In October 2024, 604 homes were sold in Waterloo Region, marking a 7.1% increase from October 2023 but a 14.2% decrease from the ten-year average. According to Christal Moura of the Cornerstone Association of REALTORS®, this rise in sales suggests a shift toward a balanced market and renewed buyer confidence.
Residential sales included:
- Detached homes: 383 units sold, up 15.4% from last year
- Townhouses: 104 units sold, down 20.0%
- Condominiums: 66 units sold, up 1.5%
- Semi-detached homes: 49 units sold, up 53.1%
Average sale prices:
- All properties: $779,008, up 1.4% from October 2023 and down 1.4% from September 2024
- Detached homes: $885,587, down 0.6% year-over-year
- Townhouses: $643,382, up 7.8% from September 2024
- Condos: $484,429, up 1.8% year-over-year
- Semi-detached homes: $650,098, down 1.2% year-over-year
Average Sale Price – Monthly
CORNERSTONE cautions that average sale price information can help establish long–term trends but does not indicate specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.
MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | ||||
Benchmark Type: | October 2024 | Monthly % Change | Yr./Yr. % Change | October 2024 | Monthly % Change | Yr./Yr. % Change |
Composite | $713,800 | -2.1 | -2.5 | $738,400 | -0.5 | -1.8 |
Single Family | $821,900 | -2.7 | -1.1 | $775,900 | -0.2 | -0.6 |
Townhouse | $594,500 | -1.4 | -5.8 | $628,500 | -2.0 | -5.9 |
Apartment | $439,500 | 0.9 | -5.7 | $480,400 | -0.2 | -4.3 |
On October 23, the Bank of Canada reduced its policy rate by 50 basis points to 3.75%, marking the fourth cut since June and the largest since March 2020. Christal Moura from Cornerstone noted that while this cut benefits those with variable mortgages, some buyers may still wait for further reductions, especially with upcoming mortgage reforms on December 15, 2024.
Key October statistics for Waterloo Region’s real estate market include:
- New listings: 1,144, a slight increase of 0.3% from last year and 19.9% above the ten-year average.
- Active listings: 1,711, up 21.0% from last year and 48.5% above the ten-year average.
- Total inventory: Increased by 19.2%, reaching a 3.1-month supply for all property types.
- Condo supply: 5.5 months
- Townhouse supply: 3.8 months
- Detached homes supply: 2.5 months
- Average days on market: 27 days, slightly shorter than last month but longer than the five-year October average of 18 days.
Cornerstone advises consulting a local REALTOR® to gain insights and make informed real estate decisions in the Waterloo Region.
ABOUT CORNERSTONE
Cornerstone Association of REALTORS® (Cornerstone) is a brand-new, novel association formed on July 1, 2024. Representing REALTORS® serving in the markets of Mississauga, Burlington, Hamilton, Waterloo Region, Niagara North, Haldimand County, Norfolk County and surrounding areas, it will become Ontario’s second-largest real estate board comprised of nearly 9,000 REALTORS®.
Established to better serve and represent REALTORS®, its vision is to establish a new, more influential, capable, and member-centric organization designed to meet the evolving needs of REALTORS® and help them thrive in the marketplace.
Cornerstone stands for transparency, honesty, and integrity. By taking a proactive stance toward the future and not being afraid to question some of the long-standing assumptions, Cornerstone offers a unique value proposition, paving the way for members’ brighter future.
We are Cornerstone. REALTORS® Together, Stronger Together.
More information at www.cornerstone.inc
Original Report: https://wrar.ca/home-sales-in-the-waterloo-region-increased-in-october/
