Residential home sales slowed this February but prices continued to climb, a new report shows.
According to the Kitchener-Waterloo Association of Realtors, 8.3 per cent fewer homes sold last month compared to the same month in 2018.
The association’s president, Brian Santos, attributes the slowing of sales in large part due to weather.
“The series of winter storms in February not only kept buyers indoors and off the roads, but also away from open houses and viewings,” he explains.
Detached home sales last month dropped nearly 15 per cent compares to 2018, while condos and semi-detached homes both hovered around a 10 per cent drop.
Freehold townhouse sales, on the other hand, dropped a whopping 112 per cent with just 36 sold through the month.
While home sales decreased, the average price on all residential properties sold increased 3 per cent compared to the same month the year before.
“Despite the chill we saw in the number of sales last month, the price gains reflect that demand continues to outpace supply,” Santos says.
Median price, meanwhile, climbed nearly 7 per cent during the same period.
