Housing prices dipped slightly in July in the area but still remain near the high-water mark, according to the Kitchener-Waterloo Association of Realtors.
Last month, the cost of purchasing a home averaged out to be $755,681, a 0.6 per cent decrease from the previous month, when the realtors said the average came out as $759,115.
This is also the third time in the last four months that the average price has dropped but it is still hovering around the peak price of $765,393, which was recorded in March.
The average price of a detached home remains sky-high as it checked in at $907,192 last month.
A total of 611 homes changed hands in July, which is above the norm but 17 per cent lower than 12 months earlier, when the area was emerging from the first wave of the COVID-19 pandemic.
“Although home sales slowed down to some degree in July compared to June, overall demand remains very strong,” KWAR president Nicole Pohl stated.
“The current inventory of homes available for sale in the Kitchener-Waterloo and area is extremely low, making Waterloo Region one of the most competitive markets in Ontario.”
KWAR says 675 homes were listed onto MLS in the area in July, which is 24 per cent less than July 2020.
Pohl expects the housing market to get rolling once again as we close in on the fall buying season.
“The housing market took a bit of a breather last month,” Pohl said.
“July is typically a quieter month with families taking vacation, and with the region coming out of lockdown there were certainly more staycations happening. But we do anticipate the market will pick up steam again and it will be another busy fall.”