After the craziness of January and February, March brought an early start to the spring market and a rebalancing. Here are some of the things that just happened:
Kitchener Waterloo Real Estate Market Report
Persistent and fierce competition combined with short supply cause dramatic increases in the average price of Kitchener-Waterloo homes
In February, the average sale price of all residential properties sold increased by 32.1% to $752,289 compared to the same month last year.
The average price of a detached home exceeded $900K for the first time, rising to $910,126 An increase of 35.4%.
The average sale price for an apartment-style condo was $415,322. An increase of 11.9%
Townhomes and semis sold for an average of $609,566 (up 37.5%) and $684,787 (up 41.1%) respectively.
How’s the Kitchener-Waterloo Real Estate Market?
What’s happening with all the cancelations?
In this episode of “How’s the Kitchener-Waterloo Real Estate Market?” it first appears that we are simply continuing with what has been happening since late last year, but wait, somethings different. What’s happening with all the cancelled, expired and suspended listing?
What’s happening in Waterloo Region Rural Real Estate
There were 73 homes sold last month in the rural towns and townships through the Kitchener-Waterloo Real Estate Board.
The average list price for homes sold in Rural Waterloo Region last month was $818,242.
The average sold price for homes sold in Rural Waterloo Region last month was $930,494 (16.22% over list price).
The average days on market for these sales was 15.
One of the best spots to buy a condo townhouse in Kitchener-Waterloo’s core
Canadian home prices forecast to rise 16.5% in 2021
The Canadian Real Estate Association’s outlook suggests home sales will remain strong this year, resulting in a record number of sales. The market will start to cool in 2022. The national average home price is forecast to rise by 16.5% on an annual basis to just over $665,000 in 2021 and $679,341 in 2022.
Kitchener-Waterloo Real Estate 7-Day Market Update
Average days on market: 12
Average list price: $631,245
Average close price: $729, 571
Average SP/LP: 116.22%
The Most Googled Canadian Cities for Buying a New Home
According to Google Canada, searches for house for sale, mortgage loans, mortgage calculators and mortgage rates are the highest they’ve been in five years.
The latest Google Trends data reveals the top cities that Canadians are searching for to buy a new home in.
Average rent in Kitchener up 6.4% for one-bedroom and up 5% for two-bedroom.
Some smaller cities surrounding Toronto saw year over year increases in average monthly rent for one- and two-bedroom homes. Kitchener finished 17th on the list of 35 cities for average monthly rent in February for a one-bedroom home at $1,433 and 19th for average monthly rent for a two-bedroom at $1,655.