Canadian home sales fell 1.9 per cent in September compared to August, the Canadian Real Estate Association (CREA) reported Friday.
However, sales were up 1.9 per cent compared to September of 2022.
In Ontario, sales volumes fell in the Greater Toronto Area, but rose in Kitchener-Waterloo.
In Cambridge, the average price for a single detached home rose to $785,100 in September, up .6 per cent from a year ago.
The Waterloo Region Association of Realtors reported 527 homes sold through the Multiple Listing Service in September, representing an increase of 0.2 per cent compared to the previous year and a decline of 27.1 per cent compared to the previous 5-year average for the month.
“The number of homes sold last month was very close to last year’s decade-low for the month of September,” says Megan Bell, president of WRAR, in a press release on the WRAR website. “At the same time, we had a record number of new listings for the month of September.”
Total residential sales in September included 302 detached (down 4.7 per cent from September 2022), and 122 townhouses (up 25.8 per cent). Sales also included 68 condominium units (up 9.7 per cent) and 33 semi-detached homes (down 34 per cent).
In September, the average sale price for all residential properties in Waterloo Region was $757,753.
This represents a 0.7 per cent increase compared to September 2022 and a 0.3 per cent decrease compared to August 2023.
The average price of a detached home in Waterloo region was $876,590. This represents a 1.6 per cent increase from September 2022 and a decrease of 0.5 per cent compared to August 2023.
Across the province, the year over year price difference told a different story.
Home prices slipped in September – the average price of a single-family house reached $999,500, having been just over $1 million in June, July and August. Condo prices were down 0.3 per cent from September of 2022.
"What happens next will depend on interest rates,” Shaun Cathcart, CREA’s senior economist, said in a release.
“Whether that means uncertainty about the possibility of further hikes, or just the cost of borrowing money right now, neither of these will be resolved for would-be buyers anytime soon. As such, expect a quieter than normal winter with all eyes on the Bank of Canada.”
