With families going on vacations, July is typically a quieter month for real estate. Waterloo Region coming out of a lockdown, people were out and about enjoying what the community has to offer. Although home sales slowed down a bit last month, the demand for housing in Waterloo Region still remained strong.
“The current inventory of homes available for sale in Kitchener-Waterloo and area is extremely low, making Waterloo Region one of the most competitive markets in Ontario.”
– Nicole Pohl, President of KWAR
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Here’s a market snapshot of the Kitchener-Waterloo Real Estate Market in July 2021 plus a market recap from the Kitchener-Waterloo Association of REALTORS.
Very Low Inventory Combined With Strong Demand Keeps Home Prices Humming In July
Number of Home Sales Set New June Record
KITCHENER-WATERLOO, ON (August 5, 2021) –– A total of 611 residential homes sold last month through the Multiple Listing Service® (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), a decrease of 17 per cent compared to the record-setting results of July 2020, but still an above-average number of sales for the month of July.
“Although home sales slowed down to some degree in July compared to June, overall demand remains very strong,” says Nicole Pohl, President of KWAR. “The current inventory of homes available for sale in the Kitchener-Waterloo and area is extremely low, making Waterloo Region one of the most competitive markets in Ontario.”
Total residential sales in July included 339 detached (down 27.1 per cent from July 2020), and 91 condominium units (up 30 per cent). Sales also included 46 semi-detached homes (down 4.2) and 135 townhouses (down 11.8 per cent).
In July, the average sale price for all residential properties in the Kitchener-Waterloo area was $755,681. This represents a 18.2 per cent increase over July 2020 and a 0.6 per cent decrease compared to June 2021.
- The average price of a detached home was $907,192. This represents a 21.9 per cent increase from July 2020 and a decrease of 1.4 per cent compared to June 2021.
- The average sale price for an apartment-style condominium was $429,630. This represents an increase of 6.7 per cent from July 2020 and a decrease of 3.6 per cent compared to June 2021.
- The average sale price for a townhouse was $623,732. This represents a 33.8 per cent increase from July 2020 and an increase of 5.4 per cent compared to June 2021.
- The average sale price for a semi was $667,570. This represents an increase of 28.6 per cent compared to July 2020 and an increase of 2.9 per cent compared to June 2021.