Unlike the year 2015, the Kitchener-Waterloo region experienced an increase during the year 2016 with their home sales, which went up by 1,000. The increase of 6,655 home by 18.1 per cent of sales of home that were sold via the MLS system of the Kitchener-Waterloo Association of Realtors, with the dollar volume increased by 30.9 per cent to $2,578,176,468 during that period.
President of the KWAR, James Craig said; “2016 was marked by an unrelenting demand for homes, in the face of fewer homes being put on the market.” During last year, the benchmark sales price for residential properties that were sold in that year went up by 10.8 per cent compared to the year before that. For the upcoming year, Craig said; “Mortgage rates remain low, inducing more consumers to get into the market. Home prices remain affordable when compared to the average GTA prices.”
The main struggle for the real estate market is that the inventory is still low due to the fact that many potential sellers being home longer than they should be and some losing interest cause of the blazing housing market. In conclusion to that, Craig said; “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.”