
That lack of supply continues to be a main driver in rising home prices, according to KWAR president Nicole Pohl.
“The greatest challenge of the housing market continues to be the limited supply of existing homes to purchase,” Pohl said.
“What we could use right now is for more homes to get built to help meet the robust buyer demand which continues to exceed supply.”
Worth noting is the average cost of a detached home in Kitchener-Waterloo in June was a whopping $919,914.
A total of 740 homes changed hands last month, a figure which includes semi-detached and detached homes as well as townhouses and condos.
This is a 10.1 per cent increase over June 2020, and a decrease of 13.6 per cent from May, the typical end to the spring housing market.
“The number of homes sold in the Kitchener-Waterloo area these past 6 months surpasses any previous 6 months of activity through our MLS® System,” Pohl stated.
“Since the beginning of the year, we have reported 4,393 home sales in Kitchener-Waterloo and area, which is remarkable.”