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The Kitchener-Waterloo Real Estate Board is a member focused not-for-profit association representing
over 1,100 local REALTOR® members . The board was formed in 1937 to provide a means for people
trading in real estate to easily share information, out of which the Multiple Listing Service® (MLS®) was
born and continues to this day. REALTORS® follow a strict code of conduct and must maintain ongoing
continuing education courses as regulated by the Real Estate Council of Ontario.
As part of the community, the board and its REALTOR® members actively support local charitable causes
and have donated over $420,000 in the past 15 years to improve the quality of life in our Region.
For further information, please contact Karen Shartun, President, Kitchener-Waterloo Real Estate Board
at Royal LePage Scharf Realty, at 519-747-2040.
LISTINGS UP, SALES DOWN, HOME VALUES REMAIN STEADY
KITCHENER, ON (November 5, 2008) – The number of residential sales for the cities of Kitchener -
Waterloo dipped to pre 2005 values for the month of October. There was a 21.6 percent decrease from
September of 2008 and a 14 percent decrease from October of 2007. However, there was a 14.5 percent
increase in the number of new residential listings and a 14 percent increase in all property types over
October 2007.
“This activity is not surprising,” reports Karen Shartun, President of the Kitchener-Waterloo real Estate
Board, “the last three years have simply been exceptional, and the market activity is slowly but surely
working towards more balanced numbers. While the sales are down, the volume of new listings is up
along with the average sale price, all of which contributes to a healthy market.”
The average sale price for single family-detached residential properties in the Kitchener-Waterloo area
increased 12.1 percent, and freehold townhouses saw an increase of 4.7 percent from October of 2007.
The average sale price for all residential properties was $261,948 with single family detached homes
averaging $311,041. The average condominium sale price decreased 1.4 percent from September to
$169,171.
The average sale price for single family detached homes was carried by an increase in the number of
sales in the $350,000 - $750,000 range. The median sale price reveals a more moderate and sustainable
increase of 5.9 percent for single family detached homes, and 0.9 percent increase for all residential
activity over October 2007.
“Our market is healthy,” says Shartun “and whether the dip in sales is a reflection of pre-election jitters
or stock market instability from south of the border, or an indicator of a return to a more balanced
market, will be determined over the coming months.”