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)