Last month’s home sales in Kitchener-Waterloo decreased by 5.3% compared to August 2023.
“Despite a cooling market, detached homes continue to see strong demand, reflected in a 6.0 percent increase in sales year-over-year. With home prices showing stability in recent months and interest rates decreasing, we saw some home buyers finally come out from the wings to take advantage of the summer slowdown to seek out specific property types, like single-family homes.”
C Moura, Cornerstone spokesperson for the Waterloo Region market area
The average sale price of all residential properties sold in August was $769,203, down 1.1% from August 2023.
Average Home Price:
- $889,085 Detached Home
- $611,164 Townhome
- $457,075 Apartment-Style Condominium
- $654,070 Semi
It took an average of 25 days to sell a home in August, compared to 19 days in August 2023.
“While we’re seeing increased inventory and longer days on the market, this trend might not last if the Bank of Canada continues to lower interest rates. Buyers will need to weigh the benefits of potentially lower rates against the possibility of rising prices as demand picks up. I encourage potential home buyers to discuss their plans with a Realtor who can provide them with tailored advice.”
C Moura, Cornerstone spokesperson for the Waterloo Region market area
To learn more about the market and what this means for you, connect with Suzanne.
Source: kwar.ca/category/market-updates
