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October market update: Average home sale price increases in Kitchener/Waterloo

Figure is up 4% from last month, says Greig Turvey of the GoWylde Team

This could be unexpected news to some.

With the Bank of Canada raising interest rates for the sixth straight time in October, and housing sales remaining pretty flat overall, you might be surprised to learn that the average sale price of homes here in Kitchener/Waterloo wasn’t adversely affected.

In fact, that figure rose 4% from September to October.

Condos saw the biggest increase, at 11% compared to September; that represents roughly a $50,000 jump—though this is likely due to a few outlier sales. Other housing types also recorded changes: the average sale price of detached houses was up 2% and for attached homes it was down 3% during that same period.

The average sale price across all housing types was $763,824 in October. For detached homes, that figure was $883,915, for attached homes it was $611,328 and for condos and apartments it was $501,757.

“Four percent is a large increase and it would not be expected in a slowing market,” says says Greig Turvey, Sales Representative, GoWylde Team/ReMax. “Surrounding markets did not see this kind of boost in October, which makes me think that these gains will be relatively short lived. Guelph and Cambridge both trended downwards, while Toronto remained flat.” 

The months of inventory dropped back down to 1.8 and inventory is slowly starting to deplete as we approach the holiday season. It is taking an average of 31 days for homes on the market to sell, which has been pretty consistent since August of this year.

Says Turvey, “I expect next month’s numbers to look worse as Kitchener/Waterloo settles back in line with the surrounding markets, but with inventory continuing to decrease, I think the market will get much more competitive in the new year.”

Stay up to date with the latest market trends in Kitchener and Waterloo with real estate agents Brad Wylde and Greig Turvey. Visit the GoWylde Team or call 519-826-7109 for more information.

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