May housing sales boom in Kitchener Waterloo
Still a strong demand for homes in the region, says KWAR president.
May was another record month for home sales in Kitchener-Waterloo.
The Kitchener Waterloo Association of Realtors (KWAR) says 854 residential homes were sold last month adding up to a 100.9 per cent increase from May of 2020.
Nicole Pohl, the President of KWAR said in a release the demand for people wanting to live in the region remained strong.
"While last May home sales were restrained due to the pandemic, May 2021 was another extraordinary month of home buying and selling activity," said Pohl.
"Prior to 2020, the previous 10-year average number of residential sales for May was 656."
Homes sold, prices both increase
The association says the increases were seen in types of residential properties available in the region.
- 485 detached homes were sold (up 85.8 per cent from May 2020).
- 106 condominium units (up 152.4 per cent).
- 74 semi-detached homes (up 72.1 per cent).
- 188 townhouses (up 138 per cent).
The price of the properties also increased 30.4 per cent from May 2020, with the average price of a residential home now at $740,103.
- $868,990 was the average price of a detached home. A 32.6 per cent increase from May 2020.
- $457,935 was the average sale price for an apartment-style condominium. A 38.6 per cent increase from May 2020.
- $601,987 was the average sale price for a townhouse. A 33.7 per cent increase from May 2020.
- $659,975 was the average sale price for a semi. A 36.8 per cent increase from May 2020.
Pohl says these stats are from before a new mortgage stress test rate was released. But she doesn't think that's going to impact sales going forward.
"While these changes will impact the affordability for some, I do not expect it to be very impactful due to the sheer number of buyers in our market."