2021 got off to a roaring start in the Kitchener-Waterloo real estate market, showing no signs of letting up on the growth of the previous year. Typically a slow month, this January bucked the trend with 351 units sold, which is 24.9% more than the same month last year.
The active market moved quickly, with the average home taking just 16 days to sell (the previous 10-year average is 30!), and demand continuing to outpace supply. This dynamic has continued to push the upward trend in home prices, with the average home in KW selling for $695,582 this January, a whopping increase of 23.9% over last year.
This increase was most greatly felt with detached home sales, coming in at an average of $853,945 last month, the first time this category has ever broken the $800,000 barrier.
However, the one area of stability in the market is in apartment-style condos, where the average has remained stable and even slightly decreased. Going for an average price of $383,196 in January, these condo prices are showing much less volatility than other styles of housing.
This all reflects some of the priority shifts we have seen through the pandemic, as people have been leaving the GTA in search of more space, as well as more people working from home. These are a couple of significant factors in driving up the desirability of detached homes with yards in the region.
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