The Government of Ontario declared a state of emergency on March 17th, 2020: 79 days and counting. We’ve all experienced a ton of emotions and have had to quickly adapt to a new world. It seems that we are progressing towards opening economies and getting back to some of the normal we all enjoy. The hope is that COVID-19 is behind us and that activity can begin again.
The Real Estate market in Kitchener-Waterloo is resilient. We are well positioned given our proximity to Toronto, the 401, our Tech, Education and Insurance employment backbone, our infrastructure and our relative cost of living. Kitchener-Waterloo is in demand – people want to live here. And given the move towards greater acceptance and encouragement of remote work we will see more relocate to our great region given our home prices compared to the GTA.
Supply was restrained in May causing a continued move upwards in average home price, as Buyers continued to purchase homes.
May had 487 new listings posted on MLS – a drop of 48.7% compared to May 2019.
There were 419 sales in May, a drop of 40.5%
- 255 single detached homes sold: down 41%
- 42 apartment condos sold: down 42.5%
- 79 townhomes sold: down 42.8%
- 43 semi-detached homes sold: down 29.5%
The average price of all homes increased $568,275: up 6.5%
- Average price of a single detached home: $657,274: up 5.4%
- Average price of an apartment condo: $330,336: up 0.6%
- Average price of a townhome: $454,197: up 13%
- Average price of a semi-detached home: $482,479: up 11.4%
It seems nothing can stop homes from trading. There is strong demand and supply of listed homes will continue to cause prices to squeeze higher.
If you have any questions we’d love to hear from you!