Below you will find a Kitchener/Waterloo Market Update For December 2022, which will provide you with information on the local real estate market and recent sales activity in your specific area. Don’t hesitate to contact us if you have any questions or if you are ready to move forward with the next step!
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Kitchener/Waterloo Market Update For December 2022
December ended a crazy year in Kitchener/Waterloo real estate market that we are unlikely to see again. The insane bidding wars and rapid price increases ended in March as the BOC started its unprecedented rate hikes.
The average sales price year over year was down 16%, but if you look at the average price from March 2020 (which was pre-pandemic) to December 2022, prices are up 18.8%. That is a very healthy appreciation in less than two years.
Although the number of homes sold in 2022 was down from the previous year, they were very much in line with what we have seen in the previous decade.
The average sales prices and interest rates seem to have stabilized. There was a minor 25 basis points, which is stated to be the final increase if inflation continues to decrease.
Interest will start to decrease 2nd half of this year or early next year. Home prices have likely bottomed out and will begin to increase again this year.
Opportunities In This Market
Now is a perfect time for people looking to buy their first home, investors, or upsizers; prices are low, and there is not too much competition. Interest will go down, so don’t lock in for more than a year or two.
I am Brad Wylde with GoWylde Real Estate, a group of Real Estate professionals passionate about helping people grow their wealth through real estate.