Dip in Waterloo Region housing market
A house 'sold' sign is shown in Oakville, Ont., Monday, July 23, 2012. (Richard Buchan / THE CANADIAN PRESS)
A drop in the condo market is being blamed for a slowdown in Waterloo Region’s real estate market.
The Waterloo Region Association of Realtors (WRAR) said 742 homes were sold in May; an 8.1 per cent decrease compared to last year and a 20 per cent drop compared to the ten year average for May.
In a news release, WRAR President Christal Moura said they saw a dip across all categories, but the condo market saw the largest drop. “The condo market also had the greatest supply level, posing a challenge for sellers, especially for units with one or fewer bedrooms, where the current inventory level exceeds buyer demand.”
The average sale price for all residential properties in the region last month came in at $818,507. That is a 0.3 per cent decrease compared to the same time last year.
The cost of a detached home increased by 0.4 per cent, while the cost of townhouses and condos decreased.
The average price for a detached home was $943,859, the average price for a townhouse was $653,761, and the average price for an apartment-style condo was $459,260.
Homes spent an average number of 14 days on the market in May.
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