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The revival of existing house sales in Waterloo Region continued into June, fuelling hopes of a sustained comeback in consumer confidence.
"The economic horizon seems to be getting better overall," Karen Shartun, president of the Kitchener-Waterloo Real Estate Board, said yesterday.
"I think what we are seeing in Waterloo Region is the resale housing market returning to its pre-recessionary pace."
In the Kitchener and Waterloo area, 722 houses sold in June, compared to 713 in the same month last year.
That made June the third straight month of existing home sales exceeding 600 units.
Similarly, in Cambridge, the 307 sales in June reported by the Real Estate Board of Cambridge was a healthy 10.8 per cent increase over the 274 homes sold in the same month last year, marking the fourth month in a row that sales climbed above 200 units.
For both the Kitchener-Waterloo and Cambridge boards, it was the second straight month since the recession started that sales of existing homes increased on a year-over-year basis.
The recession that began last September deflated this area`s previous record-breaking resale home market.
But Shartun said there have been steady improvements since the spring. The 3,174 homes sold in the first six months of this year in the Kitchener and Waterloo area is still down from the 3,275 homes sold in the first six months of last year, but Shartun said that was mainly because the real estate agents had a "tough" January and February.
"We feel that for the rest of the year, the market will continue to improve," Shartun said.
Mike Toffner, president of the Real Estate Board of Cambridge, agreed. "I feel we will be strong now to the end of the year," he said.
House prices have also held relatively steady and Shartun said this area is fortunate because "that is not happening everywhere."
For Kitchener and Waterloo, the average price, of $258,654 for June was down about 2.5 per cent from the same month last year, mainly because of slower sales for the more expensive homes.
Read the full article here.
"The economic horizon seems to be getting better overall," Karen Shartun, president of the Kitchener-Waterloo Real Estate Board, said yesterday.
"I think what we are seeing in Waterloo Region is the resale housing market returning to its pre-recessionary pace."
In the Kitchener and Waterloo area, 722 houses sold in June, compared to 713 in the same month last year.
That made June the third straight month of existing home sales exceeding 600 units.
Similarly, in Cambridge, the 307 sales in June reported by the Real Estate Board of Cambridge was a healthy 10.8 per cent increase over the 274 homes sold in the same month last year, marking the fourth month in a row that sales climbed above 200 units.
For both the Kitchener-Waterloo and Cambridge boards, it was the second straight month since the recession started that sales of existing homes increased on a year-over-year basis.
The recession that began last September deflated this area`s previous record-breaking resale home market.
But Shartun said there have been steady improvements since the spring. The 3,174 homes sold in the first six months of this year in the Kitchener and Waterloo area is still down from the 3,275 homes sold in the first six months of last year, but Shartun said that was mainly because the real estate agents had a "tough" January and February.
"We feel that for the rest of the year, the market will continue to improve," Shartun said.
Mike Toffner, president of the Real Estate Board of Cambridge, agreed. "I feel we will be strong now to the end of the year," he said.
House prices have also held relatively steady and Shartun said this area is fortunate because "that is not happening everywhere."
For Kitchener and Waterloo, the average price, of $258,654 for June was down about 2.5 per cent from the same month last year, mainly because of slower sales for the more expensive homes.
Read the full article here.