Скачать или смотреть Grand River North - 2022 Real Estate Market Recap

Knowing what is happening with homes in your neighbourhood and in your local real estate market is important to help you to understand your homes value and hopefully make you feel better when you read all the headlines about the real estate market that are meant to cause fear and panic.
Here’s a quick overview of what happened locally in Waterloo Region in 2022:
In 2022, the average sale price of residential properties in Waterloo Region increased 10.2 per cent to $851,185 compared to 2021.
• The year-to-date average price of a detached home was $974,683. This represents an 8.5 per cent increase compared to 2021.
• The year-to-date average sale price for a townhouse was $717,490. This represents a 12.1 per cent increase compared to 2021.
• The year-to-date average sale price for an apartment-style condominium was $529,516. This represents a 17.8 per cent increase compared to 2021.
• The year-to-date average sale price for a semi was $736,020. This represents an increase of 10.9 per cent compared to 2021.
While we did reach incredible highs in sale prices in February and March, prices are coming back down to where they were in 2021 before they started surging to extreme highs. In most areas year over year, we have still seen an increase in home values – this is great news. I would like you all to keep these increased numbers in mind as we start to hear the year-over-year difference in prices in the coming months, remember that Q1 of 2022 was anything but normal.

The average days to sell in 2022 was 14 days, compared to 10 days in 2021 and a previous 5-year average of 19 days. This means that as average days to sell increases that buyers have a bit more time to make an informed decision, no longer rushed to buy every home that is on the market.

If you look at our months of inventory on the market, we are still sitting well below 2 months of inventory, which is still showing a shortage of supply to meet demand and still well within the amount of inventory to indicate a seller’s market. If we were to increase closer to 4 months of inventory, we would be experiencing a balanced market which Waterloo Region hasn’t’ seen consistently since pre-2015. For those who are talking buyers’ market, we would need to be seeing over 6 months of inventory and I simply don’t see that coming anytime soon if the home supply crisis is not solved.

Here's what happened in Grand River North specifically in 2022

• The average sales price was $767,670.50
• Averages days on Market was 28 –higher than the average
• There were 3 months with the average price in the neighbourhood being over $1 Million
• There were 2 months where more homes sold in the month than were listed that month, which indicates that the demand was higher at that time
• Overall, the average price was down 0.24% from the average sale price in 2021



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