Last month’s home sales in Kitchener-Waterloo increased 12.2 percent compared to October 2022.
“Homes sales in the Waterloo Region were up over last October’s record low but are still subdued. I breathed a sigh of relief last week when the Bank of Canada held its policy rate at 5 per cent, and I will be watching to see what the Bank of Canada does at their next scheduled announcement on December 6, 2023.”
M Bell, President of KWAR
October Sales Breakdown:
- 329 Detached Home Sales
- 129 Townhouse Sales
- 64 Condominium Sales
- 32 Semi-Detached Home Sales
The average sale price of all residential properties sold in October is up by 0.6% to $767,848 compared to October 2022.
Average Home Price:
- $890,591 Detached Homes
- $644,511 Townhomes
- $476,166 Apartment-Style Condominiums
- $658,133 Semis
It took an average of 21 days to sell a home in October, compared to 22 days in 2022. 1,133 homes were available for sale at the end of October, an increase of 36.0% compared to October of last year.
Market recap from the President of KWAR:
“While sales are down, we are seeing an increase in the number of homes available for sale, which is good news for buyers. However, many prospective buyers have been sidelined by higher borrowing costs and selling prices that continue to demonstrate resilience.”
To learn more about the market and what this means for you, connect with Suzanne.
Source: kwar.ca/category/market-updates
