In September, there was a 4.7% decrease in home sales compared to September in 2017.
“The stress-test that came into force on all new mortgages at the beginning of the year has taken some of the steam out of home sales activity…Meanwhile home prices continue to rise as inventory levels remain rather low.”
Tony Schmidt, President of KWAR
September Sales Breakdown:
- 270 Detached Home Sales
- 110 Condominium Sales
- 30 Semi-Detached Home Sales
- 30 Freehold Townhouse Sales
The average sale price of all residential properties sold in September increased by 10% to $492,398 compared to September 2017.
Average Home Price:
- $574,653 Detached Homes
- $325,378 Apartment Style Condominiums
- $377,442 Townhomes
- $386,670 Semis
The median price of all residential properties sold in September increased by 10.5% to $453,000.
Market recap from Tony Schmidt, President of KWAR:
“While the mortgage stress was intended to prevent homebuyers in overheated markets like Vancouver and Toronto from borrowing more than they could afford, it has had the unintended consequence of putting the goal of owning a home further out of reach for buyers across all housing markets, including in Waterloo region. This is particularly impactful for first-time homebuyers where every penny counts.”
To learn more about the market and what this means to you, meet with Suzanne for coffee. Book a time with Suzanne now.