Another steady performance for December.
6,549 residential properties were sold in Kitchener-Waterloo and area through the Multiple Listing System (MLS). Notably one percent behind matching last year’s impressive record-breaking results.
“There was a definite push by some buyers to purchase a home prior to the new mortgage stress test kicking in January of 2018…While we appreciate the intent of these additional changes, ultimately they will make it harder for some consumers to purchase the home they want.”
Tony Schmidt, President of KWAR
December Sales Breakdown:
- 4,005 Detached Home Sales
- 1,461 Condominium Sales
- 545 Semi-Detached Home Sales
- 467 Freehold Townhouse Sales
The average price of all residential properties sold in December increased 20.7 percent to $467,513 compared to December 2016.
Average Home Price:
- $549,046 Detached Homes
- $271,940 Apartment Style Condominiums
- $353,692 Townhomes
- $378,275 Semis
The median price of all residential properties sold in December increased 21.1 percent to $429,900.
Market recap from Tony Schmidt, President of KWAR:
“With the continued influence of GTA buyers migrating to Waterloo region last year, 2017 was a great year if you were selling your home, but not so fun for those who were in the purchasing position.”
To learn more about the market and what this means to you, meet with Suzanne for coffee. Book a time with Suzanne now.