Kitchener shows strong residential sales, downtown lags

Two reports on the real estate market in Kitchener, Ont., show differences for the residential and commercial sectors.

The Kitchener-Waterloo Association of Realtors reports strong sales growth in May for homes; 553 sales through the MLS in the month is an increase of 8.4 per cent from the same time last year and is 9.6 per cent above the five-year average for May.

Sales were up by 1.7 per cent from April. Average sale prices were up by a modest 0.7 per cent year-over-year to $347,541. Single-detached house prices were up by 1.1 per cent to $390,704, while condos were up 7.1 per cent over the year to an average of $237,649.

Meanwhile, it could take two years for a rebound in downtown Kitchener’s commercial sector.

Colliers International Canada says that while there are building projects underway in the core, including new condo developments and Google’s new office building, it will take a while before there are more people living and working downtown.

Meanwhile, rental rates for retail are increasing.

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