Below you will find a Kitchener/Waterloo Market Update For November 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 November 2022

The Numbers

After three months of the average sales price in Kitchener/Waterloo increasing, November’s average sales price dropped by 5%. Seasonally November and December, the market slows, and prices drop so I would read too much into this recent drop. Prices and Sales will typically start to pick up 2^nd or 3^rd week of January.

Not as many homes are on the market, and months of inventory are slightly under two, which is considered low. 35% of homes that sell are still selling over the list price in the Waterloo region. Guelph and other areas are seeing far fewer multiple offers.

Interest Rates

On December 7, the BOC increased interest rates by 50 basis points, bringing the overnight rate to 4.25%. Most analysts predict this will be the last interest rate increase, at least very close to the last one. January 25 is the next day the BOC announces any changes to monetary policies.

Opportunities In This Market

December and early January can be the best time to buy a home; while the market is slower, some sellers will feel pressured to take lower prices. As I’ve mentioned, this market is also great for upsizing.

I am Brad Wylde with GoWylde Real Estate, a group of real estate professionals passionate about helping people grow their wealth through real estate.