November was another record-breaking sales month for Kitchener-Waterloo real estate
KITCHENER -- The Kitchener-Waterloo Association of Realtors says November was yet another record-breaking month, and the ongoing pandemic is only “fueling the already hot market.”
November is the fifth consecutive month of record home sales in the Kitchener-Waterloo area, according to the board.
“We are now well beyond any pent-up demand from the first lockdown,” said Nicole Pohl, president of KWAR in a release. “Now we’re simply dealing with straight-up demand for our community as an attractive place to put down roots.”
A total of 575 properties were sold during November, an increase of 35 per cent compared to the same month last year.
The board says the previous 10-year average number of residential sales for November is 433.
The average sale price of all residential properties sold in November increased 13 per cent to $637,336 compared to the same month last year. Meanwhile, detached homes sold for an average price of $753,641, an increase of 14.4 per cent during that same period.