It is no surprise that the Kitchener Waterloo housing market broke records in 2017. Momentum in the housing market started picking up in 2016 and continued throughout the first half of 2017. The low supply and high demand continued to push prices up across the region.
Highlights according to the Kitchener Waterloo Association of Realtors (KWAR):
- 6,549 homes were sold through MLS in Kitchener-Waterloo in 2017
- 4,005 detached homes
- 1,461 condominium units
- 545 semi-detached homes
- 467 freehold townhomes
- Average days to see a home was 19 (ten-year average is 43 days)
- Average sale price of all residential property sold in 2017 increased 20.7% to $463,513
Government regulations were put in place beginning in April 2017 to help cool the market and improve sustainability of the market. The most recent regulation changes came into effect January 1, 2018. Check back next month to see what impact these changes have had on the current market.