November 2020 Kitchener-Waterloo Real Estate Market Report
November was another record-breaking month. It is the 5th month in a row of record sales. There were 584 new listings added in November – up 34.8%. There were 575 sales in November – up 35%.
341 Single detached homes sold: up 28.6%
82 Condominium apartments sold: up 60.7%
112 Townhouses sold: up 53.4%
40 Semi-detached homes sold: up 5.2%
November prices were great. The average price of all Real estate sold in November was $637,336. A 13% jump compared to November 2019.
Single detached average home price: $753,641 up 14.4%
Apartment average price: $400,882 up 12%
Townhouse average price: $482,901 up 8.6%
Semi-detached average price: $562,988 up 30.4%
The real estate market in Kitchener-Waterloo is thriving. There is strong demand that is driving prices in every price category. With interest rates for mortgages now being offered at 0.99% we will see demand continue into the new year.
Once we get Covid-19 behind us with enough people vaccinated I expect there to be a rotation back into higher density properties like apartment condominiums. I do not think there will necessarily be a pull back in prices for single detached homes, but as companies bring people back into offices and students return to Kitchener-Waterloo we should see demand tick up for townhouses and apartments.
If you have any questions about the real estate market please let us know. We’d love to hear from you.