Slowest November for Waterloo Region home sales in 15 years
The number of homes sold in Waterloo Region slumped to a new 15-year low for November last month, the Waterloo Region Association of Realtors says.
The average sale price for all home types sits at $757,272, that’s down 1.4 per cent from October and up 2.6 per cent compared to November of last year. Compared to the peak in February 2022, the average home sale price has now tumbled more than a quarter of a million dollars.
WRAR said home sales typically cool off in the winter, but this year, dropping consumer confidence saw sales slump to their lowest level for November since 2008.
Just 441 homes were sold last month through WRAR’s Multiple Listing Service (MLS).
“With many still waiting to see what happens with interest rates in the months to come, homes are taking a little longer to sell, there’s more inventory on the market, all contributing to sale prices levelling off,” WRAR president Christal Moura said in a news release.
The average sale price for a detached home was $891,091 last month. The average townhouse went for $611,667, while the average apartment-style condominium was $450,476.
For those who can afford to buy a home, this might be the time to act, according to WRAR.
“Canadians are feeling the pinch of affordability, leading to price adjustments in the housing market of Waterloo Region,” Moura said. “For prospective homebuyers, this slowdown presents an opportunity to enter the market during a less competitive phase and enjoy the advantages of home ownership in the long run.”
(Source: Waterloo Region Association of Realors)
CTVNews.ca Top Stories
Breast cancer screening should start at age 40, Canadian Cancer Society says
The Canadian Cancer Society says all provinces and territories should lower the starting age for breast cancer screening to 40.
DEVELOPING Live updates as Stormy Daniels testifies at Trump hush money trial
Adult film star Stormy Daniels is on the stand a second time Thursday as former U.S. president Donald Trump’s hush money case continues in Manhattan. Follow live updates here.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
Ontario man frustrated after $3,500 paving job leaves driveway in shambles
An Ontario man considering having his driveway paved received a quote from a company for $7,000, but then, another paver in the neighbourhood knocked on his door and offered half that rate.
Why these immigrants to Canada say they're thinking about leaving, or have already moved on
For some immigrants, their dreams of permanently settling in Canada have taken an unexpected twist.
Bank of Canada says financial system is stable, but risks remain
The Bank of Canada says the Canadian financial system is stable, but risks remain due to debt servicing costs among households and businesses and stretched valuations of financial assets.
BREAKING Sheldon Keefe out as head coach of Toronto Maple Leafs
The Toronto Maple Leafs have fired head coach Sheldon Keefe. The team made the announcement Thursday after the Original Six franchise lost to the Boston Bruins in seven games in the first round of the Stanley Cup playoffs.
RateMDs violates privacy of health professionals, class-action lawsuit claims
A lawsuit against RateMDs has been given the go-ahead by a B.C. Supreme Court judge who found the claim that the website violates the privacy rights of medical professionals is not 'bound to fail.'