Kitchener-Waterloo property prices continue to rise at dizzying pace in January | The Canadian News

The average price of buying a home in the Waterloo region took another leap in January, with the Kitchener-Waterloo Association of Realtors saying it was $ 955,665.

This is an increase of 13.6 percent compared to December 2021 when the average selling price was $ 842,014 and a 37.3 percent increase over last January when that number came to $ 695,582.

The price for detached homes in the area is a similar story as it also rose more than $ 100,000 month-on-month from $ 1,021,353 in December to $ 1,152,707 in January.

The brokers say that the prices of detached houses have risen year-on-year by 35.5 percent.

Despite rising prices, 402 homes were sold in the area in January, setting a new record for the local market.

“While it is a new year, the song remains the same with the demand for home buying exceeding the supply in January,” said Megan Bell, president of KWAR. “This has led to price jumps across all property types.”

Bell said she expects prices to continue to escalate in the short term, as the Bank of Canada is expected to raise interest rates in March.

“I think over the next few weeks we can expect buyers who have not yet been priced out of the market to look to close a mortgage and pick up any homes that come on the market,” he said. she said.