The stats are in for October’s real estate sales in Waterloo Region, and it was another record-setting month in our local market.
October 2020 saw 691 residential home sales in the region through MLS, up 28% over the same period last year, and the most ever on record for the month. When you consider the 10 year average for October is 471 units sold, this number is all the more impressive.
Despite this volume of sales, demand continues to outpace supply, keeping prices high. The average residential sale was $635,301 for the month.
While house prices remain high, the Bank of Canada recently announced the continuation of record-low interest rates, a trend expected to last for the foreseeable future, making borrowing more affordable.
Will November start to slow down or will this pace continue?
Contact us anytime to discuss the best time to buy or sell.
See the full report from the Kitchener Waterloo Association of Realtors here.