Last month’s home sales in Kitchener-Waterloo represented a decrease of 25.0 percent compared to April 2021. Compared to last month, the sales in April saw a decrease of 13.4 percent.
“Last month introduced a small measure of relief to the market…While the number of sales remains strong, and sale prices continue to turn out robust annual gains, we’re seeing fewer multiple offers and more conditions on offers making their way back into the market.”
M Bell, President of KWAR
April Sales Breakdown:
- 361 Detached Home Sales
- 107 Condominium Sales
- 48 Semi-Detached Home Sales
- 117 Townhouse Sales
The average sale price of all residential properties sold in April is up by 19.6% to $907,205 compared to April 2021.
Average Home Price:
- $1,060,992 Detached Homes
- $600,219 Apartment-Style Condominiums
- $763,422 Townhomes
- $785,394 Semis
It took an average of 9 days to sell a home in April, the same as April 2021. 703 homes were available for sale at the end of April, an increase of 48.6% compared to April of last year.
Market recap from the President of KWAR:
“The trajectory the market was on was simply not sustainable, however, I want to emphasize it would be premature to draw any conclusions on just a single month’s activity. The housing market in Waterloo Region is still very much a sellers’ market, but sellers may need to adjust their expectations.
We noticed this shift after the Bank of Canada’s recent rate increase reinforcing that it has been cheap money empowering too many buyers to chase after too few listings driving the market rather than anything else.”
To learn more about the market and what this means for you, connect with Suzanne.
Source: kwar.ca/category/market-updates
