The average selling price of any residential property in Kitchener, Waterloo has exceeded one million dollars for the first time.

In its monthly report for February, the Kitchener Waterloo Association of Realtors (KWAR) said the average price for all residential sales is $1,007,109.

The average cost of a detached home exceeded one million dollars for the first time in December. It rose to $1.1 million in January, and the February report shows an average price of $1,214,067.

Meanwhile, Megan Bell, president of KWAR, said in a press release: “In February, we reached a new milestone with the average selling price for all types of residential properties reaching just over one million dollars in Kitchener-Waterloo and the surrounding area.” “While I think it’s too early to say that this is the new norm, it reflects the ongoing appeal of the Waterloo region to buyers. We also need to be aware and acknowledge the impact this has on affordability for an increasing number of people.”

Condos sold for an average of $572,731. The average townhouse price was $862,994 in February, while semi-detached homes sold for an average price of $917,535.

Meanwhile, the real estate body for this area (KWAR) reported 600 residential sales in February, broken down into 331 detached homes, 110 condos, 44 semi-detached homes, and 115 rural homes.

It took an average of eight days to sell a home in February 2022. Selling a home last February took ten days. The five-year average was 19 days.