Have you read the latest article in the Kitchener Post about the summer slowdown in Waterloo Region’s housing market? Not only do things typically slowdown in the summer, but there are more things in play than just seasonal conditions.
The market over the past couple years was unsustainable over the long term. It was great for sellers, obviously, but the intense competition amongst prospective buyers was driving many people out of the market. A return to a more balanced market for buyers and sellers is better for everyone over the long-term.
Ultimately more people are continuing to move to the region and purchase homes than there are people who are moving away and selling; this means that owners can continue to feel secure in the steadily increasing value of their property.
Meanwhile, the generally slower pace of sales, and longer average listing period that comes with a cooling market also means that buyers can feel less pressured to make a quick decision. Buyers can now afford to be that little bit more diligent (a return to the widespread inclusion of standard financing and inspection conditions), and put the right amount of time into working with their agent to ensure that the correct decision is made in the end.
