Home Sales Picked up in October but Still Subdued

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Surge of New Listings in September Against Low Number of Sales

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Waterloo Region Real Estate Market Shows Resilience With Increase in Home Sales and Average Prices

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Waterloo Region Buyer and Listing Activity Ramps Up In May

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Home Prices Inch Up in March as We Enter the Spring Market

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WATERLOO REGION, ON (April 5, 2023) — Sales volume through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR) set another low last month, with 611 homes sold in March, representing a decrease of 38.4 per cent compared to March 2022 and 33.6 per cent below the previous 5-year average for the month.

Waterloo Region Home Prices Continue to Cool in November

“Home sales continued to decrease in November, as they traditionally do at this time of year,” “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.”

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RECORD NUMBER OF HOME SALES IN FEBRUARY

KITCHENER-WATERLOO, ON (Mar 4, 2021) ––There were 597 residential homes sold through the Multiple Listing Service® (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in February, an increase of 27.8 per cent compared to February 2020, and an increase of 66.7 per cent compared to the previous month. The previous 10-year average number of residential sales for February is 407.

“Competition for homes continued to be extremely intense in February, leading to a record-breaking number of home sales for the month,” says Nicole Pohl, President of KWAR.

Total residential sales in February included 337 detached (up 23.9 per cent from February 2020), and 101 condominium units (up 57.8 per cent). Sales also included 47 semi-detached homes (up 46.9 per cent) and 112 townhouses (up 13.1 per cent).

In February, the average sale price of all residential properties sold in 2021 increased by 32.1 per cent to $752,289 compared to the same month last year. Meanwhile the average price of a detached home hit yet another new milestone by exceeding 900-thousand-dollars for the first time, coming in at $910,126 an increase of 35.4 per cent. During this same period, the average sale price for an apartment-style condominium was $415,322 for an increase of 11.9 per cent. Townhomes and semis sold for an average of $609,566 (up 37.5 per cent) and $684,787 (up 41.1 per cent) respectively.

“We continued to see dramatic increases in the average price in February due to the persistent and fierce competition for homes in our region combined with short supply,” says Pohl.

The president of KWAR notes that buyers are very frustrated competing in this hyperactive market. The low inventory and mortgage rates are resulting in multiple offers, higher prices and creating a fear they are missing out on the chance to become homeowners in this unprecedented market.

“The rise in the average price we’ve been tracking the past several months has included some exceptional sale prices. That’s why this month and going forward we will also be including the MLS® HPI to provide a clearer picture of our local housing market trends.”

The MLS® HPI is a sophisticated statistical model and more stable price indicator than average or median price measures because it considers how the features of a home affects its price – such as age, number of bedrooms, and number of bathrooms.

The MLS® Home Price Index composite benchmark price for all residential properties in Kitchener-Waterloo was $709,600 in February. This represents a 27.9 per cent increase over February 2020 and a 5.6 per cent increase compared to January 2021.

The benchmark price for a detached home was $788,500. This represents a 28.8 per cent increase from February 2020 and 6.1 per cent increase compared to January 2021.

The benchmark price for an apartment-style condominium was $341,200. This represents a 13.9 per cent increase from February 2020 and a 0.1 per cent increase compared to January 2021.

The benchmark price for a townhouse is $526,700. This represents a 33.1per cent increase from February 2020 and a 6 per cent increase compared to January 2021.

There were 737 new listings added to the MLS® System in KW and area last month, an increase of 21 per cent compared to February of last year, and a 15.7 per cent increase compared to the previous ten-year average for February.

The total number of homes available for sale in active status at the end of February was 295, a decrease of 33.6 per cent compared to February of last year, and 73 per cent below the previous ten-year average of 1,096 listings for February.

The number of months of inventory in Waterloo region was 0.5 in February and has numbered less than 1 month since October. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in February was 10 days, compared to 17 days in February 2020 and a previous 5-year average of 33 days.

The MLS® HPI provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next. View our HPI tool here to learn more: https://kwar.ca/hpi-dashboard

Those requiring specific information on property values should contact a local REALTOR®. Working with a Realtor is the best way to get a complete picture of the property and community you are considering. View KWAR – CREA Residential Market Activity and MLS HPI Report

Historical Sales By Property Type

Months Supply of Homes for Sale 

Historical Median Sales Price – By Property Type 

Historical Average Sales Price – By Property Type

Average Days on Market

KW Housing Market Remains in High Demand

KITCHENER-WATERLOO, ON (Jan 7, 2021) ––There were 6,492 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in 2020, an increase of 9 per cent compared to 2019. Compared to previous years, 2020’s annual sales were 5 per cent above the previous 5-year average, and 11.6 per cent above the previous 10-year average.

On a monthly basis, there were 42 per cent more home sales compared to last year, with 351 home sales in the month of December.

“December’s home sales were the highest on record for the month,” says Nicole Pohl, President of KWAR.  “This marks the sixth consecutive month of record home sales in Kitchener-Waterloo and helps propel 2020’s annual number of transactions over the 6,000-unit threshold for only the third time in our history.”

Total residential sales in December included 204 detached (up 46.7 per cent), and 63 condominium units (up 34 per cent) which includes any property regardless of style (i.e., semis, townhomes, apartment, detached etc.). Sales also included 20 semi-detached homes (down 9.1 per cent) and 64 freehold townhouses (up 68.4 per cent).

For 2020, total residential sales included 3,899 detached (up 8.1 per cent), and 804 condominium units (up 18.9 per cent) which includes any property regardless of style (i.e., semis, townhomes, apartment, detached etc.). Sales also included 450 semi-detached homes (up 6.8 per cent) and 1,346 freehold townhouses (up 7 per cent).

In December, the average sale price of all residential properties sold in 2020 increased by 14.4 per cent to $634,545 compared to 2019. Detached homes sold for an average price of $755,618 an increase of 11.9 per cent compared to 2019. During this same period, the average sale price for an apartment-style condominium was $383,196 for an increase of 5.4 per cent. Townhomes and semis sold for an average of $514,760 (up 27.7 per cent) and $574,659 (up 20.2 per cent) respectively.

On a year-to-date basis, the average sale price of all residential properties sold in 2020 increased by 16.1 per cent to $612,521 compared to 2019. Detached homes sold for an average price of $719,203 an increase of 16.9 per cent compared to 2019. During this same period, the average sale price for an apartment-style condominium was $391,698 for an increase of 13.7 per cent. Townhomes and semis sold for an average of $468,891 (up 14.6 per cent) and $520,753 (up 18.3 per cent) respectively.

The median price of all residential properties sold last year increased 17.3 per cent to $575,000 and the median price of a detached home during the same period increased 15.7 per cent to $660,000.

“Even well before the pandemic we had noted a trend of consumers migrating out of the GTA to our region,” says Pohl. “As the pandemic heated up it only fueled this fire more as the very concept of what home means was shifting. With more people working from home, some permanently, space has become a greater concern than ever before. When you combine this with all the other great attributes of our region, it is no surprise this occurred.”

Like many other parts of Ontario, low inventory has become a defining factor of Waterloo Region’s housing market and the new normal. The number of months of inventory remained at just 1 month or less throughout most of 2020.

For historical context, the number of months inventory in Kitchener-Waterloo between 2011 and 2015 averaged 4. Between 2016 and 2020 it was a monthly average of 1.5 months. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in 2020 was 16 days, compared to 23 days in 2019 and a previous 5-year average of 27 days.

Dollar volume of all residential real estate sold last year increased 26.5 per cent to $3.9 billion compared with 2019.

While the majority of residential MLS® System activity is properties for sale, REALTORS® are increasingly representing landlords and tenants. Last year 848 residential leases occurred through KWAR’s MLS® System, which is an increase of 13.9 per cent compared to last year.

“Looking to the year ahead, we should expect more of the same” predicts Pohl. “Real estate continues to be one of the shining lights supporting the Ontario economy, so we do not expect to see any significant efforts to try to cool the market. Buyers should continue to expect stiff competition in Waterloo Region, and for sellers, there will continue to be a strong interest for all properties entering the market. Active markets are difficult markets, but the only way for a seller to ensure they are getting the full market value of their home is through the level playing field of the KWAR MLS® System. For buyers, they should ensure they are working with a local REALTOR® to assist with the speed and challenges of this market”

KWAR cautions that average sale price information can be useful in establishing long term trends but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Months Supply is the inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months Those requiring specific information on property values should contact a local REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.

KITCHENER-WATERLOO, ON (December 3, 2020) ––There were 575 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in November, marking another record-breaking month of homes sold in the Kitchener-Waterloo area. November’s home sales represented an increase of 35 per cent compared to the same month last year, and a decrease of 17 per cent compared to the previous month. The previous ten-year average number of residential sales for November is 433.

November is the fifth consecutive month of record home sales in the Kitchener-Waterloo area.

“We are now well beyond any pent-up demand from the first lockdown,” said Nicole Pohl, President of KWAR. “Now we’re simply dealing with straight-up demand for our community as an attractive place to put down roots, and the current COVID-19 pandemic is only further fuelling the already hot market and elevating Waterloo region as a desirable place to own a home.”

Total residential sales in November included 341 detached homes (up 28.6 per cent from November 2019), and 82 condominium apartments (up 60.7 per cent). Sales also included 112 townhouses (up 53.4 per cent) and 40 semi-detached homes (up 5.2 per cent).

The average sale price of all residential properties sold in November increased 13 per cent to $637,336 compared to the same month last year, while detached homes sold for an average price of $753,641 an increase of 14.4 per cent. During this same period, the average sale price for an apartment-style condominium was $400,882 for an increase of 12 per cent. Townhomes and semis sold for an average of $482,901 (up 8.6 per cent) and $562,988 (up 30.4 per cent) respectively.

The median price of all residential properties sold in November increased 16.5 per cent to $600,000 and the median price of a detached home during the same period increased 15 per cent to $685,000.

“Prices continued to climb in November as buyers across all price points compete for listings as soon as they come on the market,” said Pohl. “The number of available properties going up for sale simply can’t keep up to the number of people wanting to purchase them.”

There were 584 new listings added to the MLS® System in KW and area last month, an increase of 34.8 per cent compared to November of last year, and 13 per cent more than the previous ten-year average for November.

The number of Months of Supply (also known as absorption rate) continues to be very low at just 1 month for the month of November. The previous ten-year average supply of homes for November was 3 months, and in the past 5 years, the average supply for November was 1.8 months.

KWAR’s president says the sales-price-to-list-price ratio for all residential properties sold in November was 107.9 per cent. “The only other time I’ve seen the sale to list ratio this high was in May of 2017 when it hit 108.6 per cent,” says Pohl.  For comparison, in 2019, the monthly close price to list price ratio was at or near 100 per cent from January through to December. Since August it has been over 105 per cent.

With competition this fierce, Pohl says working with a local REALTOR® has never been more important.

The average number of days to sell in November was 14 days, compared to 28 days in November 2019.

KWAR cautions that average sale price information can be useful in establishing long term trends but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Months Supply is the inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months Those requiring specific information on property values should contact a local REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you are considering.

KITCHENER-WATERLOO, ON (November 4, 2020) ––There were 691 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in October, the most ever recorded for the month. October’s home sales represented an increase of 28 per cent compared to the same month last year, and a decrease of 9.6 per cent compared to the previous month. The previous ten-year average number of residential sales for October is 471.

“This is the fourth month in a row we have set a monthly record number of home sales,” said Colleen Koehler, President of KWAR. “Demand for homes in October continued to strongly outpace supply in Kitchener-Waterloo and area.”

Total residential sales in October included 417 detached homes (up 25.6 per cent from October 2019), and 94 condominium apartments (up 34 per cent). Sales also included 134 townhouses (up 26.4 per cent) and 46 semi-detached homes (up 48.3 per cent).

The average sale price of all residential properties sold in October increased 19.4 per cent to $635,301 compared to the same month last year, while detached homes sold for an average price of $742,596 an increase of 21.7 per cent. During this same period, the average sale price for an apartment-style condominium was $395,627 for an increase of 14.8 per cent. Townhomes and semis sold for an average of $499,641 (up 15.6 per cent) and $539,434 (up 16.6 per cent) respectively.

The median price of all residential properties sold in October increased 19.2 per cent to $595,000 and the median price of a detached home during the same period increased 20.5 per cent to $686,000.

“Consumers buying/selling real estate continues to be one of the few shining lights to help Ontario’s economy recover from the pandemic,” said Koehler. “We’re continuing to see more buyers than sellers, including additional buyers migrating here from out of the region looking for the quality of life this region offers.”

There were 783 new listings added to the MLS® System in KW and area last month, an increase of 16 per cent compared to October of last year, and 11.5 per cent more than the previous ten-year average for October.

The number of Months Supply (also known as absorption rate) continues to be very low at just 1 month for the month of October. The previous ten-year average supply of homes for October was 3.2 months, and in the past 5 years, the average supply for October was 1.8 months.

KWAR’s president says the market we have been experiencing is extraordinary. “While our association does not track where buyers are coming through the MLS® System, I can say unequivocally we are seeing strong demand from GTA buyers. What people want and need in a home, and where they want to be located has been redefined in a very short period. Waterloo region is quite rightly, a highly desirable place to own a home.”

The average days to sell in October was 13 days, compared to 23 days in October 2019.

KWAR cautions that average sale price information can be useful in establishing long term trends but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Months Supply is the inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months Those requiring specific information on property values should contact a local REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you are considering.