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.
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.
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.
“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.