FEWER HOME SALES IN DECEMBER
TOTAL OF 7,770 HOMES SOLD BY REALTORS IN WATERLOO REGION IN 2022 DOWN 24.8%
“The number of homes sold in December was lower than any single month in well over a decade, marking an end to a turbulent year for home sales in Waterloo Region,” says Megan Bell, President of WRAR.
“After home prices crossed the million-dollar threshold in February of 2022, we close out the year with average and benchmark prices back to where they were prior to them surging in early 2021,” says Bell. “It’s clear that the decline in sale prices has been a direct response to the successive interest rate hikes by the Bank of Canada throughout the past several months, however, with interest rates predicted to stabilize, we should see a steadier market in 2023.”
In 2022 a record 13,471 new listings were added to WRAR’s MLS® System, an increase of 9.5 per cent compared to 2021, and a 12.2 per cent increase compared to the previous ten-year annual average. Only 57.68% of homes listed ended in a successful sale.
The number of months of inventory is up 350.0 per cent compared to December of last year, but still historically low at 0.9 months. Between 2009 and 2015, December’s average months of inventory was 2.3 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.
WRAR’s president also points out that Waterloo Region remains one of the tightest real estate markets in Canada as measured by months of housing supply. “By no means is Waterloo Region a buyer’s market,” says Bell. “Our community is in high demand as a sought-after place to live in. And throughout most of 2022, we were working with less than one and a half months of supply of inventory. Combined with rising interest rates, it is still a challenging market for buyers.”
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