Home sales declining in Waterloo Region

It’s a buyers market in Waterloo Region, but as CTV’s Karis Mapp explains, people trying to sell their homes are facing a tougher time.

People trying to sell their homes in Waterloo Region last month may have had a tougher time compared to previous years.

According to the Cornerstone Association of Realtors, 569 homes were sold in October, a decrease of 6.7 per cent compared to the same time last year and an 18.4 per cent fall from the average number of homes sold in October, over the past 10 years.

“While October home sales in Waterloo Region lag behind historical averages, activity did pick up compared to September,” Christal Moura, Waterloo Region’s spokesperson for Cornerstone Association of Realtors, said.

October’s sales included 371 detached homes, 89 townhomes, 56 condominium units and 49 semi-detached homes.

“Buyers do have a lot of choices right now,” said Shawn Ramautor, a sales representative with Royal LePage Wolle Realty.

“There’s a lot of apprehension and unwillingness to jump into the market because of what’s going on in our geopolitical climate right now.”

The average sales price for all residential properties in Waterloo Region was $734,928 – a 5.6 per cent decrease compared to October 2024. Average sales prices declined for all property types:

• Detached homes - $842,907 (4.8 per cent decrease from October 2024)
• Townhouses - $593,652 (8.2 per cent decrease from October 2024)
• Apartment-style condos - $433,746 (10.2 per cent decrease from October 2024)
• Semi-detached homes - $573,332 (11.9 per cent decrease from October 2024)

People looking to sell are facing tough decisions after many of them bought their homes while the market was hot. Now, they’re trying to profit from their investment.

“Every buyer’s thinking ‘I’m going to get a 40 to 50% discount. Every seller is saying ‘well [interest] rates have come down, that should translate into prices jumping up’,” Ramautor said.

The good news for buyers is that there are more homes on the market this year compared to October 2024. The total number of homes for sale at the end of month was 2,056, a 23.6 per cent increase from last year and a 90.2 per cent increase from the 10-year average.

It took an average of 31 days to sell a home in October, one day less than September.