Like many markets in the first half of 2017, home prices saw a significant increase – about 40% in some cases. However, prices appear to have peaked, with listings beginning to level out compared to similar times last year. There is on-going development to the south end of Kitchener which is very attractive for many out-of-market buyers thanks to its close proximity to Highway 401. Kitchener and Waterloo continue to expand out to the west ends, specifically in Vista Hills in Waterloo, and the Huron/Fischer-Hallman area. With these new developments being located further and further from the the city, we are seeing more infill projects popping up in the Kitchener-Waterloo core areas. The rural towns surrounding the cities have a number of new construction projects on-going as well.
The median sale price for single detached homes rose 30.2% on a year over basis to $500,000 in the first quarter of 2017. This was the highest median price on record for single detached homes in the area. In Kitchener-Waterloo, home sales in June slowed on a monthly basis for this first time this year. 716 homes were sold in June versus the 766 in April 2017. Inventory remained relatively low at 1,083 new listings in June though still higher than the 985 listed in April. The average days on market for listing in April was 10 which has since increased.