“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.”
“The number of homes sold last month was very close to last year’s decade-low for the month of September,” says Megan Bell, president of WRAR. “At the same time, we had a record number of new listings for the month of September.”
“For the first time in a decade we saw sales August’s home sales slip under the 600-unit mark,” says Megan Bell, president of WRAR.” “Home sales were softer than normal last month, which is not surprising given the current borrowing environment.”
In July, there were 607 homes sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR), representing an increase of 10.4 per cent compared to the previous year and a decline of 21.6 per cent compared to the previous 5-year average for the month.
“The real estate market in Waterloo Region showed signs of a rebound in June, with monthly sales increasing on a year-over-year basis for the first time this year,” says Megan Bell, president of WRAR. “The total number of home sales are down nearly 25 per cent for the first half of 2023 compared to last year but have been steadily climbing since January.”
“The spring market is in full swing with robust buyer and listing activity observed in May,” says Megan Bell, president of WRAR. “It’s encouraging to witness a significant uptick in listing activity compared to April, and we remain optimistic that this positive momentum will carry into June…”
In April, the average sale price for all residential properties in Waterloo Region was $797,716. This represents an 11.9 per cent decrease compared to April 2022 and a 2.6 per cent increase compared to March 2023.
In March, the average sale price for all residential properties in Waterloo Region was $779,017. This represents a 18.6 per cent decrease compared to March 2022 and a 2.4 per cent increase compared to February 2023.
Sales volume through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR) set a low for the month of February, with 439 homes sold, representing a decrease of 45.0 per cent compared to February 2022.
The number of homes sold last month through the Multiple Listing Service® (MLS®) System totalled 297 units, a decrease of 41.9 per cent compared to January 2022 and 31.0 per cent below the previous 5-year average for the month.
