The real estate market in Waterloo was pretty hot in June with homes changing hands at a rapid pace, according to local realtors.
The Waterloo Region Association of Realtors says that 780 homes were sold last month, which is an increase of 4.6 per cent year over year, although it was down 12.3 per cent from the previous five-year average.
“The real estate market in Waterloo Region showed signs of a rebound in June, with monthly sales increasing on a year-over-year basis for the first time this year,” stated WRAR president Megan Bell.
“The total number of home sales are down nearly 25 per cent for the first half of 2023 compared to last year but have been steadily climbing since January.”
The average cost of buying a home continued to creep up; it was $839,869 in June 2023, which is an increase of 6.4 per cent year-over-year and 2.0 per cent month-over-month.
While the number has risen for several months straight now it still has a way to go before it gets to the peak of the market in February 2022, when local average sales prices hit $1,007,109.
That said, the average cost of buying a detached home did break a million dollars in June as it came out to be $1,005,519.
“In June we saw robust demand for detached properties, driving a significant 10.5 per cent increase in the average sale price of a detached home,” Bell said.
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Despite the high cost of buying a detached home, it’s still down from the dizzying price in February 2022 when an average detached home sold for $1,214,067.
Bell noted that another increase in lending rates did not seem to slow the market down.
“While the central bank raised its benchmark interest rate to 4.75 per cent near the beginning of the month, demand remains strong,” the WRAR president said. “Buyers and sellers can expect a competitive market as the number of homes for sale continues to be well below the long-term average.”
While the cost of buying a home continues to creep back up, homes are spending more time on the market – it took 15 days on average for a house to sell last month.
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