In November, a total of 539 homes were sold in the Waterloo Region via the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone). This represents a 21.1 per cent increase compared to the same period last year and a decline of 13.1 per cent compared to the average number of homes sold in the previous ten years for the same month.
In October, a total of 604 homes were sold in the Waterloo Region via the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone). This represents a 7.1 per cent increase compared to the same period last year and a decline of 14.2 per cent compared to the average number of homes sold in the previous ten years for the same month.
“For the first time since May, we witnessed an encouraging rise in home sales throughout Waterloo Region last month,” stated Christal Moura, spokesperson for the Waterloo Region market area. “This positive trend reflects a shift toward more balanced conditions within our housing market and a renewed confidence among buyers.”
“In September, there was an overall slowdown in home sales, but we continued to see strong demand for detached homes, resulting in an increase in sales for that specific type of property,” said Christal Moura, spokesperson for the Waterloo Region market area. “Meanwhile, buyers have a bit more selection than a year ago as inventory is up, and homes take a little longer to sell. This can mean a less stressful homebuying experience, but for sellers, the current market may require more patience or even adjustment in price expectation.”
“Homes sales in the Waterloo Region were up over last October’s record low but are still subdued,” says Megan Bell, president of WRAR. “I breathed a sigh of relief last week when the Bank of Canada held its policy rate at 5 per cent, and I will be watching to see what the Bank of Canada does at their next scheduled announcement on December 6, 2023.”
