We’re pretty much at the end of the month so I’ve been busy cranking out the November 2017 house prices for Waterloo Region, Kitchener, Cambridge and Waterloo. You’ll probably notice that the numbers I use in my graphs are lower than what you’ll see in the media over the next week or so. Don’t worry things are good, my numbers are the median prices, not the average prices and they normally sit a bit lower.
Why do I do this? From a math standpoint it’s simple. There is a floor price for homes, in the sense that they don’t sell for less than zero, while on the upper end the sky is almost the limit. Averages can be skewed by outliers. Imagine a large home selling for $4.3 million in a small neighborhood where most of the homes are selling for $500k. The average price will be skewed upward way higher than what a typical home will actually sell for. In comparison the median price is the mathematical point where 50% of the homes sold for more and 50% sold for less. Makes sense, eh?
Here’s both the median and average prices for November:
Waterloo Region average price all types Nov 2017 $440,004
Waterloo Region median price all types Nov 2017 $413,500
Waterloo Region average price detached Nov 2017 $507,700
Waterloo Region median price detached Nov 2017 $466,250
Cambridge average price all types Nov 2017 $412,473
Cambridge median price all types Nov 2017 $390,000
Cambridge average price detached Nov 2017 $474,631
Cambridge median price detached Nov 2017 $457,000
Kitchener average price all types Nov 2017 $418,941
Kitchener median price all types Nov 2017 $395,000
Kitchener average price detached Nov 2017 $501,212
Kitchener median price detached Nov 2017 $465,000
Waterloo average price all types Nov 2017 $468,658
Waterloo median price all types Nov 2017 $450,000
Waterloo average price detached Nov 2017 $511,565
Waterloo median price detached Nov 2017 $482,450
