Population and Housing

[Bytor]

Home prices continue to drop in Kitchener-Waterloo area: https://globalnews.ca/news/8891822/kitch...-may-2022/

With interest rates continuing to rise, the average cost of buying a home in the area continues to fall, according to the Kitchener-Waterloo Association of Realtors.

After the average price peaked at $1,007,109 in February, it has fallen for three straight months, dropping to $875,194 in May.

But they are still up almost 20% year-over-year, which means that prices aren't truly dropping. We saw similar chaotic anomalous drop in the spring of last year which then turned around and gave us these near-20% increases.

Until we start seeing a trend of year-over-year drops that persists long enough to bring us back to 2015 prices at minimum before we start seeing increases in line with no more than inflation, we will nor be past this housing crisis.