Average price for all residential properties passes $1M in Kitchener-Waterloo

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The average price for any residential property sale in Kitchener-Waterloo has passed $1 million for the first time.

In its monthly report for February, the Kitchener-Waterloo Association of Realtors (KWAR) said the average price for all residential sales is $1,007,109.

The average cost of a detached home first passed $1 million in December. It went up to $1.1 million in January, and the February report shows an average price of $1,214,067.

“In February, we have reached a new milestone with the average sale price of all residential property types coming in at just over $1 million in the Kitchener-Waterloo and area,” said Megan Bell, president of KWAR, in a news release. “While I think it’s premature to suggest this is the new norm, it does reflect the continued appeal of Waterloo Region to buyers. We also need to be aware and recognize the impact this has on affordability for a growing number of people.”

Apartment-style condos sold for an average of $572,731. Townhouses had an average price of $862,994 in February, while semi-detached homes sold for an average price of $917,535.

KWAR reported 600 residential sales in February, broken down into 331 detached homes, 110 condos, 44 semi-detached homes and 115 townhouses.

It took an average of eight days to sell a home in February 2022. Last February, it took 10 days. The previous five-year average was 19 days.