Preliminary results from the Kitchener Waterloo Association of Realtors show that Kitchener Waterloo real estate sales continued to thrive in September. The 424 properties sold in September were down 9% year-over-year while average prices were up 14% over last year and now sit at nearly $434,000.
It took, on average, 25 days to sell a home in Kitchener Waterloo in September. Sellers received an average of 99.5% of their asking price.
Active listings on MLS sit at 710 which is less than a 2 month supply. Regular readers of this Kitchener Waterloo real estate blog will recognize this is indicative of a strong seller's market.
Where do we go from here? In the short ter, more of the same. However, the elephant in the room is the proposed OSFI changes to stress test uninsured mortgages at 2% higher than the contracted rate. For those selling and moving up, I recommend you act now as the amount you qualify for will change substantially should the government adopt these changes.
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