Waterloo Region posts slowest June on record for home sales

Waterloo Region has posted its slowest June on record for home sales. CTV's Tony Grace has the details.

Home sales in Waterloo Region are sluggish as a local real estate organization reports the slowest June on record.

The Cornerstone Association of Realtors said home sales dipped 2.9 per cent last month compared to the previous year.

“Both Kitchener and Waterloo posted double-digit declines; meanwhile, Cambridge boasted a 15.2 per cent increase in sales year-over-year,” Bill Duce, CEO of Cornerstone, said. “The number of new listings added to the market remains lower than last year, reducing months of supply in all areas except Kitchener.”

The latest statistics come after Cornerstone announced this past May was one of their slowest Mays in more than a decade.

The average sales price for all property types also declined. Single family units were selling for $834,730 this past June, compared to $901,276 last year. The average cost of a townhouse last month was listed at $567,854, compared to $625,364 last year, and condo sales dipped from $434,712 to $395,391.

The most expensive homes last month were located in Woolwich and Wellesley Township, with an average sales price of $933,579. Meanwhile, Kitchener posted the lowest average sales price of $670,127.