The number of houses sold in Waterloo Region continued to decline in November despite prices that continue to spiral downward, according to data provided by the Waterloo Region Association of Realtors (WRAR).
The realtors’ monthly report says that on average, a home sold for $736,024, which is a 3.6 per cent decrease from October, when the average home sold for $752,421.
We are now well below the high-water mark established in February when the average sale price of a home in Kitchener-Waterloo was $1,007,109.
Similarly, the average price of detached homes is also dropping in the area as it fell to $838,609, which is down 13.1 per cent from a month earlier, when that price was $860,568.
“The Waterloo Region market has been moving towards more of a balanced market throughout the latter part of the year, and November followed that trend,” WRAR president Megan Bell stated.
“We have a long way to go before the pendulum swings into it being a buyer’s market. However, if the Bank of Canada yet again raises its key interest rate on December 7, it is likely to result in fewer buyers competing for more inventory.”
That was the trend in November as 453 homes changed hands in the area, which is down 43.7 per cent from a year earlier and 34.2 per cent below the previous five-year average for November.
“Home sales continued to decrease in November, as they traditionally do at this time of year,” Bell said.
“At the same time, we know ever-increasing homeownership costs are contributing to the decline and putting downward pressure on sales prices which have plateaued since July.”
It is also taking longer for a home to sell, as on average it took 10 days last November, whereas it was around 21 days last month, which is right on average for the previous five years.