Home sales in Kitchener-Waterloo last month doubled over May 2020

More than twice as many homes sold in Kitchener-Waterloo in May 2021 compared to the same month last year.
The Kitchener-Waterloo Association of Realtors (KWAR) reported 854 residential sales last month, a 100.9 per cent increase over May 2020, when there were 419 sales.
“While last May home sales were restrained due to the pandemic, May 2021 was another extraordinary month of home buying and selling activity,” Nicole Pohl, president of KWAR, said in a news release. “Prior to 2020, the previous 10-year average number of residential sales for May was 656.”
According to KWAR, there were 485 detached homes, 106 condo units, 74 semi-detached homes and 188 townhouses sold in May.
The average price for all home sales last month was $740,103, which KWAR said was a 30.4 per cent increase over May 2020. Detached homes sold for an average of $868,990, a slight decrease from April.
Condos sold for an average price of $457,935, townhouses had an average price of $601,987, and semi-detached homes sold for an average of $659,975.
“Last month the market took a breath and calmed a bit, but there is still very strong demand throughout our region,” Pohl said in the release. “This started prior to the new mortgage stress test that came into effect on June 1. While these changes will impact the affordability for some, I do not expect it to be very impactful due to the sheer number of buyers in our market.”
There were 1,061 new listings in May 2021 and homes were on the market for an average of nine days. The previous five-year average was 20 days.
CTVNews.ca Top Stories
WHO decision on COVID-19 emergency won't effect Canada's response: Tam
The World Health Organization will announce Monday whether it thinks COVID-19 still represents a global health emergency but Canada's top doctor says regardless of what the international body decides, Canada's response to the coronavirus will not change.

What is going on with Bill C-11, the government's online streaming legislation?
The Liberals have spent years trying to pass online streaming legislation and now the current iteration, known as Bill C-11, is closer than ever to passing. With a potential parliamentary showdown ahead, here's what you need to know about how the contentious Broadcasting Act bill got to this stage.
Zellers rolling out food trucks for Canadians 'craving a taste of nostalgia'
Though you won't be able to sit on the old, cracked pleather benches and take in the thick smell of gravy and fries, while the gentle sound of clanging dishes provides the soundtrack for your lunch, Zellers plans to roll out food trucks for those 'craving a taste of nostalgia.'
'We must meet this moment': Trudeau delivers speech to Liberal caucus
Prime Minister Justin Trudeau called on his Liberal caucus to meet the moment as Canadians deal with the high cost of living, a struggling health care system and the effects of climate change.
Pamela Anderson defends Tim Allen after flashing allegation
Pamela Anderson is addressing discussion about a story regarding her 'Home Improvement' co-star Tim Allen that is part of her new memoir, 'Love Pamela.'
What should Canada be doing about climate change? 25 recommendations
The national Net-Zero Advisory Body released 25 recommendations Friday for how Canada can adjust its climate plan to reach net-zero emissions by 2050 — a goal that the country is not on track to reach right now, according to the report.
Canadian government posts $3.6 billion deficit between April and November
The federal government posted a budgetary deficit of $3.6 billion in the first eight months of the fiscal year.
Bear on Mars? NASA satellite snaps a strange formation
What looks like a giant teddy bear’s face peering into space from the surface of Mars is actually a satellite image of some craters and a circular fracture, scientists say.
Some U.S. auto insurers are refusing to cover some Hyundai and Kia models
Progressive and State Farm, two of America's largest auto insurers, are refusing to write policies in certain cities for some older Hyundai and Kia models that have been deemed too easy to steal, according to one of the insurance companies and media reports.