The average cost of buying a home in Kitchener–Waterloo surpassed the $1-million mark in February, according to local realtors.
The Kitchener-Waterloo Association of Realtors says that number rose from $955,665 in January to $1,007,109 in February, which is a 5.6 per cent increase.
Just a year ago, KWAR said the average price of buying a home in the area was $752,289.
“While I think it’s premature to suggest this is the new norm, it does reflect the continued appeal of Waterloo Region to buyers,” KWAR president Megan Bell stated. “We also need to be aware and recognize the impact this has on affordability for a growing number of people.”
The average is calculated from the 600 homes that changed hands last month, a total that includes 331 detached homes, 110 condos, 115 townhouses and 44 semi-detached homes.
Those 331 detached homes sold on average for $1,214,067, which is a 5.3 per cent increase over January, when that number clocked in at $1,152,707.
The price for semi-detached homes in the area will likely be next to cross the million-dollar threshold as they were changing hands for $917,535 in February.