Kitchener-Waterloo Real Estate 7-Day Market Update
New listings: 126
Homes sold: 123
Conditional Sales: 21
Average days on market: 13
Median days on market: 8
Average list price: $665,400
Average close price: $731,130
Average SP/LP: 111.20%
How’s the Kitchener Waterloo Real Estate Market?
Volume of listings and sales down.
Days on market up
What’s Next for the Housing Market?
Canadian Real Estate Association (CREA) updated its forecast for the remainder of 2021 and 2022, saying that while sales, from a historical standpoint, will continue to slow, activity will still be very strong. CREA calls for a record 682,900 home sales in 2021 – an increase of 23.8% from 2020, before dipping -13% in 2022 (which would still be the second-highest year ever). Home prices will continue to rise by 19.3% next year, reflecting a continued supply and demand imbalance, before levelling out by 0.6% in 2022 to an average of $681,000.CREA expects immigration and migration to strongly pick back up once lockdowns end, which will also have an impact on the market.While conditions won’t be as crazy as they were during the pandemic’s peak, historically strong demand and too-little supply will continue to make it a challenging market for would-be buyers this year and next.
Kitchener Waterloo Real Estate Market Report
KW HOUSING MARKET SHOWS LITTLE SIGN OF COOLING
Number of Home Sales Set New June Record
There were 740 residential homes sold last monthThis is an increase of 10.1% compared to June 2020, and a 13.6% decrease compared to May 2021.
Total residential sales in June included 411 detached, and 103 condominium units (up 51.5%).
Sales also included 74 semi-detached homes and 152 townhouses.
In June, the average sale price for all residential properties in the Kitchener-Waterloo area was $759,115.
This is a 26.4% increase over June 2020 and a 2.6% increase compared to May 2021.
The average price of a detached home was $919,914.
This is a 31.9% increase from June 2020 and an increase of 5.9% compared to May 2021.