January 2023 home prices and sales volumes are both substantially lower than this time last year in Waterloo Region. This is not a local phenomenon. TRREB figures are lower as well. The impact of higher interest rates is being felt across the country. Below is brief excerpt from my local board. For more market info see drewathome.com/category/real-estate-market/
WATERLOO REGION, ON (February 3, 2023) —The number of homes sold last month through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR) totalled 297 units, a decrease of 41.9 per cent compared to January 2022 and 31.0 per cent below the previous 5-year average for the month.
“Waterloo Region’s home sales in January were at their second lowest of any single month in well over a decade,” says Megan Bell, president of WRAR. “Home sales tend to be sluggish in January, and while we expected activity to ease to reflect economic challenges, this was a larger drop than originally anticipated.”
Total residential sales in January included 176 detached (down 38.5 per cent from January 2022), and 61 townhouses (down 44.5 per cent). Sales also included 43 condominium units (down 48.2 per cent) and 17 semi-detached homes (down 46.9 per cent).
In January, the average sale price for all residential properties in Waterloo Region was $764,063. This represents a 20.1 per cent decrease compared to January 2022 and a 5.9 per cent increase compared to December 2022.