After steadily falling for several months, the average house price in the Kitchener-Waterloo area is continuing to rebound.
The Kitchener-Waterloo Association of Realtors says 481 residential properties were sold through its system in October, with an average sale price of $454,398.
That price is an increase of about two per cent over September’s figure, and an 11 per cent increase over the average sale price from October 2016.
It’s the second straight month an increase has been recorded in the market, following four straight declines after the average sale price topped out at $512,656 in April.
“The demand from buyers continues to outpace new listings entering the market,” realtors’ association president James Craig said in a press release.
Detached homes saw some of the biggest increases, as their sale prices increased by more than 13 per cent year-over-year, hitting $541,368.
The 481 sales recorded in October marked a decrease from the 577 seen during the frenzied October 2016, but more than during any other October since 2009.
Through ten months, total sale volume has kept pace with 2016, as 5,842 residential units have sold compared to 5,816 last year.
Craig says he expects high levels of activity to continue for the rest of the year, as buyers try to close deals before changes to mortgage rules take effect in January.
The Kitchener-Waterloo Association of Realtors handles residential real estate transactions in Kitchener, Waterloo, Wellesley, Wilmot and Woolwich.
