The number of homes sold in Kitchener and Waterloo was down 16.6 per cent last month, compared to October of 2016, however the 481 residential properties sold is still above the five-year average of 464, according to monthly statistics released by the Kitchener Waterloo Association of Realtors.

“While the number of homes sold so far this year is pretty much on pace with last year’s record-breaking results, the demand from buyers continues to outpace new listings entering the market,” said James Craig, the association’s president, in a press release. “I anticipate this continuing for the remainder of the year while buyers rush to beat the additional mortgage changes.”

Last month, the Office of the Superintendent of Financial Institutions Canada (OSFI) revised it residential mortgage underwriting practices, which come into effect on Jan. 1. The change will require the minimum qualifying rate for uninsured mortgages to be the greater of the five-year benchmark rate published by the Bank of Canada or the contractual mortgage rate, plus two per cent.

The number of active residential listings on the KWAR’s MLS® System to the end of October totalled 830, which is ahead of October of last year, but well below the previous five-year average of 1,522 listings for October.

On a year-to-date basis 5,842 residential units have sold compared to 5,816 during the same period in 2016, an increase of 0.4 per cent.

October’s sales included 289 detached homes (down 20.2 per cent) and 107 condominium units (down 17.7per cent), which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.).

Sales also included 44 semi-detached homes (down 7.3 per cent) and 38 freehold townhouses (down 2.6 per cent).

The average price of all residential properties sold last month increased 11.4 per cent to $454,398 compared to October 2016. Detached homes sold for an average price of $541,368, an increase of 13.1 per cent.

During this same period, the average sale price for an apartment style condominium was $249,993 for an increase of 11 per cent. Townhomes and semis sold for an average of $349,316 (up 13.7 per cent) and $354,668 (up 8 per cent) respectively.