The number of homes sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR) totaled 453 units, a decrease of 43.7 per cent compared to November 2021 and 34.2 per cent below the previous 5-year average for the month.
Total residential sales in November included 280 detached (down 38.3 per cent from November 2021), and 78 townhouses (down 57.1 per cent). Sales also included 58 condominium units (down 49.6 per cent) and 37 semi-detached homes (down 28.8 per cent).
“Home sales continued to decrease in November, as they traditionally do at this time of year,” says Megan Bell, President of WRAR. “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.”