The average home selling price in Kitchener-Waterloo fell slightly in May as listings rose and home sales slowed.
The Kitchener-Waterloo Real Estate Agents Association (KWAR) reports that 661 homes were sold through its Multiple Listing Service (MLS) system in May, 22.7% less than the same month. last year and 5.5% below the average of the previous five years.
Megan Bell, president of KWAR, said that when the Bank of Canada raised the key interest rate in April it had “the foreseeable outcome of dropping, if not out, some market buyers in May.”
“While the impact on prices is small, it has had a critical impact on some buyers and on what they can now afford,” Bell said.
(Kitchener-Waterloo Real Estate Agents Association)
The average sale price of all residential properties in the Kitchener-Waterloo area was $ 875,194 in May, 3.5% less than the $ 907,205 in April and 13.1% below the all-time high of $ 1,007,109 in February.
The average May sale price is still 18.3 percent higher than the same month last year, when the average home was $ 740,103.
Average sale prices of homes in KW, May 2022:
- Single Family Home – $ 1,016,834
- Semi-detached house – $ 708,722
- Apartment-style condo – $ 545,825
- Semi-detached house – $ 730,768
(Kitchener-Waterloo Real Estate Agents Association)