Expect housing prices to continue to rise in 2020, realtors say

House sales were strong and the prices increased last year in Waterloo region, according to the latest report from the Kitchener-Waterloo Association of Realtors.

Annual home sales in Kitchener-Waterloo hit near 6,000 transactions. Colleen Koehler, the president of the local real estate association, calls that "a strong real estate market" and says she expects the trendto continue in 2020.

"It's 100 percent steady-as-she-goes. We're going to see more of the same,"Koehlersaid.

"Prices are going to be driven strictly by that lack of supply. Until we get more inventory on the market, it's going to be a little bit more of the same."

The price of a house in Waterloo region in 2019 cost about$527,718, a 9.3 per cent increase compared to 2018.

Detached homes, condos, town homes and semi-detached homes also increased in price.

"I would suggest that housing prices are going to probably increase around the same amount but you know there's not much else we can do. It is strictly supply and demand,"Koehlersaid.

KWAR said 5,925 residential homes sold last year, an increase of 1.6 per cent compared to 2018.

Last year's saleswere 2.3 per cent below the previous five-year average and three per cent above the previous 10 year average.