Ontario Real Estate Landscape Kitchener Waterloo Leads Significant Decline in Home Prices Since June Peak
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The real estate market in Ontario experienced significant declines in home prices, particularly in the Kitchener-Waterloo area, according to a recent study by a real estate firm. The analysis compared benchmark price data from the Canadian Real Estate Association for 21 major markets across Canada, revealing an 8.9% drop in Kitchener-Waterloo since June 2023, with prices reaching $708,600 in November. The Greater Toronto Area (GTA) also saw a substantial decline of 7.7%, with prices down to $1,081,300. Other southern Ontario cities, including Niagara Region, Hamilton, Burlington, London, and Guelph, experienced declines ranging from 5% to over 8%, leading to a stabilization of prices closer to pre-pandemic levels.
Single-family homes in Kitchener-Waterloo saw the most significant price decline, dropping by 9.7% since June 2023 to $802,900. Interestingly, condo prices in the region did not experience as significant drops, attributed to the demand for more affordable housing despite higher interest rates. However, condos in Ontario, particularly in the GTA, Kitchener-Waterloo, and London and St. Thomas, still witnessed a more than four percent decrease in benchmark prices since June. The article suggests that these price adjustments are contributing to a more stable real estate market in Ontario, with conditions expected to remain sluggish throughout 2024, according to a report by RBC.
Read the full article on: CP24
