Kitchener/Waterloo Market Update For July 2024

August 21, 2024 | Kitchener/Waterloo

Kitchener/Waterloo Market Update For July 2024

Below, you will find a Kitchener/Waterloo Market Update For July 2024, which will provide information on the local real estate market and recent sales activity in your area. Don’t hesitate to contact us if you have any questions or are ready to proceed with the next step!

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Kitchener/Waterloo Market Update For July 2024

The Numbers

The Kitchener-Waterloo real estate market mirrors the lazy, hazy days of summer with a slow yet steady rhythm, presenting unique opportunities for buyers and investors.

This summer has brought some notable shifts. The number of homes sold declined by 2.5% from June to July, and August is projected to see even slower sales. Despite this, prices for detached homes and condominiums have increased. From June to July, average prices dropped by a modest 1.4%, but as of August 21st, prices have rebounded slightly, rising by 0.7% from July.

Interest Rates

Looking at economic indicators, inflation showed positive movement, decreasing to 2.5% in July from 2.7%. However, unemployment remains high at 6.4%. This will open the door for the Bank of Canada to reduce interest rates by a minimum of 25 basis points on September 4th. Further cuts are also anticipated in the two remaining announcements after that.

Opportunity

These lower interest rates will benefit the real estate market, creating an ideal environment for buyers, especially first-time buyers and investors. Despite market fluctuations, rental prices remain high, although properties are taking slightly longer to rent.

Overall, this is a promising time for those looking to enter the market or expand their investment portfolios. Keep an eye out for the real estate market to pick up in September.

I’m Mary Wylde with GoWylde Real Estate. Feel free to reach out to me with any questions you have about real estate.

Kitchener

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Waterloo

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