It’s no secret that homebuyers have been hesitant this past year with the ongoing trade war between Canada and the United States.
But according to a local real estate group, price adjustments and more options are helping to sweeten the pot and get buyers back in the market.
Cornerstone Association of REALTORS® (Cornerstone) has released its monthly housing data for Waterloo Region.
“While sales volumes remained stable compared to last year, we’re seeing continued price adjustments across all property types,” said Christal Moura, spokesperson for the Waterloo Region market.
“The Bank of Canada’s decision to hold rates steady in July, combined with increased inventory and price moderation, is creating more opportunities for buyers who have been waiting to enter the market, though broader economic uncertainties surrounding the Canada-US trade war continue to impact consumer confidence.”
Around 644 homes, mostly detached homes, were sold locally in Waterloo Region this past July, similar to this time last year.
The price of those homes though dropped compared to last year.
In July, the average sale price was just over $735,000, nearly six per cent less than last month and the same period last year.
The biggest drop was in condominium prices, down 16.7 per cent compared to July last year (on average $415,559)
Broken down by property type:
- The average sale price of a detached home was $857,579
- The average sale price for a townhouse was $603,245
- The average sale price for an apartment-style condominium was $415,559
- The average sale price for a semi was $644,930
For sellers, the price drops may not come as welcome news. Cornerstone notes that the time to get that property to exchange hands also went up. Last month, it took, on average, 32 days to sell a home.
A year ago, that number was closed to 22 days.
