The Kitchener-Waterloo housing market has shown itself to be very hot, and all Signs indicate that this trend will continue into the future.
The figures for the first six month of the year, which were collected by the Kitchener-Waterloo Association of Realtors ( KWAR), show that 3,519 properties were bought and sold between January and June of 2016, with 740 of these transactions taking place in June alone.
The numbers indicate that there has been an increase of 18% over the same time period of January to June last year, and 23% over the average of the past five years. For the month of June alone, the number of transactions was up by nearly 30% over the average number of recorded sales for the past five years. This hot real estate market can mean an increase in businesses, such as printing companies, that provide the industry with the materials it needs to carry out its work.
Realtors report that while there are plenty of houses being sold on the market, the number of homes being offered for sale is low. At the end of June, the level of homes being put on the market was 51% below that point last year.
This combination of a low numbers of home available for purchase and a high demand for them is causing the market to heat up and prices to rise. The current data collected by the KWAR shows that prices have risen by over 11% from 2015.
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