Home sales in region dip 11 per cent in October

Home sales in Waterloo Region were down 11.1 per cent in October compared to the same month last year.

The Kitchener-Waterloo Association of Realtors released Oct. sales figures on Wednesday. Almost 600 homes were sold last month.

The association's president points out while sales were not as hot as 2020's record-breaking October, it was still a higher than normal number of home sales for the month and the second highest October on record.

The breakdown of October, 2021 sales is as follows:

• 348 detached (down 13.2 per cent from Oct. 2020)
• 121 townhouses (down 6.9 per cent)
• 84 condominiums (down 8.7 per cent)
• 40 semi-detached (down 9.1 per cent)

Despite sales being down, prices of properties in the area continue to climb. The average price of all residential properties sold in the month was over $841,000, which is an almost 33 per cent increase over Oct. 2020.

The average sale price of a detached home was over $997,000 (34.2 per cent increase).

“Affordability throughout Waterloo Region continues to be challenged, creating significant barriers especially for many people who are just trying to get their foot in the door of the housing market,” explained Nicole Pohl, president of the Kitchener-Waterloo Association of Realtors.

“We are urging all levels of government to work together to tackle the supply issue facing housing markets across the country and right here in Waterloo Region.”

It took an average of just 10 days to sell a home in October.