Home sale trends in Waterloo region [Video]

Home sales in Waterloo region have slowed to nearly half of where they were a year ago.

The Waterloo Region Association of Realtors (WRAR) says 439 homes were sold last month, compared to 798 during February of 2022. Across the last five years, the number of homes sold in February 2022 is 31.5 per cent below average.

“Increased borrowing costs, coupled with a shortage of housing supply and strong demand, have put a strain on prospective buyers as affordability continues to be a top concern; however, home prices have remained stable for the past several months,” says Megan Bell, the president of WRAR in a media release.

The average sale price for all residential properties in Waterloo region last month was $758,698, down a quarter from the same month last year when it topped $1 million for a the first time.

“Limited supply and the small number of listings coming to the market continues …