The residential property market in Waterloo Region displays a noticeable downward trend as the average home sale price experienced a decrease for the third consecutive month in September. The figure currently stands at a modest $757,753, encapsulating all property types, as reported by the esteemed Waterloo Region Association of Realtors (WRAR).
This marks a very slight 0.3 per cent decline from the previous month, August, and a more significant 9.8 per cent drop since June. This was when local home sale prices soared, reaching their highest point in 2023 as recorded.
The figure hones in further to reveal that the average sale price for a detached home in September was estimated at $876,590.
Despite seeing property prices on a gradual decline, homeownership, and even the simple act of renting, remains an elusive goal for many in Waterloo Region.
In a recent study by the WRAR, it was discovered that a startling 38 per cent of the region’s residents perceive their current housing situation as unaffordable. Even more surprising, over one-quarter of these residents are contemplating a move to a more budget-friendly location.
Looking at the local housing market in terms of availability, WRAR cited a remarkable upswing in listings added to the market last month. Meanwhile, the number of homes sold – a total of 527 – lingered precariously close to September’s 10-year low.
Interestingly, September witnessed an unprecedented surge in new listings, equating to the most significant number of homes available on the market since March 2016, as stated by the WRAR’s President, Megan Bell.
Individuals actively seeking to purchase a house during September would have encountered more advantageous conditions in terms of the sheer number of options available than in recent times.
To give further context, during the last month, homes took an average of 18 days to sell, a slight improvement from the 23 days recorded in September 2022. It’s worth noting, however, that the previous five-year average stands at 20 days.