Kitchener-Waterloo home prices dip slightly in July but still remain near peak

Property prices fell slightly in the region in July but still remain near the high-water mark, according to the Kitchener-Waterloo Association of Realtors.

Last month, the cost of buying a home averaged $ 755,681, down 0.6 percent from the previous month when brokers said the average was $ 759,115.

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This is also the third time in the last four months that the average price has fallen, but it is still hovering around the high of $ 765,393 recorded in March.

The average price for a single family home remains sky high when it checked in at $ 907,192 last month.

A total of 611 homes changed hands in July, which is above the norm but 17 percent less than 12 months earlier when the area weathered the first wave of the COVID-19 pandemic.

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“Although home sales slowed somewhat in July compared to June, overall demand remains very strong,” said KWAR President Nicole Pohl.

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“The current inventory of homes for sale in the Kitchener-Waterloo area is extremely low, making the Waterloo area one of the most competitive markets in Ontario.”

According to KWAR, 675 houses in the region were listed on MLS in July, 24 percent fewer than in July 2020.

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Pohl assumes that the real estate market will start rolling again at the end of the autumn season.

“The housing market took a little breather last month,” said Pohl.

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“July is usually a quieter month with families on vacation, and with the region coming out of lockdown, there have certainly been more stays. But we assume that the market will pick up speed again and that it will be another busy autumn. “

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