Local home sales down over 32 per cent in July

Real estate sales in Waterloo Region took a big dip in July.

According to sales figures released by the newly formed Waterloo Region Association of Realtors on Friday, sales were down 32.8 per cent compared to July 2021.

“We’re seeing a clear shift in the market and what people can afford to purchase or are willing to pay. On the bright side for buyers, it’s not the extreme sellers’ market it was.” said Megan Bell, president of the association.

A breakdown of the 550 residential homes sold last month through the Multiple Listing Service is as follows:

– 337 detached (down over 30 per cent compared to July 2021)

– 112 townhouses (decrease of 32.9 per cent)

– 65 condominium units (down over 39 per cent)

– 41 semi-detached (decrease of 41 per cent)

The average price of a detached home was over $842,000 last month, a six per cent decrease from July 2021, but down seven per cent compared to this past June. In April, the average price for a detached was $1.06 million.

“The real estate market is cooling across the province, and we are seeing significantly fewer buyers from the GTA, which is also impacting prices,” Bell added. “However, this is not entirely bad news since the previous market was not sustainable. We are all keenly aware of the issues relating to affordability of not just purchasing a home, but rentals as well, and there is clearly more work to be done.”