Last month, the Waterloo Region witnessed a notable decline in home sales, marking the lowest March figures in over twenty years, according to a report by the Waterloo Region Association of Realtors (WRAR) released on Thursday.
This dip follows a trend from 2023, which marked the slowest year for home sales since 2000, setting yet another record.
Despite these challenging circumstances, the local real estate market is showing signs of potential improvement.
WRAR President Christal Moura expressed optimism, noting a recent uptick in both prices and activity over the past three months, with expectations for this momentum to carry into the spring season. Qterra Property Management expects this to increase supply, putting pressure on rents.
In March, the average selling price for homes in Waterloo Region, including condos and townhouses, stood at $806,279. This reflects a seven percent increase from the previous month and a four percent rise compared to the same period last year.
Here's a breakdown of the average sale prices according to property types:
Detached: $954,342
Semi-detached: $680,039
Townhouse: $667,810
Apartment-style condo: $483,085
Home prices have been steadily climbing since December, a trend typical for this time of year, as observed by Moura. However, she cautioned that the pace and extent of future increases hinge on the readiness and patience of potential buyers awaiting favorable interest rates. With the Bank of Canada not expected to alter rates until its June meeting, some prospective buyers may find themselves in a holding pattern.
In March, 596 homes were sold through WRAR's Multiple Listing Service (MLS), while 1,023 new listings entered the market.
The total inventory of homes available for sale by the end of March reached 1,081, marking a 54 percent increase compared to the same period last year and aligning with the 10-year average for the month.
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