HOME SALES REMAIN STEADY IN NOVEMBER

KITCHENER-WATERLOO, ON (December 4, 2015) –– Homes sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in November were up 9.8% compared to November of last year.

A total of 413 residential properties sold last month compared to 376 in November 2014. Residential sales in November included 254 single detached homes (up 10.0% from last November), 22 semi-detached (down 31.2%), 33 townhomes (down 15.4%) and 99 condominium units (up 37.5%).

“2015 is just about wrapping up and we’ve had an incredible year for home sales in the Region,” says Charlotte Zawada, newly elected President of KWAR. “With the CMHC forecasting steady mortgage rates and stronger employment in the Region into 2016 we look forward to continued demand for housing in Waterloo Region.” Single detached homes in November sold for an average price of $412,581 an increase of 8.2% compared to last year. The average sale price for a condominium was $225,341, an increase of 7.3%, while townhomes and semis sold for an average of $313,015 (up 13.8%) and $257,955 (down 1.9%) respectively. The average sale price of all residential sales through the KWAR’s MLS® System increased 6.7% to $350,703 compared to November 2014.

“Waterloo Region remains an affordable place to buy a home in comparison to our neighbours in the GTA” says President Zawada, “REATLORS® in this Region advocated passionately on behalf of homeowners to bring a stop to the proposed Municipal Land Transfer Tax (MLTT) in order to keep the dream of homeownership affordable for everyone in the Region. We were very pleased that the Minister of Municipal Affairs and Housing confirmed earlier this week that the government will not give municipalities the ability to charge a MLTT.”

The KWAR cautions that average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a local REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.

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