Home sales in the Waterloo Region saw a significant rise in November compared to the same month last year. However, sales declined from the previous month and are still below the area’s historical averages. November has brought more balanced market conditions, with an increase in available homes offering buyers more choices. With increased inventory and stable prices, the current market conditions suggest that now could be a favorable time to buy, especially for those who can take advantage of lower interest rates and recent mortgage reforms. These reforms include expanded eligibility for 30-year mortgage amortizations for all first-time homebuyers and buyers of new construction. Additionally, a higher limit on insured mortgages will take effect on December 15, 2024.
