Condo Prices Cool in November here in Waterloo Region

I hope you and your family are starting to enjoy the holiday season. It’s wonderful that everyone can get together again and make new memories. Let’s hope that the snow stays away just a little longer but arrives just in time for Christmas!

The latest housing stats are out for Waterloo Region,  lets take a look at what the numbers have to say…

There were 453 homes sold in November, a decrease of 43.7 per cent compared to November 2021 and 34.2 per cent below the previous 5-year average for the month.

Total residential sales in November included 280 detached (down 38.3 per cent from November 2021), and 78 townhouses (down 57.1 per cent). Sales also included 58 condominium units (down 49.6 per cent) and 37 semi-detached homes (down 28.8 per cent).

As they traditionally do at this time of year, home sales have decreased, at the same time, we know ever-increasing homeownership costs are contributing to the decline and putting downward pressure on sales prices which have plateaued since July.

In November, the average sale price for all residential properties in Waterloo Region was $736,024. This represents a 10.4 per cent decrease compared to November 2021 and a 3.6 per cent decrease compared to October 2022.

• The average price of a detached home was $838,609. This represents a 13.1 per cent decrease from November 2021 and a decrease of 3.5 per cent compared to October 2022.
• The average sale price for a townhouse was $618,669. This represents a 12.3 per cent decrease from November 2021 and a decrease of 2.6 per cent compared to October 2022.
• The average sale price for an apartment-style condominium was $458,384. This represents a decrease of 7.5 per cent from November 2021 and a decrease of 6.2 per cent compared to October 2022.
• The average sale price for a semi was $642,328. This represents a decrease of 9.4 per cent compared to November 2021 and an increase of 3.2 per cent compared to October 2022.

MLS® Home Price Index Benchmark Price
	Kitchener-Waterloo	Cambridge
Benchmark Type:	November 2022	Monthly % Change	Yr./Yr. % Change	November 2022	Monthly % Change	Yr./Yr. % Change
Composite	$711,200	-1.7	-12.8	$744,200	1.8	-10.6
Detached	$791,000	-2.1	-14.8	$770,600	2.5	-12.0
Townhouse	$602,200	-0.2	-7.0	$652,000	-1.7	-2.0
Apartment	$492,600	-0.4	8.0	$504,100	-3.1	3.7

The Waterloo Region market has been moving towards more of a balanced market throughout the latter part of the year, and November has followed that trend. We have a long way to go before the pendulum swings into it being a buyer’s market. However, if the Bank of Canada yet again raises its key interest rate on December 7, it is likely to result in fewer buyers competing for more inventory.

There were 752 new listings added last month, a decrease of 6.6 per cent compared to November of last year and a 1.3 per cent increase compared to the previous ten-year average for November.

The total number of homes available for sale in active status at the end of November was 860, an increase of 209.4 per cent compared to November of last year and 29.9 per cent below the previous ten-year average of 1227 listings for November.

The number of months of inventory is up 333.3 per cent compared to November of last year, but still historically low at 1.3 months. Between 2009 and 2015, November’s average months of inventory was 3.2 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.  

The average number of days to sell in November was 21, compared to 10 days in November 2021. The previous 5-year average is 21 days. 

Average Sales Price – Municipality

Average Sales Price – Township

Monthly Sales By Property Type

Monthly Supply of Homes for Sale

Monthly Median Sales Price – By Property Type

Monthly Average Sales Price – By Property Type

Monthly Average Days on Market

If you are thinking of buying or selling in the next few months or into to spring of 2023,  wondering what the neighbor’s place sold for, or have any questions at all, give me a call, text at 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com

Enjoy a wonderful holiday season with your family and friends!

Kevin