Last month’s home sales in Kitchener-Waterloo decreased 4.5 percent compared to November 2022.
“Last month, the number of homes sold followed their typical pattern of cooling to match the weather, but with consumer confidence continuing to drop, we saw sales slump to their lowest level for November in over a decade…With many still waiting to see what happens with interest rates in the months to come, homes are taking a little longer to sell, there’s more inventory on the market, all contributing to sale prices levelling off.”
C Moura, President of KWAR
November Sales Breakdown:
- 266 Detached Home Sales
- 81 Townhouse Sales
- 62 Condominium Sales
- 31 Semi-Detached Home Sales
The average sale price of all residential properties sold in November is up by 2.6% to $757,272 compared to November 2022.
Average Home Price:
- $891,091 Detached Homes
- $611,667 Townhomes
- $450,476 Apartment-Style Condominiums
- $617,329 Semis
It took an average of 24 days to sell a home in November, compared to 22 days in 2022. 1,305 homes were available for sale at the end of November, an increase of 54.8% compared to November of last year.
Market recap from the President of KWAR:
“Canadians are feeling the pinch of affordability, leading to price adjustments in the housing market of Waterloo Region. For prospective homebuyers, this slowdown presents an opportunity to enter the market during a less competitive phase and enjoy the advantages of homeownership in the long run.”
To learn more about the market and what this means for you, connect with Suzanne.
Source: kwar.ca/category/market-updates
