October Real Estate Update for Waterloo Region
In October, the Waterloo Region real estate market saw some exciting changes! A total of 604 homes were sold, which is 7.1% more than in October last year. This shows that more people are buying homes, which is great news for the area.
What Happened in October?
- More Homes Sold
- For the first time since May, home sales went up, which means more people are feeling good about buying houses.
- Detached homes sold really well, with 383 of them sold (15.4% more than last year). Semi-detached homes also went up by 53.1%.
- Average Home Prices
- The average sale price for all types of homes was $779,008, which is a small increase from last year.
- The average price for a detached home was $885,587, and townhouses went up to $643,382. Apartment-style condos and semi-detached homes had average prices of $484,429 and $650,098.
- Interest Rate Cuts to Help Buyers
- On October 23, the Bank of Canada reduced interest rates, making it a bit easier and cheaper for people to get mortgages.
- Although the rates are lower now, some people might still wait until December for more changes to mortgage rules.
- More Homes Available for Sale
- In October, there were 1,711 active listings (homes for sale), which is a 21% increase from last year. There’s more choice for buyers now than we’ve seen in recent years.
- Currently, the area has a 3.1-month supply of homes, which means it would take about three months to sell all available homes at the current rate.
- How Long Homes Stay on the Market
- Homes took 27 days on average to sell in October, which is slightly faster than in September.
What This Means for Buyers and Sellers
With more homes for sale, lower interest rates, and stable prices, this is a good time for people looking to buy or sell:
- First-Time Buyers have more choices and better interest rates, which can make it easier to buy a home.
- Upsizers (people looking to buy bigger homes) can also feel confident about moving, as prices are steady and they can take advantage of lower mortgage rates.
- Sellers can feel good about the market since homes are selling quickly, especially when priced well.
Need Help? Talk to a REALTOR®!
With all the changes, having a local REALTOR® on your side can help you make the best choices. They know the area well and can guide you on what’s happening in the market. If you’re thinking about buying or selling, reach out today to get started!
