Surging Kitchener-Waterloo home sales smash October record

It's been another big month for realtors after the pace of Kitchener-Waterloo home sales set a new all-time record for the month of October.

The average price of a single-detached home in Kitchener-Waterloo is now $478,685

The Kitchener-Waterloo Assocation of Realtors said there were 577 home sales in October through the province's Multiple Listings Service, a 24 per cent surge over the same time last year. (Darren Calabrese/Canadian Press)

It's been another big month for realtors after the pace of Kitchener-Waterloo home sales set a new all-time record for the month of October. 

The Kitchener-Waterloo Assocation of Realtors said there were 577 home sales in October through the province's Multiple Listings Service, a 24 per cent surge over the same time last year and a new all-time high for the month. 

That number includes 389 sales of single-detached homes, up almost 19 per cent over October 2015 and 130 condo sales, up nearly 30 per cent over the same time last year. 

The realtors association said the unrivaled pace of this year's housing market is evident in year-to-date sales, with 5,818 home sales in October 2016, compared to 4,920 at the same time last year. 

Bidding wars driving up prices

Bidding wars over some homes have also pushed the price of homes in Kitchener-Waterloo to new heights, according to KWAR.

Homes that sold for half a million dollars or more made up 23 per cent of all sales this month, which was double the amount for the same time last year. 

All of this is pushing the price of four walls and a roof over one's head that much out of reach, with the average price of a single-detached home up 14 per cent over the same time last year to $478,685 and condos about five per cent over last October to $225,221.

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