A real estate sold sign hangs in front of a west-end Toronto property, on Nov. 4, 2016. (Graeme Roy / THE CANADIAN PRESS)

More homes were sold in Kitchener-Waterloo last month than any other October on record.

The Kitchener-Waterloo Association of Realtors (KWAR) said in its monthly report that 691 residential homes sold during October. That's 28 per cent more than the same month last year, and nearly 50 per cent higher than the 10-year average of 471 for the month.

"This is the fourth month in a row we have set a monthly record number of home sales," KWAR President Colleen Koehler said in a news release. "Demand for homes in October continued to strongly outpace supply in Kitchener-Waterloo and area."

The average home sold for a little more than $635,000, an increase of 19.4 per cent compared to October 2019, KWAR said.

The average sale prices are broken down as follows, compared to the same month last year:

  • Detached homes: $742,596, up 21.7 per cent
  • Apartment-style condominium: $395,627, up 14.8 per cent
  • Townhomes: $499,641, up 14.6 per cent
  • Semi-detached homes: $539,434, up 16.6 per cent

The median price of all properties, meanwhile, increased 19.2 per cent compared to October 2019 to $595,000.

Koehler called the real estate market "one of the few shining lights to help Ontario's economy recover from the pandemic," noting that there are still more buyers than sellers in the region.

She also added that the region is seeing more buyers migrating here from out-of-town.