Kitchener/Waterloo Market Update For August 2023
The Kitchener/Waterloo market continued to cool in August. Although 4% more homes sold than in July, the average sales price dropped by 8%, and we saw the number of listings that went to multiple offers decrease by 6%. We should see an uptick in sales and prices in September/October.
The good news is that the BOC paused interest rates on September 6, as the economy has slowed significantly faster than anticipated. Although they left the door open for another hike, it is widely believed that they will pause rates for the remainder of the year. Many analysts predict that we could see a rate decrease as early as 1st quarter of 2024. This is all good news to homeowners and buyers.
This market is a great opportunity for someone looking to buy a home or an investment property. Prices are lower, and locking into a shorter-term mortgage will mean you can take advantage of lower interest rates in the future. Once interest rates go down, we will likely see the pricing on houses heat up again.
I am Brad Wylde with GoWylde Real Estate, a group of professionals passionate about helping people grow their wealth through real estate.