Home sales cooling off in Waterloo Region
Home prices in Waterloo Region continue to cool, according to new numbers released by the Waterloo Region Association of Realtors (WRAR).
In November, 453 homes were sold through the Multiple Listing Service (MLS) System. That’s a decrease of 43.7 per cent compared to the same time last year, and 34.2 per cent below the five-year average for the month.
According to WRAR, 280 detached homes, 78 townhouses, 58 condominium units and 37 semi-detached homes were sold in November.
“Homes sales continued to decrease in November, as they traditionally do at this time of year,” said Megan Bell, the president of WRAR, in a press release. “At the same time, we know ever-increasing homeownership costs are contributing to the decline and putting downward pressure on sales prices which have plateaued since July.”
AVERAGE SALES PRICES
The average sale price for all residential properties in November was $736,024.
The Waterloo Region Association of Realtors said that represents a 10.4 per cent decrease from November 2021.
Here’s a breakdown of the numbers:
- Average sale price of a detached home - $838,609
- Average sale price of a townhouse - $618,669
- Average sale price of a condo - $458,384
- Average sale price of a semi-detached home - $642,328
WHAT’S NEXT
“The Waterloo Region market has been moving towards more of a balanced market throughout the latter part of the year, and November followed that trend,” explained Bell in the release. “We have a long way to go before the pendulum swings into it being a buyer’s market. However, if the Bank of Canada yet again raises its key interest rate on December 7, it is likely to result in fewer buyers competing for more inventory.”
The rate is currently 3.75 per cent.
Forecasters are expecting the central bank to raise it by a quarter or half a percentage point next week.
It would be the sixth consecutive time the Bank of Canada has increased the key interest rate since March.
MORE: BoC expected to end year off with one more rate increase, likely to pause hikes soon
“We are getting closer to the end of this tightening phase but we’re not there yet,” said Tiff Macklem, governor for the Bank of Canada, in October.
CTVNews.ca Top Stories
Spectacular aurora light show to be seen across Canada Friday night
A rare and severe solar storm is expected to bring spectacular displays of the northern lights, also known as aurora borealis, across much of Canada and parts of the United States on Friday night.
Which Canadian cities have the highest and lowest grocery prices?
Where you live plays a big factor in what you pay at the grocery store. And while it's no secret the same item may have a different price depending on the store, city or province, we wanted to see just how big the differences are, and why.
McGill University seeks emergency injunction to dismantle pro-Palestinian encampment
McGill University has filed a request for an injunction to have the pro-Palestinian encampment removed from its campus.
Swarm of 20,000 bees gather around woman’s car west of Toronto
A swarm of roughly 20,000 bees gathered around a woman’s car in the parking lot of Burlington Centre.
U.S. says Israel's use of U.S. arms likely violated international law, but evidence is incomplete
The Biden administration said Friday that Israel's use of U.S.-provided weapons in Gaza likely violated international humanitarian law but wartime conditions prevented U.S. officials from determining that for certain in specific airstrikes.
Barron Trump declines to serve as an RNC delegate
Former U.S. President Donald Trump's youngest son, Barron Trump, has declined to serve as a delegate at this summer’s Republican National Convention, according to a senior Trump campaign adviser and a statement from Melania Trump's office.
Mother assaulted by stranger while breastfeeding baby in her car: Vancouver police
A person was arrested in East Vancouver Thursday after allegedly entering a car while a mother was breastfeeding her four-month-old boy.
'We have laws': Premier Smith says police action justified in Calgary
The actions, including the decision to use non-lethal force, to disperse pro-Palestinian protesters from the University of Calgary campus were justified, Alberta Premier Danielle Smith said Friday.
'State or state-sponsored actor' believed to be behind B.C. government hacks
The head of British Columbia’s civil service has revealed that a “state or state-sponsored actor” is behind multiple cyber-security incidents against provincial government networks.