DETACHED HOME AVERAGE PRICES EXCEED 1 MILLION DOLLARS
MORE HOMES SOLD YEAR OVER YEAR BUT STILL 12.3% DOWN COMPARED TO 5 YEAR AVERGAGE
“The real estate market in Waterloo Region showed signs of a rebound in June, with monthly sales increasing on a year-over-year basis for the first time this year,” says Megan Bell, president of WRAR. “The total number of home sales are down nearly 25 per cent for the first half of 2023 compared to last year but have been steadily climbing since January.”
“In June we saw robust demand for detached properties, driving a significant 10.5 per cent increase in the average sale price of a detached home,” says Bell. “While the central bank raised its benchmark interest rate to 4.75 per cent near the beginning of the month, demand remains strong. Buyers and sellers can expect a competitive market as the number of homes for sale continues to be well below the long-term average,” says Bell.
Bank of Canada will be releasing their Monetary Policy Report on July 12th along with an interest rate announcement. If you are in the market for a home and haven’t already it would be a good time to talk to your lender and lock in the interest rate from June 7th. Preapprovals are good normally for 90-120 days and if the rate drops you can always go back and get new rate.
The average detached home price for all of Ontario sits at $820,761 for June 2023. Waterloo Region continues to out perform with an average sale price for detached homes of $1,005,519 which correlates to December 2021 before the all time high of $1,209,493 in February 2022. Waterloo region is still a hot market. We are approaching 1.8 months of inventory over the last 5 years the we saw a maximum of of 2.1 months supply. While that still remains a sellers market there are more choices and flexibility in the market right now then we have seen in a long time. Waterloo Region hasn’t seen a balanced market since September 2012 at 4.9 months balanced market is considered to be 6 months inventory.