The average sale price of all types of residential properties in the Waterloo area continues to decline. The newly formed Waterloo Area Realtors Association (WRAR) says the median price for all property types in July was $752,301.
This is a 4.9 percent decrease compared to June 2022, and a 1.2 percent decrease from prices in July 2021.
“Following the July rate hike, home sales in the Waterloo area continued to slow,” WRAR President Megan Bell says in a media statement. “We are seeing a clear shift in the market and what people can afford or are willing to pay. On the bright side for buyers, the market for extreme sellers is not what it used to be.”
This is the fifth consecutive month that the median sale price of a home in Kitchener-Waterloo has fallen.
- In July, the median sale price for all residential properties in the Waterloo area was $752,301. This represents a 1.2 percent decrease compared to July 2021 and a 4.9 percent decrease compared to June 2022, according to a WRAR report.
- The median price for a detached home was $842,241, which is a 7.0 percent decrease from June 2022 and a 6.0 percent decrease from July 2021.
- The median cottage price is $642,750, which is a 3.3 percent decrease from June 2022, but a 3.6 percent increase from July 2021.
- The median sale price for condo-style condominiums was $521,731. This represents an increase of 4.1 percent compared to June 2022 and an increase of 20.4 percent from July 2021.
- The median half-price selling price was $661,087. A decrease of 5.4 percent compared to June 2022, but an increase of 1 percent compared to July 2021.
Real estate sales in the Waterloo area have also seen a significant decline in some types of real estate.
Semi-detached homes were in the lead with their sales down 41 percent and only 36 sold, followed by a 39.3 percent drop in condominiums with 65 units sold. Townhouse sales fell 32.9 percent with 112 sales. Detached home sales fell 30.4 percent with 337 sales.
In total, 550 residential homes were sold through WRAW’s multiple listing service system.
Merger of local realtor associations
WRAR is a merger of the Cambridge Association of Realtors (CAOR) and the Kitchener-Waterloo Association of Realtors (KWAR). The groups announced their merger on Wednesday.
The combination of the two Cambridge housing prices will now be included in average monthly sales and property prices. Prior to that, KWAR only included home sales and prices in Kitchener and Waterloo.
Bill Duchy, who has served as Executive Director of KWAR since 2008, is the CEO of the new regional association.
“Combining these two bonds together makes sense,” Duce says in a media statement. “As one council, we can better meet the needs of our brokers’ members and stakeholders and give a voice to the region’s real estate market.”
The WRAR Board of Directors appointed Megan Bell as president, Crystal Mora as president-elect, and Val Brooks as direct former president as officers of the new entity.