The national sales-to-new-listings ratios (SNRL) found that The Region’s housing market is more competitive than in June 2018
People who have been looking to purchase a home in The Region may have a bit more competition to deal with compared to other cities.
In June, the housing market of Kitchener-Waterloo reported to be a high sellers’ market, with more homes being sold than newly listed.
According to a report from Zoocasa, 25 housing markets in Canada were given a percentage that either considered them to be a buyers’, balanced, or sellers’ market.
Regions that scored above 60 per cent were considered to the sellers’ markets, with Waterloo Region scoring a 73 per cent.
As a result, Kitchener-Waterloo’s market was ranked more competitive than other housing markets within the country, even beating the Greater Toronto Area by 10 per cent.
While The Region was calculated to be more competitive, the percentage does not translate into more housing prices being more expensive, as scores are based off of sales divided by new listings in that market’s area.
The average house price listed in Kitchener-Waterloo is over $535, 000, different compared to the market in Burlington-Hamilton, where the average price is reported to be over $590,000.
While the local housing market is competitive, the national housing market is reported to be balanced overall, with sales increasing 0.3 per cent in Canada.
For more on Kitchener-Waterloo’s housing market, or to see the results of other housing markets, click here.