September Waterloo Region Real Estate Market Update
While the number of sales continues to be considerably lower than the 10-year annual average, the local real estate market remains relatively stable on sale price, bringing a little more predictability to transactions. Read more in this market update.
Single detached are seeing the greatest demand, while condominium apartment sales continue to struggle.
The total listing inventory across the market increased by 50 %, resulting in 3 months’ supply of inventory, and more choice for buyers. The category with the highest inventory, at 5.3 months’ supply, was condominium apartments. Townhouses had 3.5 months’ supply and detached homes had 2.5 months’ supply. The number of months of supply represents the amount of time it would take to sell all current inventory at the current rate of sale.
The average time it took to sell a home in August was 25 days, 6 days longer than the 5-year average of 19 days.
Despite more balanced conditions, certain listings continue to attract multiple offers, particularly single detached homes in the $750,000 and lower price range.
On September 4, Bank of Canada decreased their key rate for 0.25% for the third time in a row and all indications point to further decreases coming in the months ahead.
While buyers will understandably prefer to get the best interest rates possible, it can be very difficult to accurately time the market. As interest rates continue to fall, we risk a scenario where prices begin to move up again.
As always, how best to continue with your real estate plans depends on your circumstance and needs. Please reach out for advice. We are here to help!
Read more of our Market Updates Here
