Last month’s home sales in Kitchener-Waterloo increased 25.4% compared to January 2023.
“January is traditionally a slower time of year for home sales, but it’s reassuring to see the increase compared to last year. This time last year, we hit an all-time low in January home sales, and while this year has begun with sales below the historical average, the market is showing signs of improvement.”
C Moura, President of KWAR
The average sale price of all residential properties sold in January is down 0.1% to $762,174 compared to January 2023.
Average Home Price:
- $911,262 Detached Homes
- $638,162 Townhomes
- $446,146 Apartment-Style Condominiums
- $631,995 Semis
It took an average of 33 days to sell a home in January, compared to 25 days in 2023.
Market recap from the President of KWAR:
“We are optimistic that this year will have more stability than last…With the Bank of Canada holding steady at a 5.0% benchmark interest rate, they recognize the overall economy has slowed down. However, housing is a key metric, and we expect the Bank to maintain a balanced response so long as housing continues with moderate growth in 2024 rather than any dramatic increases.”
To learn more about the market and what this means for you, connect with Suzanne.
Source: kwar.ca/category/market-updates
