The real estate market in Waterloo Region continues to cool down.
The Kitchener-Waterloo Association of Realtors released sales figures for June on Wednesday, which shows sales were down 24 per cent compared to June 2021. A total of 561 residential homes were sold last month.
“For the fourth consecutive month we’re seeing home prices moderate as the number of properties available for sale has steadily increased,” Megan Bell, president of KWAR, explained in a news release. “In June the average price of a detached home has levelled off to where it was this time last year.”
The breakdown June sales is as follows:
- 326 detached units (down close to 21 per cent compared to June 2021)
- 103 townhouses (down 32.2 per cent)
- 84 condominium units (down over 18 per cent)
- 48 semi-detached (down 33.3 per cent)
The average sale price for a detached home was just over $920,000. That's a 9.5 per cent decrease compared to May 2022.
Bell also noted recent hikes in mortgage rates are also contributing to sales cooling.
“While any shift in the market will result in some individuals predicting the worse, the simple reality is that the market we had been in was unsustainable,” Bell said.. “What this means for buyers is more inventory, more choices, and perhaps most importantly, potentially less stress when purchasing. For sellers, they need to ensure their properties stand out from the competition and be aware it may take more time to sell their home and for potentially less money than they were expecting.”