K-W real estate cools slightly in June compared to 2016 records

As housing sales fall dramatically in Toronto, local realtors in Kitchener-Waterloo say business last month was slower than a year ago, but it's still a hot market.

There were 716 residential sales through the MLS (Multiple Listing System) used by the Kitchener-Waterloo Association of Realtors (KWAR), down 3.2 per cent compared to June 2016. Last June was the most active June on record for KWAR, with 740 properties sold.

• Home sales in Greater Toronto Area plunged 37.3% last month
• May home sales set new record in Kitchener and Waterloo
• Kitchener-Waterloo real estate sales see 'most active June on record'

James Craig, president of KWAR, said this area is on track to have another record-breaking year for residential sales.

"June is the fourth consecutive month home sales in the Kitchener-Waterloo area have exceeded 700 units. Historically sales in K-W and area have only ever surpassed the 700 unit threshold in a single month three previous times," Craig said in a release.

Prices continue upward

The average sales price of all residential sales increased 19.8 per cent to $465,772 compared to June 2016.

For detached homes, the average sales price has risen30 per cent in just two years.

Last month, detached homes sold for an average price of $537,389, an increase of 19.3 per cent.

In June 2016, the average price of a single-detached home in K-W rose to $451,289, more than 10 per cent above what it was at the same time last year.

The average sale price for an apartment style condominium was $276,4433, up 17.6 per cent over June 2016, while townhomes sold for an average of $341,716, an increase of 23.2 per cent, and semis went for $380,660 up 28.4 per cent.

Strong first half of 2017

In the first six months of 2017, there were 3,834 residential sales, an increase of 9.1 per cent over the same time period a year ago.

Home sales last month included:

• 467 detached homes - down 4.3 per cent compared to June 2016.
• 141 condominium units - down 5.4 per cent (includes semis, townhomes, apartment, detached etc.).
• 53 semi-detached homes - up 15.2 percent.
• 51 freehold townhouses - down 5.6 per cent.

Craig said there were more listings in June compared to a year earlier, with 1,083 listings, 28.7 per cent more than June 2016.

"We definitely saw more supply coming on the market the past two months and that has helped to meet the strong home buyer demand," Craig said.

Despite this, KWAR said inventory levels are low because of strong buyer demand in Waterloo region.

It's a different story from Toronto, where theGreater Toronto Area Realtors have reported residential sales last month plunged37.3 per cent in comparison to June 2016.