Last month’s home sales in Kitchener-Waterloo increased by 21.1% compared to November 2023.
“Home sales in the Waterloo Region experienced a substantial increase in November compared to last year. However, sales were down from the previous month and remain below the historical averages for the area. November has shown more balanced conditions, and the increase in available homes has benefited buyers, giving them more options.”
C Moura, Cornerstone spokesperson for the Waterloo Region market area
The average sale price of all residential properties sold in November was $754,604, a decrease of 0.2% from November 2023.
Average Home Price:
- $862,690 Detached Home
- $615,222 Townhome
- $452,732 Apartment-Style Condominium
- $643,672 Semi
It took an average of 27 days to sell a home in November, compared to 24 days in November 2023.
“Current market conditions, marked by increased inventory and stable prices, suggest that now might be a good time to buy. This is especially true for those who can take advantage of lower interest rates and recent mortgage reforms. These reforms expand eligibility for 30-year mortgage amortizations to all first-time homebuyers and buyers of new construction. Additionally, a higher limit on insured mortgages will take effect on December 15, 2024.”
To learn more about the market and what this means for you, connect with Suzanne.
Source: kwar.ca/category/market-updates
