Last month’s home sales in Kitchener-Waterloo represented a decrease of 39.7 percent compared to October 2021.
“Unsurprisingly, the pace of home sales continued to slow in October after the Bank of Canada’s sixth straight interest rate hike in September.
Faced with higher borrowing costs, some buyers have had to re-assess what they can afford. As these buyers get moved to the sidelines, sellers question if now is the best possible time to sell.”
M Bell, President of KWAR
October Sales Breakdown:
- 310 Detached Home Sales
- 64 Condominium Sales
- 31 Semi-Detached Home Sales
- 84 Townhouse Sales
The average sale price of all residential properties sold in October is down by 8.4% to $763,630 compared to October 2021.
Average Home Price:
- $860,568 Detached Homes
- $488,277 Apartment-Style Condominiums
- $635,197 Townhomes
- $624,999 Semis
It took an average of 22 days to sell a home in October, compared to 10 days in 2021. 928 homes were available for sale at the end of October, an increase of 134.9% compared to October of last year.
Market recap from the President of KWAR:
“While there is uncertainty in the minds of consumers about current market conditions, one thing is for certain, Waterloo region’s housing supply remains one of the tightest in the country.
Buyers may be on the sidelines for now due to affordability, but the underlying demand for housing remains strong.”
To learn more about the market and what this means for you, connect with Suzanne.
Source: kwar.ca/category/market-updates
