The Kitchener-Waterloo housing market broke records in February 2021. The month saw a total of 597 residential properties sold through MLS, up 27.8% from February 2020.

“Competition for homes continued to be extremely intense in February, leading to a record-breaking number of home sales for the month,” says Nicole Pohl, President of KWAR. “We continued to see dramatic increases in the average price in February due to the persistent and fierce competition for homes in our region combined with short supply.”

Residential properties sold in February 2021 included 337 detached homes (up 23.9% from February 2020), 101 apartment-style condominium units (up 57.8%), 47 semi-detached (up 46.9%) and 112 townhomes (up 13.1%).

The average price of a home in Kitchener-Waterloo was $752,289 in February 2021, up 32.9% from February 2020. The month came with a significant milestone as the average price of a detached home was over $900K for the first time ever, coming in at $910,126. This was up 35.4% from February 2020. Additionally, condominium units sold for an average of $415,322 (up 11.9%), semi-detached for $684,787 (up 41.1%) and townhomes for $609,566 (up 37.5%).

There were 737 new listings added to MLS, an increase of 21% from this time last year. The total number of homes for sale at the end of February was 295, a decrease of 33.6% from February 2020. This number was 73% lower than the previous ten-year average of 1,096 listings available in February.

The average number of days to sell in February was 10 days, compared to 17 days in February 2020, and a previous ten-year average of 33 days.

For the full report from the Kitchener-Waterloo Association of Realtors, click here.