Last month’s home sales in Kitchener-Waterloo increased by 7.1% compared to October 2023.
“For the first time since May, we witnessed an encouraging rise in home sales throughout Waterloo Region last month. This positive trend reflects a shift toward more balanced conditions within our housing market and a renewed confidence among buyers.”
C Moura, Cornerstone spokesperson for the Waterloo Region market area
The average sale price of all residential properties sold in October was $779,008, an increase of 1.4% from October 2023.
Average Home Price:
- $885,587 Detached Home
- $643,382 Townhome
- $484,429 Apartment-Style Condominium
- $650,098 Semi
It took an average of 27 days to sell a home in October, compared to 21 days in October 2023.
“The interest rate cuts are certainly beneficial for those with variable mortgages and encouraging news for homeowners facing mortgage renewals. However, I believe many prospective home buyers may continue to wait for more significant reductions before making a move, especially with the anticipated mortgage reforms that come into 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
