Second-best November for home sales on record: report
(THE CANADIAN PRESS)
Published Wednesday, December 5, 2018 1:39PM EST
The region saw its second-best homes sales in November on record last month, a report says.
According to the Kitchener-Waterloo Association of Realtors, a total of 483 residential properties sold in Waterloo Region in November.
That’s up almost 20 per cent compared to the previous 10-year November average of 406 sales.
Contributing to these numbers, condominium unit sales were up by over 50 per cent over the November before, with 152 sales.
“For the second straight month we are reporting stronger than average sales,” said KWAR President Brian Santos in a statement. “The prospect of further interest rate increases that were indicated last month could be responsible for the current surge in home sales.”
The Bank of Canada announced on Wednesday that it would keep interest rates on hold in its monetary policy decision.
The median price of residential properties was $443,800, while detached homes went for a median price of $520,000.
The November on-record with the highest sales was 2016, when 532 residential units sold.