FRIGID FEBRUARY HOME SALES

KITCHENER‐WATERLOO, ON (Mar 5, 2019) –– There were 343 residential sales in February through the Multiple
Listing System (MLS® System) of the Kitchener‐Waterloo Association of REALTORS® (KWAR), a decrease of 8.3 per
cent compared to February 2018. 

“The series of winter storms in February not only kept buyers indoors and off the roads, but also away from open
houses and viewings,” says Brian Santos, KWAR President. “This was the lowest amount of sales we’ve seen in
February in a long time, but it really isn’t surprising given the wild weather we experienced last month.”

Total residential sales in February included 178 detached (down 14.8 per cent), and 105 condominium units (down
11 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales
also included 23 semi‐detached homes (down 8 per cent), 36 freehold townhouses (up 112 per cent).

The average sale price of all residential properties sold in February increased 3 per cent to $490,668 compared to
February 2018. Detached homes sold for an average price of $597,965 an increase of 3.9 per cent compared to
February of last year. During this same period, the average sale price for an apartment style condominium was
$319,536 for an increase of 20.5 per cent. Townhomes and semis sold for an average of $395,331 (up 2.6 per cent)
and $448,123 (up 14.4 per cent) respectively.

The median price of all residential properties sold last month increased 6.9 per cent to $465,000 and the median
price of a detached home during the same period increased 2 per cent to $533,500.
“Despite the chill we saw in the number of sales last month, the price gains reflect that demand continues to
outpace supply,” says Santos.

REALTORS® listed 562 residential properties in K‐W and area last month, a small increase of 1.1 per cent compared
to February of 2018. The number of active residential listings on the KWAR’s MLS® System to the end of February
totalled 785, which is 9 per cent more than February of last year, but still well below the previous ten‐year average
of 1,296 listings for February.

The average days it took to sell a home in February was 25 days, which is 4 days longer than the amount of time it
took in February 2018.

Santos says, “the market remains very much as it has been for the past several months, but the delayed winter
weather finally caught up with it.” Santos says, “while the market is coming in like a lamb in March, I'm expecting it
will go out like a lion.”