Real estate prices took a slight dip in the area in April from March, though the average home still sold for nearly $200,000 higher than a year ago, according to the Kitchener-Waterloo Association of Realtors.
On average, a home in the Kitchener-Waterloo area sold for $757,906 last month, which was down slightly from March’s average of 765,393.
The average cost of buying a detached home in the area was $899,315 in April, which is a slight uptick from a month earlier.
The association says things steadied since prices rocketed up over the first two months of 2021 from December’s average cost of $634,545.
“We are starting to see home prices calm down in March and April compared to what was happening in January and February,” said KWAR president Nicole Pohl.
Despite the cost, houses continue to change hands at a dizzying pace in the area as there were 843 homes sold last month, which is the second-highest number ever for April and well above the 10-year-average.
“Even if we do not take into account April 2020, when Ontario was in the early days of its state of emergency, it was still an exceptional number of homes sold last month,” Pohl said.
“The previous 10-year average number of residential sales for April was 618.”
More than a thousand (1,098 to be exact), homes were put up for sale in April, which is 162.7 percent more than a year ago, when Ontario was in the midst of the initial lockdown. It is also 17.15 percent higher than the previous 10-year- average, which does not include 2020.
There were only 458 homes left on the market as the month came to an end. That could help explain why prices remain high, as on average, it only took nine days for a home to sell.