The shortest month of the year was relatively kind to the Kitchener-Waterloo market.
Though sales were down in February 2013 compared to the same time in 2012, they did see a significant boost compared to the start of the year.
And according to new stats released from the Kitchener-Waterloo Association of Realtors (KWAR), the average price of a home also went up.
The overall price for a home this past February increased by 5.4 percent to $324,998 from the same time last year. Condos saw the biggest bump of all property types, rising by 8.8 per cent to $218,591.
Sales slumped compared to 2012. In February 2013, residential sales through the Multiple Listing System were down 10.5 per cent compared to year before. But if you look at the numbers for January 2013, February saw a 31.3 percent increase in sales.
“Sales in February showed a healthy increase over January,” says Dietmar Sommerfeld, President of the KWAR. “The reduction in the number of sales on a year over year basis can be attributed to the tightened mortgage rules implemented by the government in mid-2012.”
Check out a breakdown of the new numbers below…