HOME SALES IN JANUARY EXCEPTIONALLY LOW
AVERAGE SALE PRICE INCREASE ACROSS ALL PROPERTY TYPES IN JANUARY
“Waterloo Region’s home sales in January were at their second lowest of any single month in well over a decade,” says Megan Bell, president of WRAR. “Home sales tend to be sluggish in January, and while we expected activity to ease to reflect economic challenges, this was a larger drop than originally anticipated.”
“On a monthly basis, we saw the average sale price increase across all property types in January,” says Bell. “I’m also noticing more multiple offers happening, especially on detached homes that are priced under eight hundred thousand dollars.”
Meanwhile, the Bank of Canada again increased interest rates at the end of January by 25 basis points to 4.5 per cent. “While not a huge increase, the continuance of interest rate hikes is an ongoing factor in the reduction of home sales within the market,” says Bell.
WRAR’s president says, “The demographic of buyers is also shifting as we observe fewer buyers coming from the GTA into the region. While there are still some, it is nowhere like it was last January. These and other shifting influences mean it has never been more important for buyers and sellers to work with a local REALTOR® to help provide expertise during the homebuying and selling process.”