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.
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The benchmark price of homes in Kitchener-Waterloo since 2005. (CREA)
