The housing market in Kitchener-Waterloo has seen a significant increase in prices since large parts of the economy came to a standstill in March due to COVID-19.
According to the Kitchener-Waterloo Association of Realtors (KWAR), home prices have increased 7.3 per cent over the previous year to an average price of $568,738. Prices have not dropped since the pandemic hit and supplies remain tight.
To keep up with demand amid the pandemic, realtors have been moving towards virtual sales and have garnered impressive results.
Remax Twin City Realtor Raquel Blackwell said her team made a virtual sale in the Waterloo region three days after the pandemic hit — and they have not slowed down since.
High demand and tight supplies are also impacting consumer behaviour, she added.
“People have become more willing to settle for less in a house, so they can even get a house. People have not been quite as picky and are far more accommodating,” said Blackwell.
According to KWAR, August home sales have set another record. There were 686 residential homes sold through the MLS system of the Kitchener-Waterloo Association of Realtors, which is the most recorded for the month.
August’s home sales represented an increase of 48 per cent compared to the same month last year.
“We are still in the seller’s market,” Blackwell said.
With the uncertainty around the globe, people are still investing their money in property, and virtual tours and home photos are working well for some.
“Virtual tours are good, I’ve done a few sales with some clients, but it’s not that same with the in-person meet,” Remax City Realtor Jag Ghumar said in an interview with Spoke.
“Prices are not going down this year at all.”