Home sales in Kitchener-Waterloo last month doubled over May 2020

A new report suggests the red hot real estate market won’t cool off anytime soon. (Cole Davenport/CTV Regina)

More than twice as many homes sold in Kitchener-Waterloo in May 2021 compared to the same month last year.

The Kitchener-Waterloo Association of Realtors (KWAR) reported 854 residential sales last month, a 100.9 per cent increase over May 2020, when there were 419 sales.

“While last May home sales were restrained due to the pandemic, May 2021 was another extraordinary month of home buying and selling activity,” Nicole Pohl, president of KWAR, said in a news release. “Prior to 2020, the previous 10-year average number of residential sales for May was 656.”

According to KWAR, there were 485 detached homes, 106 condo units, 74 semi-detached homes and 188 townhouses sold in May.

The average price for all home sales last month was $740,103, which KWAR said was a 30.4 per cent increase over May 2020. Detached homes sold for an average of $868,990, a slight decrease from April.

Condos sold for an average price of $457,935, townhouses had an average price of $601,987, and semi-detached homes sold for an average of $659,975.

“Last month the market took a breath and calmed a bit, but there is still very strong demand throughout our region,” Pohl said in the release. “This started prior to the new mortgage stress test that came into effect on June 1. While these changes will impact the affordability for some, I do not expect it to be very impactful due to the sheer number of buyers in our market.”

There were 1,061 new listings in May 2021 and homes were on the market for an average of nine days. The previous five-year average was 20 days.