WATERLOO REGION, ON (November 4, 2024) —In October, a total of 604 homes were sold in the Waterloo Region via the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone). This represents a 7.1 per cent increase compared to the same period last year and a decline of 14.2 per cent compared to the average number of homes sold in the previous ten years for the same month.
“For the first time since May, we witnessed an encouraging rise in home sales throughout Waterloo Region last month,” stated Christal Moura, spokesperson for the Waterloo Region market area. “This positive trend reflects a shift toward more balanced conditions within our housing market and a renewed confidence among buyers.”
Total residential sales in October included 383 detached homes (up 15.4 per cent from October 2023), and 104 townhouses (down 20.0 per cent). Sales also included 66 condominium units (up 1.5 per cent) and 49 semi-detached homes (up 53.1 per cent).
In October, the average sale price for all residential properties in Waterloo Region was $779,008. This represents a 1.4 per cent increase compared to October 2023 and a 1.4 per cent decrease compared to September 2024.
- The average price of a detached home was $885,587. This represents a 0.6 per cent decrease from October 2023 and a decrease of 2.9 per cent compared to September 2024.
- The average sale price for a townhouse was $643,382. This represents a 0.2 per cent decrease from October 2023 and an increase of 7.8 per cent compared to September 2024.
- The average sale price for an apartment-style condominium was $484,429. This represents a 1.8 per cent increase from October 2023 and a decrease of 0.2 per cent compared to September 2024.
- The average sale price for a semi was $650,098. This represents a decrease of 1.2 per cent compared to October 2023 and a decrease of 0.7 per cent compared to September 2024.
On Wednesday, October 23, Cornerstone welcomed the news that the Bank of Canada cut its policy rate by 50 basis points to 3.75 per cent. This marks the fourth consecutive rate cut since June and is the most substantial decrease since March 2020. Moura commented, “The interest rate cuts are certainly beneficial for those with variable mortgages and encouraging news for homeowners facing mortgage renewals. However, I believe many prospective home buyers may continue to wait for more significant reductions before making a move, especially with the anticipated mortgage reforms that come into effect on December 15, 2024.”
There were 1,144 new listings added to the MLS® System in Waterloo Region last month, an increase of 0.3 per cent compared to October last year and a 19.9 per cent increase compared to the previous ten-year average for October.
The total number of homes available for sale in active status at the end of October was 1,711 an increase of 21.0 per cent compared to October of last year and 48.5 per cent above the previous ten-year average of 1,153 listings for October.
The total inventory across the market increased by 19.2 percent, resulting in a 3.1-month supply of all property types by the end of October. Condominium apartments had the highest inventory, with 5.5 months’ supply, followed by townhouses with 3.8 months’ supply and detached homes with 2.5 months’ supply. The number of months of inventory represents the time it would take to sell off current inventories at the current sales rate.
The average time to sell a home in October was 27 days, one day shorter than the previous month. In October 2023, it took 21 days for a home to sell, and the five-year average is 18 days.
Cornerstone emphasizes the importance of consulting a local REALTOR® when considering buying or selling property in the Waterloo Region. Their expertise can provide valuable insights into the current market conditions, enabling individuals to make well-informed decisions aligned with their goals and preferences.
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