July 18, 2019 4:19 pm

Kitchener-Waterloo real estate market favours sellers in June: report

The Kitchener-Waterloo real estate market tilts toward sellers, according to Zoocasa.

AP Photo/David Zalubowski, File

The real estate market in Kitchener-Waterloo tips heavily in favour of sellers, according to a new report from Zoocasa.

The real estate website released a ranking of 25 Canadian markets using a sales-to-new-listings ratio and the Kitchener-Waterloo market was the fifth most in favour of the sellers.

READ MORE: Housing prices in Kitchener-Waterloo continue to climb in June

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To calculate the ratio, the company took sales and divided them by new listings.

Montreal (94 per cent) topped the chart, followed by Gatineau (81 per cent), Ottawa (81 per cent) and Trois Rivieres (80 per cent).

Kitchener’s ratio of 73 per cent in June 2019 is an uptick of 2 per cent from a year earlier.

READ MORE: Half of neighbourhoods in Kitchener-Waterloo housing market unaffordable: study

Saskatoon (42 per cent) is at the other end of the spectrum followed by Vancouver (43 per cent), Regina (48 per cent) and Fraser Valley (48 per cent). All are considered to be balanced markets.

Overall, the national average is 59 per cent, up from 56 per cent a year earlier. This is also considered to be balanced although 60 per cent is the cutoff mark for it to be a sellers’ market.

© 2019 Global News, a division of Corus Entertainment Inc.

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