Average home sale price in Waterloo Region sinks for third straight month

The average home sale price in Waterloo Region decreased for the third consecutive month in September. Including all property types, it now sits at $757,753, according to the Waterloo Region Association of Realtors (WRAR).

That’s down 0.3 per cent from August and 9.8 per cent from June, when local home sale prices hit their 2023 peak.

The average sale price for a detached home in September was $876,590.

While sale prices may be creeping downwards, homeownership, and even renting, remains out of reach for many.

According to a recent survey conducted by the WRAR, 38 per cent of Waterloo Region residents say the housing they live in is unaffordable. More than one-quarter say they are considering moving to a less expensive location.

As far as housing stock on the local market, WRAR says a record number of listings were added last month. At the same time, the number of homes sold (527) was close to the 10-year low for September.

“There was a significant surge of new listings in September, resulting in the largest number of homes being on the market since March 2016,” WRAR president Megan Bell said in a news release.

“For buyers with the financing to be house hunting in September, they would have found more favourable conditions in terms of supply than we have seen in a while.”

Last month, the average number of days to sell was 18, compared to 23 days in September 2022. The previous 5-year average is 20 days.

Graph created by the Waterloo Region Association of Realtors.