Waterloo Region's housing market remains hot heading into winter.
According to the Kitchener-Waterloo Association of Realtors, a record 575 residential properties were sold through the Multiple Listing System in November, which is a 35 per cent increase compared to the same month last year.
It marks the fifth straight month local home sales have set a record.
"We are now well beyond any pent-up demand from the first lockdown," Nicole Pohl, the new President of KWAR said in a release. "Now we're simply dealing with straight-up demand for our community as an attractive place to put down roots, and the current COVID-19 pandemic is only further fueling the already hot market and elevating Waterloo region as a desirable place to own a home."
The breakdown of November sales is posted below:
- 341 detached homes (up 28.6 per cent from November 2019)
- 112 townhouses (up 53.4 per cent)
- 82 condominium apartments (up 60.7 per cent)
- 40 semi-detached homes (up 5.2 per cent)
The average sale price of all homes sold in November was over $637,000 (up 13 per cent), while the average price of the 341 detached homes sold was over $753,000, an increase of 14.4 per cent.
Pohl added the number of properties going up for sale can't keep up with the demand of people wanting to buy.