In November, there were 441 homes sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR), representing a decrease of 4.5 per cent compared to the previous year and a decline of 33.1 per cent compared to the previous 5-year average for the month.
“Last month, the number of homes sold followed their typical pattern of cooling to match the weather, but with consumer confidence continuing to drop, we saw sales slump to their lowest level for November in over a decade,” says Christal Moura, president of WRAR. “With many still waiting to see what happens with interest rates in the months to come, homes are taking a little longer to sell, there’s more inventory on the market, all contributing to sale prices levelling off.”
Total residential sales in November included 266 detached (down 6.7 per cent from November 2022), and 81 townhouses (no change). Sales also included 62 condominium units (up 5.1 per cent) and 31 semi-detached homes (down 16.2 per cent).
In November, the average sale price for all residential properties in Waterloo Region was $757,272. This represents a 2.6 per cent increase compared to November 2022 and a 1.4 per cent decrease compared to October 2023.
- The average price of a detached home was $891,091. This represents a 5.8 per cent increase from November 2022 and on par with October 2023.
- The average sale price for a townhouse was $611,667. This represents a 1.7 per cent decrease from November 2022 and a decrease of 5.1 per cent compared to October 2023.
- The average sale price for an apartment-style condominium was $450,476. This represents a decrease of 1.3 per cent from November 2022 and a decrease of 5.4 per cent compared to October 2023.
- The average sale price for a semi was $617,329. This represents a decrease of 3.9 per cent compared to November 2022 and a decrease of 6.2 per cent compared to October 2023.