Home sales still going strong in Kitchener-Waterloo

The Kitchener-Waterloo Association of Realtors (KWAR) says 514 homes were sold through MLS in October.

Gradually increasing interest rates could be nudging both buyers and sellers from the sidelines.

Semi-detached residences and freehold townhouses, meanwhile, showed the biggest drop at 18.2% and 23.7% respectively.

A for sale sign is seen outside a home in Waterloo on Tuesday, March 4, 2017. (Dan Lauckner / CTV Kitchener)

Rescue teams have called off their search for a man who was seen struggling in the Grand River Sunday.

But on a year-to-date basis, sales have decreased by close to 13 per cent according to the Kitchener-Waterloo Association of Realtors.

Just over 5,000 residential units have been sold compared to over 5,800 during the same period in 2017.

"Gradually increasing interest rates could be nudging both buyers and sellers from the sidelines of the housing market." KWAR President, Tony Schmidt, said in a release.

The average sale price of all residential properties sold in the month increased 7.7 per cent to over $489,000.

"Not surprisingly we're seeing the biggest surges in average price happening in the denser forms of housing such as condos," added Schmidt. 

"This is partly a reflection of demand being strongest in the entry-level price ranges as well as there being more newly constructed units in the mix."