Last month’s home sales in Kitchener-Waterloo represented a decrease of 25.3 percent compared to September 2021.
“Home sales continued to decline in the wake of yet another interest rate hike by the Bank of Canada last month…The property type that saw the biggest decline in sales was the townhouse segment followed closely by condos, which could indicate there are fewer entry-level buyers in the market due to the higher borrowing costs.”
M Bell, President of KWAR
September Sales Breakdown:
- 313 Detached Home Sales
- 60 Condominium Sales
- 51 Semi-Detached Home Sales
- 94 Townhouse Sales
The average sale price of all residential properties sold in September is down by 4.7% to $752,421 compared to September 2021.
Average Home Price:
- $862,435 Detached Homes
- $455,262 Apartment-Style Condominiums
- $638,284 Townhomes
- $637,205 Semis
It took an average of 23 days to sell a home in September, compared to 10 days in 2021. 978 homes were available for sale at the end of September, an increase of 108.5% compared to September of last year.
Market recap from the President of KWAR:
“While sales were down last month, we seem to be moving towards a more balanced market; buyers now have more inventory to choose from, yet sellers can still expect their properties to sell within a reasonable timeframe. We’re also observing that sale prices are shifting closer to the asking price”
To learn more about the market and what this means for you, connect with Suzanne.
Source: kwar.ca/category/market-updates
