Home prices in the area fell slightly for the second consecutive month, although they are still close to the peak price, according to the Kitchener-Waterloo Association of Realtors.
They say that on average, a house sold in August went for $753,296. While this was a smidge below July’s number of $755,681 it was still a 19.3 per cent increase over last year.
Despite the fact prices have dropped four of the past five months, they remain close to March, when the average sale price of a home was $765,393, which is the highwater mark for the area.
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September is the kick-off to the fall market as sales are traditionally lighter throughout the summer.
A total of 535 homes changed hands in the area in August, which is a decrease of 22.1 per cent over last August, which set a new record for the area. It was also 12.3 per cent below what the area experienced in July.
The realtors say that while sales fell in Kitchener-Waterloo comparatively, they were still well above the norm.
“The main reason for the decrease is simply that last month was the first full month in Step 3 of the reopening, and people were tired of the lockdown,” KWAR president Nicole Pohl stated.
“They got out and enjoyed their summer and shifted their real estate needs to the back burner for a much-needed change of focus.”
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