Trends of the April 2022 housing market shows that Bank of Canada effectively fights high inflation. Mortgage rates rose sharply over the past four weeks, prompting home-buyers to delay their purchase.
It will be interesting to see the balance the Bank of Canada strikes between combatting inflation versus stunting economic growth and related government revenues as we continue to recover from and pay for pandemic-related programs.
Total residential sales (Waterloo region) in April included 361 detached (down 25.4 per cent from April 2021), and 107 condominium units (down 2.7 per cent). Sales also included 48 semi-detached homes (down 29.4 per cent) and 117 townhouses (down 35.7 per cent).
In April, the average sale price for all residential properties in the Kitchener-Waterloo area was $907,205. This represents a 19.6 per cent increase over April 2021 and a 5.5 per cent decrease compared to March 2022:
1.The average price of a detached home was $1,060,992. This represents a 18.0 per cent increase from April 2021 and a decrease 6.4 per cent compared to March 2022.
2.The average sale price for an apartment-style condominium was $600,219. This represents an increase of 35.3 per cent from April 2021 and an increase of 6.0 per cent compared to March 2022.
3.The average sale price for a townhouse was $763,422. This represents a 24.5 per cent increase from April 2021 and a decrease of 4.1 per cent compared to March 2022.
4.The average sale price for a semi was $785,394. This represents an increase of 20.4 per cent compared to April 2021 and a decrease of 10.5 per cent compared to March 2022.
The housing market in Waterloo Region is still very much a sellers’ market, but sellers may need to adjust their expectations.
The average number of days to sell in April was 9 days, the same as it was in April 2021. The previous 5-year average is 16 days.
If you require specific information on property values should contact a local REALTOR®. Working with a Realtor is the best way to get a complete picture of the property and community you are considering.