The 18.1 per cent increase meant that 6,655 homes were sold through the MLS system of the Kitchener-Waterloo Association of Realtors while the total dollar volume was up 30.9 per cent to $2,578,176,468.
“2016 was marked by unrelenting demand for homes, in the face of fewer homes being put on the market,” said James Craig, President of the KWAR.
The average sales price of all residential properties sold in 2016 increased 10.8 per cent to $387,404 in comparison to 2015.
And for the year ahead?
“Mortgage rates remain low, inducing more consumers to get into the market. Home prices remain affordable when compared to the average GTA prices,” said Craig.
The challenge for the market, he says is that inventory remains low as many would-be sellers are staying in their homes longer with some put off moving up due to the hot market.
“What I hope to see is more balance returning to the market, because I sure don’t see the appetite for home ownership in Waterloo region letting up anytime soon,” Craig concluded.
More market update:
Sales of homes in the Kitchener-Waterloo region in 2016 were up by 1,000 compared to the previous year.