November 2020 was a record-setting month in more ways than one! With long stretches of soaring temperatures, jackets were optional for much of the month, perfect for taking full advantage of pandemic-safe outdoor fun.
It wasn’t just the temperatures that stayed high; the real estate market in Kitchener-Waterloo remained hot, too! With record-setting activity for the month of November, demand for homes in the region is very strong.
The previous 10-year average for November home sales in KW is 433, while this year saw a whopping 575 units sold! Prices are also rising, up by 13% over last November to $637,336.
Earlier in the year, much of the real estate market’s strength was attributed to pandemic-related pent-up demand. However, now that we have seen 5 consecutive months of record home sales, it indicates this is more than just a quick correction. The sustained demand for homes in the region is now more to do with KW being a desired place to live and put down roots for the long term.
Read the full report here.
Contact us anytime to discuss the right approach to finding your next KW home.