3,633 homes were sold through the Multiple Listing System (MLS®) of the Kitchener Waterloo Real Estate Board (KWREB) during the first six months of this year, just 96 units short of 2007's record breaking first half. The total value of those sales broke the one billion dollar mark for the first time to the end of June.

According to KWREB, consumers continue to have a strong sense of confidence in the value of home ownership in the region, and they expect the market will remain steady and healthy for the remainder of the year.

The increase in home sales occurred predominantly in the top half of the price range spectrum. There were 2,093 sales of residential properties for more than $250,000 in the first half of the year, compared to 1,446 for the same period in 2009, an increase of almost 45 percent.

...

This trend was even more prominent in homes selling for more than half a million dollars, with an 84% increase relative to one year ago for a total of 205 sales.

A new record was set in April for the sale of residential homes with 724 transactions, surpassing the previous level set in 2007 and representing an increase of 12.6 percent over April 2009. Following a record-breaking March; buyers and sellers had the added sense of urgency with the impending HST implementation and warning of rising interest rates.

May saw evidence of continued strength in the local Real Estate Market with KWREB reporting a total of 703 sales of all property types including 432 detached homes, 114 condominium units, 58 semis and 44 townhouses.

Recently, the Canadian Real Estate Association (CREA) revised forecast for national activity announced that the average home price is expected to climb 1.6 percent for homes across Canada, reaching a record $325,400. The average price of all homes sold in Kitchener Waterloo and area to date in 2010 has increased 10.3 percent to $283,423.