The report says the “average residential sale prices are expected to decline by two to 15 per cent in 2023” in Kitchener-Waterloo.
The report also notes Kitchener-Waterloo is among the 40 per cent of regions in the province that are considered to be in balanced markets.
“It’s good [to] see the majority of markets moving toward more balanced conditions, which is typically defined by 45 to 90 days on market. This is a much-needed adjustment from the unsustainable price increases and demand we saw early in 2022,” says Christopher Alexander, president of RE/MAX Canada in the report.
The report predicts a decline of 3.3 per cent in average residential sales prices across the country in 2023.
The estimates are based on surveys of RE/MAX brokers and agents
PRICES DROPPED THROUGH 2022
According to data from the Canadian Real Estate Association (CREA), the benchmark prices of housing in Kitchener-Waterloo have tumbled from February highs.
The benchmark price of homes in Kitchener-Waterloo since 2005. (CREA)
In February 2022, the benchmark price from a home in Kitchener-Waterloo was $957,900, in October of this year that has trended down to $723,200.
This means the benchmark prices of all property types have returned to March 2021 levels when the benchmark price was $732,800.
The latest report from the CREA was published on Nov. 15 and says the actual, not seasonally adjusted national average home price was $644,643 in October 2022, down 9.9 per cent from the same month last year.
The Biden administration is considering a plan to shoot down a large Chinese balloon suspected of conducting surveillance on U.S. military, by bringing it down once it is above the Atlantic Ocean where the remnants could potentially be recovered, according to four U.S. officials.
The Arctic air that descended on the Northeast on Saturday brought dangerously cold sub-zero temperatures and wind chills to the region, including a record-setting wind chill of minus 108 degrees Fahrenheit (minus 78 C) on the summit of Mount Washington in New Hampshire.
Convicted murderer Daniel Jolivet, in prison for the past 30 years, has maintained his innocence since the day he was arrested. W5 reviews the evidence he painstakingly assembled while behind bars. W5's documentary 'Buried Evidence' airs Saturday at 7 p.m. on CTV.
The massive white orb drifting across U.S. airspace has triggered a diplomatic maelstrom and is blowing up on social media. A look at what's known about the balloon crossing the U.S. and what isn't.
The oldest preserved vertebrate brain has been found in a 319-million-year-old fossilized fish skull that was removed from an English coal mine over a century ago.
A River Canard, Ont. woman is on a mission to identify several unknown people in a handful of old photographs she said she found in a box inside her attic. She said she discovered the pictures and postcards while decluttering her home as part of her New Year’s resolution, noticing many date back to the mid 1940s.
Parents of students with special needs are speaking out about a decision by the Simcoe County District School Board to change transportation options starting Monday.
An investigation that lasted almost two years has resulted in moose hunting violation convictions for six people and a lodge in Red Lake in northwestern Ontario.
Convicted murderer Daniel Jolivet, in prison for the past 30 years, has maintained his innocence since the day he was arrested. W5 reviews the evidence he painstakingly assembled while behind bars. W5's documentary 'Buried Evidence' airs Saturday at 7 p.m. on CTV.
The owner of Radical Gardens, a restaurant in Timmins said she's experienced nineteen robberies over the last eight years; with the most recent one taking place in the early morning hours Friday.
A spokesperson for the Law Society of Ontario (LSO) says Metrolinx began cutting down historic trees at Osgoode Hall in Toronto on Saturday before the Ontario Superior Court could hear an injunction to prevent their clearing.
Joey Votto has been coming to the Annex Chess Club (ACC), just north of Bathurst and Bloor streets, every week for a few months now, according to Supol.
Residents from Quebec to Newfoundland and Labrador are waking up this morning to more extreme cold weather. Emergency officials warned people to seek shelter and monitor for frostbite if they had to be outside overnight, as the temperature across much of Eastern Canada was expected to feel like -40 C to -50 C with the wind chill.
Another property reportedly belonging to a family member of Tony Accurso was the target of an arson attack in Laval early Saturday morning. The Laval fire department responded to a call at 3:22 a.m. about a fire at the building located at 1410 Jaffa Street in the Saint Rose district in the northern part of Laval.
The first North Atlantic right whale to be entangled in connection to Canada’s lobster fishery in over five years has been successfully rescued by marine mammal rescue responders in the United States.
WINNIPEG -- An Indigenous organization is spearheading efforts to develop a system that could make it easier to flag when a person experiencing homelessness is missing.
Winnipeg police released a new image of a 31-year-old woman who has been missing since early last year on Friday in the hope it may generate new information on her whereabouts.
Alberta's high court is being asked to overturn a review board decision relating to the stabbing deaths of five young people at a Calgary house party on the grounds the former provincial justice minister interfered.
The Lethbridge Hurricanes kept Connor Bedard off the scoresheet for the first time in 36 games, but it wasn't enough, as the 'Canes lost 3-2 to the Regina Pats Friday night.
A man who took part in four traffic-stopping protests in Metro Vancouver in an effort to save old-growth forests has been given a conditional sentence and six months' probation by a provincial court judge.
Vancouver Canucks faithful have seen it all during yet another disappointing season - and several say they're frustrated not only with the on-ice performance, but with a lack of answers from the team's front office.
The benchmark price of homes in Kitchener-Waterloo since 2005. (CREA)
