Average detached home prices cross $1-million mark in Kitchener-Waterloo in December: realtors
Global News
On average, it now costs more than a million dollars to buy a detached home in Waterloo Region, according to the Kitchener-Waterloo Association of Realtors.
On average, it now costs more than a million dollars to buy a detached home in Waterloo Region, according to the Kitchener-Waterloo Association of Realtors.
They say the average price of a detached house in the area in December 2021 was $1,021,353, which set a new standard for the market.
That total was 34.7 per cent higher than a year earlier, when that number came out to $755,618.
On average, all residential properties sold for $770,596 last month, which is a 25.8 per cent increase from where things stood at the close of 2020, when the average came in at $634,545.
Overall, only 344 homes changed hands last month, a total that includes semis, condos and duplexes.
The traditionally quiet December market capped off a record-breaking year for the realtors as 7,581 homes changed hands in 2021, crushing a record set in 2020.
“Home sales in 2021 have absolutely smashed last year’s record by more than 1,000 units,” KWAR president Megan Bell stated.
“While this is a good time to sell your home, it remains a tremendously difficult market for buyers. Affordability for all types of housing within our community continues to be a concern which we expect to continue throughout 2022.”