Last month’s home sales in Kitchener-Waterloo represented a decrease of 32.8 percent compared to July 2021.
“In the wake of July’s interest rate hike, home sales in Waterloo Region continued to slow. We’re seeing a clear shift in the market and what people can afford to purchase or are willing to pay. On the bright side for buyers, it’s not the extreme sellers’ market it was.”
M Bell, President of KWAR
July Sales Breakdown:
- 337 Detached Home Sales
- 65 Condominium Sales
- 36 Semi-Detached Home Sales
- 112 Townhouse Sales
The average sale price of all residential properties sold in July is up by 1.2% to $752,301 compared to July 2021.
Average Home Price:
- $842,241 Detached Homes
- $521,731 Apartment-Style Condominiums
- $642,750 Townhomes
- $661,087 Semis
It took an average of 18 days to sell a home in July, compared to 11 days in 2021. 1,283 homes were available for sale at the end of July, an increase of 215.2% compared to July of last year.
Market recap from the President of KWAR:
“The real estate market is cooling across the province, and we are seeing significantly fewer buyers from the GTA, which is also impacting prices. However, this is not entirely bad news since the previous market was not sustainable. We are all keenly aware of the issues relating to affordability of not just purchasing a home, but rentals as well, and there is clearly more work to be done.”
To learn more about the market and what this means for you, connect with Suzanne.