“Competition was high for buyers looking to lock down a house in July,” said Colleen Koehler, President of Kitchener-Waterloo Association of REALTORS®. “The rate of home sales in July resembled the kind of month we would normally see in May, and I chalk up much of that to the pent up demand that built as we moved into Stage 3 of reopening in mid-July.”
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The average cost of buying a home in Kitchener-Waterloo skyrocketed last month as the local real estate market recovered from the coronavirus pandemic in a big way. The Kitchener-Waterloo Association of Realtors (KWAR) says the average cost of buying a home was $601,285, the first time it has crossed the $600,000 mark.
“In May we saw the strong appetite for homes in the Kitchener-Waterloo area is still very much alive,” said Coleen Koehler, president of KWAR. “But as the virus continued to circulate in the community many would-be sellers were reluctant to put their homes on the market. For the homebuyers who cannot wait out the pandemic, they are not finding any fire sales as homes are not only maintaining their value, but also increasing.”
April home sales saw a drastic fall of 63.6% compared to April of 2019. However, it isn't all bad news as Kitchener-Waterloo home prices held steady to an average price of $568,738 a 7.3% increase over the previous year.
Housing market inside scoop
Kitchener-Waterloo saw strong home sales in March 2020 with 577 residential homes sold. This was an increase of 13.1% compared to the same month last year and a 0.2% increase above the previous 5-year average. The average sale price also saw an increase in January to $583,752, a 15.3% increase from last year at this time.
Kitchener-Waterloo saw strong home sales in February 2020 with 467 residential homes sold. This was an increase of 36.5% compared to the same month last year and a 15.3% increase above the previous 10-year average. The average sale price also saw an increase in February to $571,023, a 16.3% increase from last year at this time.