Waterloo region home sales down 25 per cent from last year
The number of homes sold in Waterloo region last month is down 25 per cent from September of last year, the Waterloo Region Association of Realtors reports.
Released on Wednesday, the latest data means those looking for a home have fewer options to choose from.
“We’re looking to get a little bit more into a suburban neighbourhood that’s family-friendly,” said Shauna Ramsaroop, an interested homebuyer in Waterloo region.
Ramsaroop and her partner have owned a home in Kitchener for two years.
Currently in a two-bedroom house, the couple is in the market for a larger home to fit a growing family.
“We’re gonna be wanting that third bedroom within the next year for sure,” said Ramsaroop.
The couple put their home on the market earlier this year.
When the property didn’t attract enough offers, they decided to drop the asking price.
“We had one very insulting offer from a developer and we kind of just left it at that,” she said.
Adding: “When we’re looking to buy, there’s no way to really gauge what our budget is because we don’t necessarily know how much we’re going to be selling our house for.”
This comes weeks after the bank of Canada increased its overnight lending rate to 3.25 per cent, meaning mortgages cost more.
“We’re sitting here saying that we’re in a buyer's market, but is that really the reality of it? If we were to sell right now, the interest that we’re paying on our mortgage, the new one would essentially be double,” said Ramsaroop.
Given the state of the market, Ramsaroop says she’s thinking of purchasing a smaller interim home for the time being until they can move into their forever home.
The average sale price in Waterloo region across all property types was $752,421 last month. That’s down $262,090 from February’s all-time peak, when the average sale price for all residential properties in the region cracked $1 million, but up $955 from August. The modest bump – albeit only 0.1 per cent – marks the first month-over-month increase since prices began to tumble in March.
Bell said although home sales were down in September, the market appears to be becoming more balanced.
Shawn Ramautor, a sales representative for Royal LePage Wolle Realty said in his opinion rates are not going to stay the way they currently are.
“Your interest rates, whether you go on a 1-year, 2-year, 3-year, eventually they will stabilize and normalize. I definitely think there is a great opportunity for the right buyer to get in,” said Ramautor.
He said the balancing of the market comes after months of unrealistic growth, and there are deals to be made for long-term investors.
CTVNews.ca Top Stories
Poilievre will do 'anything to win,' must condemn Alex Jones endorsement: Trudeau
Prime Minister Justin Trudeau is ramping up his attacks on Conservative Leader Pierre Poilievre as he promotes his government's federal budget.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.
New evidence challenges the Pentagon's account of a horrific attack as the U.S. withdrew from Afghanistan: CNN exclusive
New video evidence uncovered by CNN significantly undermines two Pentagon investigations into an ISIS-K suicide attack outside Kabul airport, during the American withdrawal from Afghanistan in 2021.
'One of the single most terrifying things ever': Ontario couple among passengers on sinking tour boat in Dominican Republic
A Toronto couple are speaking out about their 'extremely dangerous' experience on board a sinking tour boat in the Dominican Republic last week.
All Alberta wildfires to date in 2024 believed to be human-caused: province
There are 63 wildfires burning in Alberta's forest protection area as of Wednesday morning and seven mutual aid fires, including one in the Municipal District of Peace.
Video shows suspects waving weapons, smashing glass in Toronto jewelry store robbery
Arrests have been made after five men were captured on video rampaging through a jewelry store in Toronto, waving weapons and smashing glass display cases.
Pilot proposes to flight attendant girlfriend in front of passengers
A Polish pilot proposed to his flight attendant girlfriend during a flight from Warsaw to Krakow, and she said yes.
Ottawa injects another $36M into fund for those seriously injured or killed by vaccines
The federal government has added $36.4 million to a program designed to support people who have been seriously injured or killed by vaccines since the end of 2020.
Ex-SNC executive sentenced to prison term in bridge bribery case
The RCMP says a former SNC-Lavalin executive has been sentenced to three and a half years in prison in connection with a bribery scheme for a bridge repair contract in Montreal.