Rising interest rates continue to have an effect on the housing market in Waterloo Region as home prices fell for a fifth straight month, according to the newly formed Waterloo Region Association of Realtors.
“In the wake of July’s interest rate hike, home sales in Waterloo Region continued to slow,” says Megan Bell, WRAR president.
“We’re seeing a clear shift in the market and what people can afford to purchase or are willing to pay. On the bright side for buyers, it’s not the extreme sellers’ market it was.”
The new group, which is an amalgamation of the Kitchener-Waterloo and Cambridge associations, says the average price of buying a home across the region fell to $752,301.