Kitchener-Waterloo housing market remains red-hot in November

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Housing prices continue to reach new heights in the area, according to the Kitchener Waterloo Association of Realtors, as the organization says that on average, a home sold for $821,969 in November.

“Despite some speculation of there being a housing market correction in store for Waterloo Region, sustained home-buying demand combined with a record low level of inventory in November produced continued price growth,” new KWAR president Megan Bell stated.

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This represents a two per cent increase over October’s average price of $841,764, which was a six per cent rise over September ($792,599).

In addition, the average cost of buying a detached home continues to close on $1 million as it came in at $990,447 in November.

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A total of 597 homes changed hands in the area last month, which is a new November record for the Kitchener-Waterloo market. The previous 10-year average number of sales for the month is 446 so homes were changing hands at a brisk pace despite the approaching holiday season.

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“Lack of supply continues to be the refrain in November,” Bell said.

“With inventory hitting an all-time low it is a tough time to be house hunting right now.”

There were 605 homes listed in November, which is a 14.6 per cent increase over the previous 10-year average.

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