In October, Waterloo Region saw a positive rise in home sales, with 604 properties sold—a 7.1% increase from last year. This growth marks a turning point in our local real estate market, giving buyers more confidence and sellers a reason to stay optimistic.
Sales Highlights:
- Detached Homes: 383 units sold (up 15.4% year-over-year)
- Townhouses: 104 units sold (down 20.0%)
- Condos: 66 units sold (up 1.5%)
- Semi-detached Homes: 49 units sold (up 53.1%)
Pricing Insights: The average sale price across all property types was $779,008, a slight increase from October 2023, showing stability in home values.
- Detached Homes: Average price of $885,587 (down 0.6% year-over-year)
- Townhouses: Average price of $643,382 (up 7.8% from September)
- Condos: Average price of $484,429 (up 1.8% year-over-year)
- Semi-detached Homes: Average price of $650,098
Market Shifts and New Opportunities: The recent 50 basis-point rate cut by the Bank of Canada to 3.75% is great news for both buyers and homeowners renewing mortgages. With anticipated mortgage reforms in December, this is an ideal time to explore home ownership or invest in the market.
Inventory and Timing: October saw 1,144 new listings, increasing 0.3% from last year and exceeding the 10-year average. Active listings rose by 21%, creating a 3.1-month inventory, giving buyers a wider selection to consider while homes spent an average of 27 days on the market.
Why Work with Chestnut Park West? With market expertise and tailored strategies, Chestnut Park West REALTORS® can help you navigate these favourable conditions to find your perfect home or get the best value for your property. Contact one of our knowledgeable Realtors for information.
The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information is not guaranteed. In providing this information, Chestnut Park Realty Southwestern Ontario does not assume any responsibility or liability.
