The average price of purchasing a home in Waterloo Region took another jump in January as the Kitchener-Waterloo Association of Realtors says it came in at $955,665.
That is a 13.6 per cent increase over December 2021 when the average sale price was $842,014 and a 37.3 per cent increase over last January when that number came in at $695,582.
The price for detached homes in the area is a similar story as it also rose over $100,000 month-over-month from $1,021,353 in December to $1,152,707 in January.
The realtors say that the detached housing prices are up 35.5 per cent year over year.
Despite the rising prices, 402 homes were sold in the area in January, which is a new record for the local market.
“While it’s a new year, the song remains the same with homebuying demand outstripping supply in January,” said KWAR president Megan Bell. “This has resulted in price jumps across all property types.”
Bell said she expects prices to continue to escalate in the near-term as the Bank of Canada is expected to raise interest rates in March.
“I think we can expect over the course of the next few weeks, buyers who have yet to be priced out of the market will be looking to lock in a mortgage and scoop up any homes that come onto the market,” she said.
© 2022 Global News, a division of Corus Entertainment Inc.
