Correction: This report originally said there was 24.1 per cent increase month-over-month when he increase was in fact 5.6 per cent. The 24.1 per cent increase was year-over-year.
For the first time in several months, home prices took a massive jump in the Kitchener-Waterloo area, according to local realtors.
The Kitchener-Waterloo Association of Realtors says that the average home sold for $792,599, which is a 5.7-per cent increase over a month earlier when the average home price stood at $753,296.
This is also well above the previous high water mark of $765,393, which was recorded in March.
“Home prices reached all new highs in September,“ KWAR president Nicole Pohl stated.
“And while there is a growing call to add more transparency to how real estate is traded in Ontario, the brutal reality of this market is that supply is simply not keeping up with demand and that is what is driving up prices.”
The number of new home listings will have played a large factor as KWAR says there were 506 homes sold last month, which is 5.9 per cent less than August, which is normally a quiet month.
It is also 32.1 per cent less than a year earlier, although KWAR president Nicole Pohl says it is still well above the average September.
“While the total number of homes sold last month was down considerably compared to last September, it can still be considered an above average month of activity when we remember that last September smashed any previous September for number of sales,” she stated.
“In fact, I would say we are on track for setting a record number of annual sales in 2021.”
The sales included 267 detached homes, which fetched an average price of $963,646, also a new record for the Kitchener-Waterloo market.