Market Snapshot August 2023

Updated on: August 1, 2023

Due to the most recent increase in the prime rate in July, 2023, for the second month in a row, in July, we had a decline in the median price going from $777,000 to $750,000 representing a 3.4% decrease.

The accumulated price drop of the median home price in the Region of Waterloo since from May to July has been 5.2%. This is great news for homebuyers!

The inventory of homes for sale has been also affected: We have gone from 32 days of inventory in June to 44 days in July and as of August 1, we are at 53 days; we are still a very strong seller’s market in spite of the interest rate increases!  

Stay tuned for the next update in September.

Feel free to contact me if you have questions regarding the market.

Have a great month!

(*) Stats source: Waterloo Region Association of REALTORS®

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