The average price of a detached house in Kitchener-Waterloo rose again to more than $ 1.1 million last month, according to the local real estate association.
The January update of the Kitchener-Waterloo Association of Realtors (KWAR) said the average price of a detached house was $ 1,152,707, a 35.5 percent increase over January 2021. It is also a 12.9 percent increase over December 2021 , when the average price was $ 1 million for the first time.
The average price for all residential properties was $ 955,665. Semi-detached homes sold for an average of $ 849,845, townhouses had an average price of $ 836,306 and apartments had an average selling price of $ 538,239.
There were 402 residential sales in Kitchener-Waterloo last month, a record for January.
“While it is a new year, the song remains the same with the demand for home buying exceeding the supply in January,” Megan Bell, president of KWAR, said in a news release. “This has led to price jumps across all property types.”
Sales last month included 217 detached houses, 74 apartment units, 24 semi-detached houses and 87 townhouses.
Homes averaged nine days on the market in January, down from 16 days in January 2021. The previous five-year average was 24 days.
Reference-kitchener.ctvnews.ca