OLYMPICS ARE OVER, BUT RECORDS STILL BEING SET AS K-W AREA HOME SALES SURGE IN FEBRUARY

KITCHENER-WATERLOO, ON (March 3, 2010) - While Canada's athletes were racing for Olympic Gold; Waterloo region's homebuyers were racing to buy real estate. REALTORS® of the Kitchener-Waterloo Real Estate Board (KWREB) traded 553 homes in February through the Multiple Listing System (MLS®) for a total value of $153,120,645, marking a 31.7 percent increase over January's results.

"This is the most residential sales we've seen in the month of February in over two decades." said, Ted Scharf, President of the Kitchener-Waterloo Real Estate Board. "It has been an exceptionally busy start to the year."

February's sales included 350 detached homes (up 43.4 percent from 2009), 99 condominium units (up 65 percent from 2009), 52 semis (up 73.3 percent from 2009) and 49 townhouses (up 63.3 percent from 2009).

There were a total of 75 properties sold in the $300,000 to $350,000 price range-- the second most popular category last month-a 150 percent increase on a year-over-year basis. The most active price range continued to be homes selling between $225,000 and $250,000, with 93 sales, up 50 percent over last year.

The average sale price of all residential sales increased 12.2 percent to $276,891 compared with February 2009. Single detached homes sold for an average price of $324,631, an increase of 15.8 percent compared to last year. In the condominium market the average sale price in February was $173,726, an increase of 8.3 percent from one year.

"The Harmonized Sales Tax (HST) which takes effect on July 1 is likely contributing somewhat to the increased sales we are seeing, "says Scharf. But the biggest factor influencing strong sales during this traditionally slower time of year according to Scharf, is the historically low interest rates. "Consumers are taking advantage of current interest rates now before they are predicted to rise this summer."

REALTORS® believe that healthy communities depend on a strong economy, safe neighbourhoods, a clean environment, access to housing and the protection of rights of property owners. The KWREB recognizes the need to support and enhance the Quality of Life enjoyed by residents of Waterloo region.