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August market update: Low inventory continues to be the main issue in Kitchener/Waterloo

August a quiet end to a lacklustre summer, says Greig Turvey of the GoWylde Team

The real estate market in Kitchener/Waterloo experienced record low inventory all summer and August, unfortunately, was no exception. 

The average number of active listings was down 51% compared to August 2020, which, admittedly, was an exceptionally busy month. The months of inventory is now down to just 0.4, a figure that is slightly lower than last month and much lower than the 1.2 months of inventory recorded last August.

The good news for sellers is that 85% of properties are selling for over the list price, a number that is up slightly from last month, when it was 79%. On average, homes are selling for 14% over asking. Despite this low inventory, prices have remained flat from last month, at around $733,000. The only category to see a slight increase in average sale price was condos and apartments, up 3%.

“Housing affordability is a huge focus in the upcoming federal election, so it will be interesting to see how it plays out,” says Greig Turvey, Sales Representative, GoWylde Team/ReMax. “Both Liberals and Conservatives are planning to ban foreign buyers for at least two years and to increase supply through various incentives and programs. It’s great that housing affordability is finally getting the attention it deserves and I think a lot of what’s being proposed is good for Canadians. In the near term, however, I don’t see this having any real effect on prices.”

Realtors typically see a bump in new listings and activity in September, though things really start to slow down soon afterwards, as we head into the winter. It’s hard to imagine any scenario where inventory will be able to build in any significant way prior to Spring 2022, Turvey admits.

For now, the focus is on September and the hope that we’ll see more activity in the days ahead.

For more information, or to contact real estate agents Brad Wylde and Greig Turvey, visit the GoWylde Team or call 519-826-7109.

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