The Kitchener-Waterloo housing market has continued its torrid pace from 2016 and actually picked up significant steam.
Sales volume continues to surge despite a record low of inventory causing a dramatic increase in home values. For the first time ever, the Kitchener-Waterloo board posted over 700 transactions for the month of March (for perspective the only three other times this has happened was May and June of last year and May 2007). Overall, sales volume were up in the first quarter 24.2% compared to 2016.
Home values are seeing unprecedented growth in the region. The average price of a detached home sold in May was $583,144, up over 35% from March of 2016. The average residential sales price was up 32.3% and landed just shy of 500k at $493,226. Townhouse and semis were up 29% in value from March 2016, and apartment condominiums were up 24%.
The Ontario Real Estate Association cites a real lack of inventory in the housing market which is continuing to drive value growth. Furthermore, regional infrastructure development has also drawn interest nationally and even internationally. Low unemployment, excellent post-secondary education opportunities, and progressive municipal leadership continue to pad the portfolio of Waterloo Region and drive interested homeowners to our market.
Are you a frustrated home buyer? Check this article for advice on how to deal with our current market climate.