Last month’s home sales in Kitchener-Waterloo were up 1.7% compared to January 2021.
“While it’s a new year, the song remains the same with homebuying demand outstripping supply in January.”
M Bell, President of KWAR
January Sales Breakdown:
- 217 Detached Home Sales
- 74 Condominium Sales
- 24 Semi-Detached Home Sales
- 87 Freehold Townhouse Sales
The average sale price of all residential properties sold in January is up by 37.3% to $955,665 compared to January 2021.
Average Home Price:
- $1,152,707 Detached Homes
- $538,239 Apartment-Style Condominiums
- $836,306 Townhomes
- $849,845 Semis
It took an average of 9 days to sell a home in January, compared to 16 days in January 2021. 174 homes were available for sale at the end of January, a decrease of 22.0% compared to January of last year.
Market recap from the President of KWAR:
“It is anticipated that the Bank of Canada will raise interest rates at their next scheduled announcement in mid-March.
I think we can expect over the course of the next few weeks, buyers who have yet to be priced out of the market will be looking to lock in a mortgage and scoop up any homes that come onto the market.”
To learn more about the market and what this means for you, connect with Suzanne.
Source: kwar.ca/category/market-updates
