Record year of home sales in Waterloo Region

·2 min read

The real estate market saw “exceptional” sales activity in the Waterloo Region last year.

Home sales in 2020 exceeded the “6,000-unit threshold for only the third time in our history,” said Nicole Pohl, President of Kitchener-Waterloo Association of REALTORS in a media announcement. December also marked “the sixth consecutive month of record home sales in Kitchener-Waterloo,” she added.

KWAR reported a nine per cent increase in residential home sales compared to 2019. Sales rose five per cent over the five year average and 11.6 per cent above the ten-year average.

December 351 home sales were the highest ever recorded by the group, with 42 per cent more home sales compared to last year. This included 204 detached (up by 46.7 per cent), and 63 condominium-style semi-detached, townhome, apartment and detached units, which were up 34 per cent.

KWAR reported 3,899 detached residential units sold in 2020 (up 8.1 per cent), and 804 condominium units (up 19 per cent), compared to last year. Sales also included 450 semi-detached homes (up 6.8 per cent) and 1,346 freehold townhouses (up 7 per cent), they add.“On a year-to-date basis, the average sale price of all residential properties sold in 2020 increased by 16.1 per cent to $612,521 compared to 2019,” they report. “Detached homes sold for an average price of $719,203, an increase of 16.9 per cent compared to 2019.”

Low inventory was reported to be a factor in Waterloo Region, much like the rest of Ontario. The average time on market remained less than one month through most of the year, KWAR reported. The average days on market for homes sold in 2020 was 16 days, compared to a 5-year average of 27 days.

For context, the average time of residential homes on the market between 2011 and 2015, KWAR reported, averaged 4months.

“Looking to the year ahead, we should expect more of the same” Pohl predicted.

“Real estate continues to be one of the shining lights supporting the Ontario economy, so we do not expect to see any significant efforts to try to cool the market. Buyers should continue to expect stiff competition in Waterloo Region.”

Swikar Oli, Local Journalism Initiative Reporter, Cambridge Times