The number of homes sold in the area this year was down over 11 percent compared to the year before, a report from the Kitchener-Waterloo Association of Realtors says.
With 263 homes sold last month, December saw sales drop over 13 per cent from the year before, and saw numbers slightly behind the 10-year average.
“The combination of rising interest rates and the mortgage stress test definitely took some steam out of the market relative to what we saw in the previous two years,” President of KWAR Brian Santos was quoted in the report.
Meanwhile, the average sale price of homes sold increased 3.4 per cent compared to the year before.
A home in 2018 took an average of 24 days to sell, compared to 19 days in 2017. That number is still faster than the 10-year average of 40 days for a sale.
All residential real estate sold was valued at $2.8 billion, down eight per cent compared to the year before.
