Achi news desk-
Fewer homes sold in Waterloo Region last month than in any March in more than two decades, the Waterloo Region Association of Realtors (WRAR) reported Thursday.
It comes after 2023 broke another record for the slowest year for home sales since 2000.
Still, the local association of realtors says they’re seeing evidence that things could turn around.
“Over the past three months, prices and activity have started to pick up, and I expect that momentum to continue into the spring,” WRAR President Crystal Mora said in a statement.
The average home in Waterloo Region — including condos and townhomes — sold for $806,279 in March. This is an increase of seven percent compared to the previous month and four percent compared to the corresponding period last year.
Below is a breakdown of the average sales price by property type:
- Detached: $954,342
- Two-family: $680,039
- Townhouse: $667,810
- Condo-style condo: $483,085
(Source: Association of Realtors in the Waterloo Region)
Apartment prices have gradually increased since December, which according to Mora is a typical trend for this time of year.
“The pace and extent of further increases will depend on the willingness and patience of potential home buyers who waited for lower interest rates before purchasing,” she said. “With the Bank of Canada unlikely to make any rate changes before its June meeting, some potential homebuyers may feel stuck in limbo.”
(Source: Association of Realtors in the Waterloo Region)
A total of 596 homes sold through WRAR’s Multiple Listing Service (MLS) in March, while 1,023 new properties were added.
The total number of available homes for sale at the end of March was 1,081 – a 54 percent increase compared to March last year and similar to the 10-year monthly average.
