The average price of a home in Kitchener-Waterloo has surpassed the $500,000 mark.

Prices have jumped 40 per cent in a year to bring the average price of all homes to $512,656 last month, while the average price of a single-detached home in the twin cities also climbed 40 per cent in a year to $594,453.

The upsurge in price is likely from low supply, which have been historically tight for nine consecutive months, according to the Kitchener-Waterloo Association of Realtors.

April didn't buck that trend. KWAR said only 652 homes went up for sale in the twin cities last month, about half the number in April 2016.

Realtors said other types of homes also saw gains last month, including townhomes, up 39 per cent to $377,531, semi-detached homes were up 48 per cent $415,709, while condo prices climbed 18 per cent to $267,455.

