April 2008
According to the report, housing sales decreased for the third month in a row in April in Kitchener and Waterloo, but prices continued to climb. Specifically, a total of 691 residential dwellings were sold last month, a drop of 2.9 per cent compared to the 712 sold in April of 2007.
The average sale price of a house was $261,865, up 6% compared to April of 2007.
Karen Shartun, board president reports that the local real estate market continues to be healthy.
"Sales of residential properties in April continued to be solid, though they are indicative of the fact the record-setting pace of last year could not be sustained," she said.
So while growth is slowing, housing prices continue to increase at a nice rate in the area. Accordingly, most individuals are experiencing growth in the value of their homes which continues to outpace the interest rate paid on their mortgage. In other words, it pays to have a mortgage, and this is forecasted to continue over the long term.
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