Housing prices in the area vaulted upwards in January after six months of relative stability, according to the Kitchener-Waterloo Association of Realtors (KWAR).
The realtors say the average home sold for $695,582 in January, which was a hefty increase from a month earlier, when that number was $634,545.
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In July, the average cost of buying a home rocketed up to $639,814 but it remained pretty consistent until the new year.
Detached homes were the driving force behind the increase as they sold for an average price of $853,945, which was the first time the sales number passed the $800,000 threshold.
“With demand for homes unabated and consumer preferences leaning predominantly toward single detached homes, in January we saw buyers paying a premium for this property type,” KWAR president Nicole Pohl stated.
“Conversely, even as condo sales were increasing in January, we saw prices for this style of housing soften by comparison.”
A total of 351 homes sold last month, which was well above the 10-year average of 286, a number that included 201 detached, 71 condos, 56 townhomes and 21 semis.
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“January’s home sales were more active than what we typically see this time of year,” Pohl said.
“But nothing has been typical about our housing market.”
Pohl says supply remains the greatest issue as buyers from the Toronto market head down the highway to Kitchener.
Only 432 new listings hit the market in January, which was 37.6 per cent below the 10-year average.