“The Waterloo Region market has been moving towards more of a balanced market throughout the latter part of the year, and November followed that trend,” says Megan Bell, President of WRAR. “We have a long way to go before the pendulum swings into it being a buyer’s market. However, if the Bank of Canada yet again raises its key interest rate on December 7, it is likely to result in fewer buyers competing for more inventory.”
There were 752 new listings added to the MLS® System in the Waterloo Region last month, a decrease of 6.6 per cent compared to November of last year and a 1.3 per cent increase compared to the previous ten-year average for November. The total number of homes available for sale in active status at the end of November was 860, an increase of 209.4 per cent compared to November of last year and 29.9 per cent below the previous ten-year average of 1227 listings for November. The number of months of inventory is up 333.3 per cent compared to November of last year, but still historically low at 1.3 months. Between 2009 and 2015, November’s average months of inventory was 3.2 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate. Still in a sellers market according to these stats. The average number of days to sell in November was 21, compared to 10 days in November 2021. The previous 5-year average is 21 days. Affordability combined with ongoing supply constraints, are making it difficult for buyers to navigate the continuously changing market, while sellers are also having to adjust with the evolving prices.
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