KITCHENER -- The aggregate price of a home in Kitchener, Waterloo and Cambridge increased by 13.9 per cent year-over-year in the third quarter of 2020, according to a Royal LePage Housing Price Survey.

The survey shows that total is now $582,945.

Two-storey homes had a median price of $621,736 in the third quarter, making it a 14.6 per cent increase over the same time frame last year. Bungalow prices sit at a median of $546,568 and condominium prices rose to a median of $340,314.

“Demand for detached properties in the Kitchener, Waterloo and Cambridge region is far outpacing supply. Appoximately 85 per cent of houses are selling within a week and most listings are receiving multiple offers,” Mike Milovick, a broker with Royal LePage Grand Valley Realty, said in a news release.

Milovick said condominiums are still in high demand because for their affordability.

“Entry-level buyers are finding more success shopping in the condo market where there is more selection and less competition than the detached market,” Milovick said. “Condo buyers still need to come prepared. Good units in desirable locations are selling within weeks of being listed.”

The aggregate price of a home in Canada increased 8.6 per cent year-over-year to $692,964. Royal LePage said it continues to be a seller's market.