Our Waterloo Region housing market was in neutral (or balanced) territory this November, something not seen in the month of November since 2014. There were 439 sales against 1383 active listings, giving us slightly more than 3 months of inventory, a factor that is definitely playing into what we are seeing with November home prices.
Volumes on the 439 properties that changed hands in November were down 20% compared to October’s 543 sales. YOY, the month was down 4% relative to the 459 sales seen last November.
The last couple of years have been slow for the month of November. 2023 volumes are down roughly 30% on the 5 and 10 year averages and 2022 volumes are down 25% by the same metrics.
November home prices were mostly flat. Detached prices were even compared to last month but up 5% relative to last November. Semis are down 6% mom and unchanged from November 2022. Towns were flat yoy and down 6% mom. Apt style condo prices were also flat yoy and down slightly by 3% mom.
I believe the trend we are seeing will continue into the colder months with weak sales volumes, and at best, flat prices. This is typical at this time of year regardless, but higher interest rates are certainly impacting the market as well. Rate increases have again been paused at the last Bank Of Canada meeting due to a slowing Canadian economy. See the full WRAR report here.