Prices in the region for homes decreased year-over-year, even though there were more listings available.
According to Cornerstone Association of Realtors, sales in Waterloo Region slowed in October by 6.7 per cent year-over-year. A 18.4 per cent decrease in homes sold in the past decade in the same month. This meant that a total of 569 houses were sold according to data from the Multiple Listing Service.
Despite this, there were more listings than usual, Christal Moura, spokesperson for the Cornerstone regional market, said in a press release.
“With more listings available than we typically see this time of year and borrowing costs beginning to ease, buyers have the opportunity to explore a wider range of options,” she said.
The majority of homes sold last month were detached homes, but this was a decrease from the year before, followed by townhouses and condos.
The average sale price across all housing types was $734,928, a 5.6 per cent drop compared to October 2024.
“While October home sales in Waterloo Region lag behind historical averages, activity did pick up compared to September,” Moura said.
The Bank of Canada’s key rate now stands at 2.25 per cent after a second consecutive cut.
The bank’s governor Tiff Macklem, told reporters after the announcement that monetary policy-makers feel the policy rate is at “about the right level” to keep inflation close to the bank’s two per cent target while supporting the economy through tariff disruptions — provided the economy evolves in line with its expectations.
This, Moura said of buyers in the region, could give them confidence. She said the 0.25 per cent cut “hints that rates may hold steady.”
There were 1,236 new listings added to the system in Waterloo Region last month, an increase compared to the year prior.
