More homes hit Waterloo Region’s real estate market in March

A for sale sign is seen in Waterloo Region. (CTV News Kitchener)

March was a big month for home buyers.

According to the Cornerstone Association of Realtors, home sales in Waterloo Region increased 25.5 per cent compared to the previous month.

It was also the trend in neighbouring communities, such as Norfolk County, Hamilton-Burlington-Haldimand-Niagara North and Mississauga.

Cornerstone said 1,312 sales were recorded through the Multiple Listing Service (MLS) in March, representing a 34.5 per cent increase month-over-month.

“The month of March also saw important announcements from the Federal and Ontario governments to remove the HST from most new homes, reduce development charges and simplify the approvals process,” Bill Duce, Cornerstone’s CEO, said in a media release. “These measures should encourage buyers to consider the new home market and support long-term supply.”

He felt, however, more could be done to strengthen the industry.

“Removing these fees will help more buyers enter the market, but further solutions, such as a down payment assistance program or increasing the provincial land transfer tax rebate, are needed to get more first-time buyers into the market.”

Across all markets covered by Cornerstone, homes sat on the market for 39 days in March, compared to 47 days in February.