“Home buyers had the advantage of strong listing activity in August, which helped to provide a little more choice and temper prices,” says Bell. “But affordability remains a top concern for many who are looking to get into the market and finding it a challenge to resolve what they want with what they can afford.”

WRAR’s president points out that while market-wide, inventory levels were up 7.6 per cent in August, this was mainly due to the Townhouse/Condo segment, where inventory increased by 35.3 per cent. The property type with the most supply in the market is the condo segment with 3.3 months supply, compared to 1.8 months supply in the detached home category.

“Right now, buyers may find it easier to get into a condominium, which can be a great choice for both first time buyers, and anyone looking for a lifestyle change.”

There were 1,025 new listings added to the MLS® System in Waterloo Region last month, an increase of 9.7 per cent compared to August of last year and a 11.7 per cent increase compared to the previous ten-year average for August.

The total number of homes available for sale in active status at the end of August was 1,094, an increase of 7.6 per cent compared to August of last year and 14.9 per cent below the previous ten-year average of 1431 listings for August.

There were 2.0 months of inventory at the end of August, unchanged from the end of July and in line with the previous 10-year average. 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 August was 19, compared to 23 days in August 2022. The previous 5-year average is 21 days.

View our HPI tool here to learn more: https://wrar.ca/hpi/