The Riz Team Blog

Kitchener Waterloo Market Snapshot February 2024

March 5th, 2024 by Riz Jadavji

Waterloo Region Home Sales Sluggish in February, Prices Steady

If you are considering to Sell your home or Buy a home in the next short while it would be highly beneficial for you to connect with one of our Team Agents at

The Riz Team

Do you want to know what your home is worth today? Click Below for our Online No Obligation Market EvaluationClick Here

WATERLOO REGION, ON (March 5, 2024) — In February, there were 485 homes sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR), representing an increase of 9.7 per cent compared to the previous year and a decline of 19.0 per cent compared to the previous 10-year average for the month.

“Home sales remained sluggish in February, up over last year’s record-breaking low, but still well below historical norms for February,” says Christal Moura, president of WRAR.      

Total residential sales in February included 281 detached (up 9.3 per cent from February 2023), and 110 townhouses (up 10.0 per cent). Sales also included 73 condominium units (up 30.4 per cent) and 24 semi-detached homes (down 14.3 per cent).  

In February, the average sale price for all residential properties in Waterloo Region was $755,934. This represents a 0.7 per cent decrease compared to February 2023 and a 0.7 per cent decrease compared to January 2024.  

  • The average price of a detached home was $889,280. This represents a 0.5 per cent increase from February 2023 and a decrease of 2.2 per cent compared to January 2024.  
  • The average sale price for a townhouse was $629,734. This represents a 2.2 per cent decrease from February 2023 and a decrease of 1.8 per cent compared to January 2024.  
  • The average sale price for an apartment-style condominium was $459,455. This represents an increase of 0.2 per cent from February 2023 and an increase of 3.1 per cent compared to January 2024.  
  • The average sale price for a semi was $673,638. This represents an increase of 1.0 per cent compared to February 2023 and an increase of 4.2 per cent compared to January 2024. 

Average Sale Price – Monthly

02.2024-Average_Sale_Price-By_Property_Type

WRAR cautions that average sale price information can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.

MLS® Home Price Index Benchmark Price

 
Kitchener-Waterloo 
Cambridge 
Benchmark Type:  February 2024  Monthly % Change  Yr./Yr. % Change  February 2024  Monthly % Change  Yr./Yr. % Change 
Composite  $729,300  2.0  0.0  $742,600  -0.7  0.9 
Detached  $841,000  2.5  1.8  $774,300  -0.5  1.2 
Townhouse  $601,200  0.6  0.8  $648,500  -1.6  2.2 
Apartment  $452,500  1.9  -3.8  $477,100  -2.0  -1.3 
February 2024 HPI Image for Stats Release

“Examining benchmark and average prices for various property types over the past twelve months reveals a stable housing market in Waterloo Region,” says Moura.  “With the approaching spring market, both buyers and sellers can take comfort in the steadiness of prices we’ve seen, reinforcing the value of homeownership as a secure and prudent investment in the long run.”  

There were 800 new listings added to the MLS® System in Waterloo Region last month, an increase of 18.7 per cent compared to February last year and a 6.9 per cent decrease compared to the previous ten-year average for February.  

The total number of homes available for sale in active status at the end of February was 943 an increase of 38.9 per cent compared to February of last year and 2.9 per cent below the previous ten-year average of 971 listings for February. 

At the end of February, there were 1.7 months of inventory, a 54.5 percent increase compared to last year and 17.2 percent above the previous 10-year average. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.   

The average number of days to sell in February was 23, compared to 20 days in February 2023. The previous 5-year average is 16 days.   

These statistics provide a snapshot of the real estate market in the Waterloo Region in February, showing both positive and challenging aspects for buyers and sellers. WRAR encourages buyers to reach out to local Realtors for valuable insights about the current state of the local market and to receive tailored advice based on their specific needs.  

View our HPI tool here to learn more: https://wrar.ca/hpi/ 

Click on any of the graphs below for an interactive view.

02.2024-Average_Sales_Price-By_Municipality
02.2024-Average_Sales_Price-By_Township
02.2024-Sales-By_Property_Type
02.2024-Months_Supply_of_Homes_for_Sale
02.2024-Months_Supply_of_Homes_for_Sale-By_Property_Type
02.2024-Medial_Sale_Price-By_Property_Type
02.2024-Average_Sale_Price-By_Property_Type_2
02.2024-Average_Days_on_Market
WRAR cautions that average sale price information can help identify long-term trends but should not be to indicate that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Months Supply is the inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months. Those requiring specific information on property values should contact a Waterloo Region REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.

Kitchener Waterloo Market Snapshot January 2024

February 2nd, 2024 by Riz Jadavji

Waterloo Region’s Housing Market Shows Signs of Improvement in January

If you are considering to Sell your home or Buy a home in the next short while it would be highly beneficial for you to connect with one of our Team Agents at

The Riz Team

Do you want to know what your home is worth today? Click Below for our Online No Obligation Market EvaluationClick HereClick Here to get your Home Evaluation

In January, there were 375 homes sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR), representing an increase of 25.4 per cent compared to the previous year and a decline of 7.4 per cent compared to the previous 10-year average for the month.

“January is traditionally a slower time of year for home sales, but it’s reassuring to see the increase compared to last year,” says Christal Moura, president of WRAR. “This time last year, we hit an all-time low in January home sales, and while this year has begun with sales below the historical average, the market is showing signs of improvement.”

Total residential sales in January included 206 detached (up 15.7 per cent from January 2023), and 85 townhouses (up 39.3 per cent). Sales also included 56 condominium units (up 30.2 per cent) and 19 semi-detached homes (up 11.8 per cent).

In January, the average sale price for all residential properties in Waterloo Region was $762,174. This represents a 0.1 per cent decrease compared to January 2023 and a 3.2 per cent increase compared to December 2023.

  • The average price of a detached home was $911,262. This represents a 2.9 per cent increase from January 2023 and an increase of 7.5 per cent compared to December 2023.
  • The average sale price for a townhouse was $638,162. This represents a 2.0 per cent increase from January 2023 and an increase of 2.7 per cent compared to December 2023.
  • The average sale price for an apartment-style condominium was $446,146. This represents a decrease of 10.0 per cent from January 2023 and a decrease of 8.7 per cent compared to December 2023.
  • The average sale price for a semi was $631,995. This represents a decrease of 2.9 per cent compared to January 2023 and an increase of 3.1 per cent compared to December 2023.

Average Sale Price – Monthly

2024_January_Average_Sales_Price-By_Property_Type

WRAR cautions that average sale price information can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.

MLS® Home Price Index Benchmark Price

  Kitchener-Waterloo Cambridge
Benchmark Type: January 2024 Monthly % Change Yr./Yr. % Change January 2024 Monthly % Change Yr./Yr. % Change
Composite $714,600 1.3 0.1 $747,800 5.8 3.8
Detached $820,700 2.8 2.6 $777,900 7.0 4.3
Townhouse $597,500 -0.7 -0.4 $658,700 0.2 3.7
Apartment $444,000 -5.9 -7.3 $487,100 -2.2 0.2
012024_HPI2

“We are optimistic that this year will have more stability than last,” says Moura. “With the Bank of Canada holding steady at a 5.0% benchmark interest rate, they recognize the overall economy has slowed down. However, housing is a key metric, and we expect the Bank to maintain a balanced response so long as housing continues with moderate growth in 2024 rather than any dramatic increases.”

President Moura points out that navigating shifting markets is a challenge and encourages consumers to work with a local REALTOR to ensure they receive the depth of local market knowledge required to protect their interests.

There was 720 new listings added to the MLS® System in Waterloo Region last month, an increase of 23.5 per cent compared to January last year and a 3.9 per cent decrease compared to the previous ten-year average for January.

The total number of homes available for sale in active status at the end of January was 855 an increase of 33.4 per cent compared to January of last year and 1.2 per cent below the previous ten-year average of 865 listings for January.

At the end of January, there were 1.5 months of inventory, a 50.0 percent increase compared to last year and 15.4 percent above the previous 10-year average. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.

“With the exception of condo apartment property types, we saw mostly yearly and monthly price gains across the housing types,” says Moura. “This is because there is more supply in the condo segment (2.8 months) compared to the other property types.”

The average number of days to sell in January was 33, compared to 25 days in January 2023. The previous 5-year average is 20 days.

These statistics provide a snapshot of the real estate market in the Waterloo Region in January, showing both positive and challenging aspects for buyers and sellers. WRAR encourages buyers to reach out to local Realtors for valuable insights about the current state of the local market and to receive tailored advice based on their specific needs.

View our HPI tool here to learn more: https://wrar.ca/hpi/

Click on any of the graphs below for an interactive view.

012024_Average_Sales_Price-By_Municipality
012024_Average_Sales_Price-By_Township
012024_Average_Sales_Price-By_Property_Type
012024_Average_Supply_of_Homes_for_Sale
012024_Monthly_Supply_of_Homes_for_Sale-By_Property_Type
012024_Monthly_Median_Sales_Price-By_Property_Type
012024_Monthly_Average_Sale_Price-By_Property_Type
012024_Average_Days_On_Market

WRAR cautions that average sale price information can help identify long-term trends but should not be to indicate that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Months Supply is the inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months. Those requiring specific information on property values should contact a Waterloo Region REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.

 

 

Kitchener Waterloo Market Snapshot & Yearly Summary December 2023

January 5th, 2024 by Riz Jadavji

Annual Home Sales Down Significantly in Waterloo Region in 2023

If you are considering to Sell your home or Buy a home in the next short while it would be highly beneficial for you to connect with one of our Team Agents at

The Riz Team

Do you want to know what your home is worth today? Click Below for our Online No Obligation Market EvaluationClick Here

WATERLOO REGION, ON (January 5, 2024) — There were 6,623 homes sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR) in 2023, a decrease of 14.8 per cent compared to 2022, and a decline of 23.2 per cent compared to the previous 5-year average for annual sales.

On a monthly basis, there were 285 homes sold in December, a decrease of 0.7 per cent compared to December 2022, and 25.6 per cent below the previous 5-year average for the month.

“It should not be a surprise to anyone that for the second year in a row, the housing market in Waterloo Region has been affected by higher interest rates, resulting in a significant decline in annual sales,” says Christal Moura, President of WRAR. “This year’s sales reached their lowest point in over two decades.”

According to Moura, the trend observed in December reflects the overall slowdown in home sales throughout the year, with sales falling behind historical levels. The last time annual sales in Waterloo Region recorded fewer than 7,000 units was the year 2000.

Total residential sales in December included 172 detached (up 3.6 per cent from December 2022), and 54 townhouses (down 6.9 per cent). Sales also included 35 condominium units (up 2.9 per cent) and 24 semi-detached homes (down 4.0 per cent).

For 2023, total residential sales included 3,901 detached (down 17.0 per cent), and 1,339 townhouses (down 6.5 per cent). Sales also included 904 condominium units (down 9.2 per cent) and 457 semi-detached homes (down 26.6 per cent).

In December, the average sale price for all residential properties in Waterloo Region was $740,697. This represents a 2.8 per cent increase compared to December 2022 and a 2.1 per cent decrease compared to November 2023.

  • The average price of a detached home was $848,151. This represents a 2.6 per cent increase from December 2022 and a decrease of 4.7 per cent compared to November 2023.
  • The average sale price for a townhouse was $617,023. This represents a 0.8 per cent increase from December 2022 and an increase of 1.2 per cent compared to November 2023.
  • The average sale price for an apartment-style condominium was $490,816. This represents a 5.0 per cent increase from December 2022 and an increase of 9.0 per cent compared to November 2023.
  • The average sale price for a semi was $613,283. This represents a decrease of 0.5 per cent compared to December 2022 and a decrease of 0.5 per cent compared to November 2023.

Average Sale Price – Monthly

December Average Sales Price - By Property Type

On a year-to-date basis, the average sale price for all residential properties in Waterloo Region decreased 7.7 per cent to $786,033 compared to 2022.

  • The year-to-date average price of a detached home was $917,907. This represents a 6.1 per cent decrease compared to 2022.
  • The year-to-date average sale price for a townhouse was $653,138. This represents a 9.0 per cent decrease compared to 2022.
  • The year-to-date average sale price for an apartment-style condominium was $481,877. This represents a 9.0 per cent decrease compared to 2022.
  • The year-to-date average sale price for a semi was $677,831. This represents a decrease of 7.9 per cent compared to 2022.

Average Sales Price – Year-to-date

December Average Sales Price - By Property Type (Year-to-date)

WRAR cautions that average sale price information can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.

Monthly MLS® Home Price Index Benchmark Price

Kitchener-Waterloo Cambridge
Benchmark Type: December 2023 Monthly % Change Yr./Yr. % Change December 2023 Monthly % Change Yr./Yr. % Change
Composite $705,700 -0.4 -1.4 $706,800 -2.5 -0.4
Detached $798,100 -0.6 -0.9 $727,000 -2.9 -0.8
Townhouse $602,000 -2.2 0.0 $657,500 -1.2 3.8
Apartment $471,800 3.5 2.0 $497,700 1.1 1.6

Annual MLS® Home Price Index Benchmark Price

 

Kitchener-Waterloo

Cambridge

Benchmark Type: 2023 Yr./Yr. % Change 2023 Yr./Yr. % Change
Composite $746,600 -9.9 $753,500 -9.5
Detached $848,900 -8.5 $784,200 -9.1
Townhouse $624,200 -10.8 $655,600 -10.5
Apartment $475,500 -8.7 $485,900 -11.1

 

HPI_December2023(2)

“Waterloo Region’s slowing housing market echoes the overall slowdown we are seeing in the broader economy,” says Moura.”

There were 287 new listings added to the MLS® System in the Waterloo Region last month, a decrease of 6.2 per cent compared to December of last year and a 17.9 per cent decrease compared to the previous ten-year average for December.

In 2023, 11,528 new listings were added to WRAR’s MLS® System, a decrease of 14.4 per cent compared to 2022, and a 4.4 per cent decrease compared to the previous ten-year annual average.

The total number of homes available for sale in active status at the end of December was 779, an increase of 36.0 per cent compared to December of last year and 5.8 per cent above the previous ten-year average of 736 listings for December.

The number of months of inventory is up 55.6 per cent compared to December of last year, but still historically low at 1.4 months. Between 2010 and 2015, December’s rolling 12-month average was 3.5 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.

The average number of days to sell in December was 30, compared to 25 days in December 2022. The previous 5-year average is 23 days.

The average days to sell in 2023 was 19 days, compared to 14 days in 2022 and a previous 5-year average of 18 days.

“While the dream of homeownership is alive, it is not quite well,” says Moura. “Housing continues to be less accessible to too many people in our region. This speaks to the pressing need for not just more housing to be built, but housing that spans all forms and economic strata, to ensure everyone has a suitable place to call home.”

 

Those requiring specific information on property values should contact a local REALTOR®. Working with a Realtor is the best way to get a complete picture of the property and community you are considering.

View our HPI tool here to learn more: https://wrar.ca/hpi/

Click on any of the graphs below for an interactive view.

December Average Sales Price_2023
December Average Sales Price- by township_2023
December Sales - By Property Type_2023
Months Supply of Homes for Sale_Dec2023
Median Sales Price - By Property Type _Dec2023
Average Sales Price - By Property Type_Dec23
Average Days on Market_Dec23
WRAR cautions that average sale price information can help identify long-term trends but should not be to indicate that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Months Supply is the inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months. Those requiring specific information on property values should contact a Waterloo Region REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.

Kitchener Waterloo Market Snapshot November 2023

December 5th, 2023 by Riz Jadavji

Waterloo Region Home Sales Cool in November

This article will provide a comprehensive snapshot of the KW real estate market for October 2023.

“Last month, the number of homes sold followed their typical pattern of cooling to match the weather, but with consumer confidence continuing to drop, we saw sales slump to their lowest level for November in over a decade,” says Christal Moura, president of WRAR. “With many still waiting to see what happens with interest rates in the months to come, homes are taking a little longer to sell, there’s more inventory on the market, all contributing to sale prices levelling off.”

If you are considering to Sell your home or Buy a home in the next short while it would be highly beneficial for you to connect with one of our Team Agents at

The Riz Team

Do you want to know what your home is worth today? Click Below for our Online No Obligation Market EvaluationClick Here

WATERLOO REGION, ON (December 5, 2023) — In November, there were 441 homes sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR), representing a decrease of 4.5 per cent compared to the previous year and a decline of 33.1 per cent compared to the previous 5-year average for the month.

“Last month, the number of homes sold followed their typical pattern of cooling to match the weather, but with consumer confidence continuing to drop, we saw sales slump to their lowest level for November in over a decade,” says Christal Moura, president of WRAR. “With many still waiting to see what happens with interest rates in the months to come, homes are taking a little longer to sell, there’s more inventory on the market, all contributing to sale prices levelling off.”

Total residential sales in November included 266 detached (down 6.7 per cent from November 2022), and 81 townhouses (no change). Sales also included 62 condominium units (up 5.1 per cent) and 31 semi-detached homes (down 16.2 per cent).

In November, the average sale price for all residential properties in Waterloo Region was $757,272. This represents a 2.6 per cent increase compared to November 2022 and a 1.4 per cent decrease compared to October 2023.

  • The average price of a detached home was $891,091. This represents a 5.8 per cent increase from November 2022 and on par with October 2023.
  • The average sale price for a townhouse was $611,667. This represents a 1.7 per cent decrease from November 2022 and a decrease of 5.1 per cent compared to October 2023.
  • The average sale price for an apartment-style condominium was $450,476. This represents a decrease of 1.3 per cent from November 2022 and a decrease of 5.4 per cent compared to October 2023.
  • The average sale price for a semi was $617,329. This represents a decrease of 3.9 per cent compared to November 2022 and a decrease of 6.2 per cent compared to October 2023.
November-Average-Sales-Price-By-Property-Type

WRAR cautions that average sale price information can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.

MLS® Home Price Index Benchmark Price

  Kitchener-Waterloo Cambridge
Benchmark Type: November 2023 Monthly % Change Yr./Yr. % Change November 2023 Monthly % Change Yr./Yr. % Change
Composite $708,600 -2.3 -0.6 $725,100 -3.5 -2.1
Detached $802,900 -2.4 0.9 $748,800 -3.9 -2.5
Townhouse $615,700 -1.3 1.0 $665,100 -0.9 3.1
Apartment $455,700 -2.3 -5.2 $492,300 -1.4 -0.9
November 2023 HPI Image for Stats Release

“Canadians are feeling the pinch of affordability, leading to price adjustments in the housing market of Waterloo Region,” says Moura.  “For prospective homebuyers, this slowdown presents an opportunity to enter the market during a less competitive phase and enjoy the advantages of homeownership in the long run.”

There were 868 new listings added to the MLS® System in Waterloo Region last month, an increase of 15 per cent compared to November last year and a 16.7 per cent increase compared to the previous ten-year average for November.

The total number of homes available for sale in active status at the end of November was 1,305 an increase of 54.8 per cent compared to November of last year and 21.0 per cent above the previous ten-year average of 1079 listings for November.

There were 2.4 months of inventory at the end of November, an 84.6 per cent increase compared to last year and 50.9 per cent above the previous 10-year average. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.

The average number of days to sell in November was 24, compared to 22 days in November 2022. The previous 5-year average is 20 days.

These statistics provide a snapshot of the real estate market in the Waterloo Region in November, showing both positive and challenging aspects for buyers and sellers. WRAR encourages buyers to reach out to local Realtors for valuable insights about the current state of the local market and to receive tailored advice based on their specific needs.

View our HPI tool here to learn more: https://wrar.ca/hpi/

Click on any of the graphs below for an interactive view.

Average-Sales-Price-by-Municipality-Nov
Average-Sale-Price-by-Township-Nov
Monthly-Sales-By-Property-Type-Nov
Monthly-Supply-of-Homes-for-Sale-Nov
Monthly-Median-Sales-Price-By-Property-Type-Nov
Monthly-Average-Sales-Price-By-Property-Type-Nov
Monthly-Average-Days-on-Market-Nov

WRAR cautions that average sale price information can help identify long-term trends but should not be to indicate that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Months Supply is the inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months. Those requiring specific information on property values should contact a Waterloo Region REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.

Top 7 Tips to Attract the Best Offers for Your Home

November 17th, 2023 by Riz Jadavji

Not long ago, home sellers were in their heyday, as historically-low mortgage rates triggered a real estate buying frenzy. However, the Bank of Canada shut down the party when it began raising interest rates last year. 

Now, it’s not as simple to sell a home. While pandemic-era home buyers were racing the clock—trying to lock in a low mortgage rate and gain a foothold in the market—current buyers are much more discerning. Higher prices and mortgage rates have pushed their limits of affordability, leading them to prioritize cost, condition, and overall value. 

The reality is, home inventory remains low, so most properties will still sell with some basic prep, the right price, and a good real estate agent. But owners who go the extra mile are more likely to sell faster and for a higher amount. 

If you have plans to sell your home and want to net the most money possible, this list is for you. Here are our top seven strategies to attract the best offers and maximize your real estate returns. 

 

  1. UNDERGO A PRE-LISTING INSPECTION

Many homebuyers hire a professional to complete a home inspection before they close. But did you know that a seller can order their own inspection, known as a pre-listing inspection, before they put their home on the market? 

Having a pre-listing inspection on hand and ready to share shows interested buyers that you’re committed to a transparent transaction. This can help you market your home, strengthen your negotiating position, and minimize roadblocks to closing. 

Of course, it’s always possible that a pre-listing inspection—which looks at the home’s major systems and structures, among other things—could turn up a significant problem. This does carry some risk, as you’ll be required to either fix or disclose any issues to potential buyers. However, in most cases, it’s better to know about and address deficiencies upfront than to find out mid-transaction, when it could cost you more in the form of repair credits, a delayed closing, or a canceled sale. 

We can help you decide if a pre-listing inspection is right for you. And if it identifies any concerns, we can advise on which items need attention before you list your home. 

 

  1. CONSIDER STRATEGIC UPGRADES

Embarking on major renovations before putting your home on the market doesn’t always make financial (or logistical) sense. However, certain upgrades are more likely to pay off and can help elevate your home in the eyes of buyers. 

For example, new flooring can generate up to a 150% return on investment at resale and a countertop upgrade could pay for itself. Similarly, research shows landscaping features can increase a home’s value by up to 12%.

Often, even simpler and less expensive fixes can make a big difference in how your home comes across to buyers. A fresh coat of paint in a neutral colour, modern light fixtures and hardware, and new caulk around the tub or shower can help your property look its best. 

But before you make any changes to your home, reach out. We know what buyers in your neighborhood are looking for and can help you decide if a particular investment is worthwhile. 

 

  1. HIRE A HOME STAGER

To get standout offers, you need potential buyers to fall in love with your home—and they’re much more likely to do so if they can envision themselves in the space. 

That’s where home staging comes in. Staging can include everything from decluttering and packing away personal items to bringing in neutral furniture and accessories for showings and open houses. 

According to the U.S.-based National Association of Realtors, home staging can both increase the dollar value of home offers and help a property sell faster. In fact, 53% of seller’s agents agree that staging decreases the amount of time a home spends on the market, and 44% of buyer’s agents see higher offers for staged homes. 

There’s plenty of strategy and research behind the process, so it’s smart to consider a professional. Reach out for a connection to one of our recommended home stagers who can help your property show its full potential. 

 

  1. EMPLOY A COMPETITIVE PRICING STRATEGY

While it’s tempting to list your property at the highest possible price, that approach can backfire. Homes that are overpriced tend to sit on the market, which can drive away potential buyers—and drive down offers. 

Alternatively, if you price your home competitively, which is either at or slightly below market value, it can be among the nicest that buyers see within their budgets. This can ultimately lead to a higher sales price and fewer concessions. 

To help you list at the right price, we will do a comparative market analysis, or CMA. This integral piece of research will help us determine an ideal listing price based on the amount that comparable properties have recently sold for in your neighborhood. 

Without this data, you risk pricing your home too high (and getting no offers) or too low (and leaving money on the table). Combined with our local market insights, we’ll help you find that sweet spot that will attract the best offers while maximizing your profit margin. 

 

  1. OFFER ALTERNATIVE FINANCING

Conventional mortgages, while widely used, may not be accessible to everyone. For example, higher mortgage rates and home prices have made it difficult for some homebuyers to pass the required mortgage stress test. 

Consequently, certain alternatives, like vendor take-back (VTB) mortgages, are becoming increasingly popular. A VTB mortgage is a unique financing arrangement in which the seller of a property provides a loan to the buyer for all or a portion of the purchase price. 

Buyers who don’t qualify for a traditional mortgage can be highly motivated to purchase from a seller offering a VTB loan. Sellers, consequently, can benefit too, by commanding a higher price or collecting more interest on their capital than they could from a standard investment. Depending on the seller’s circumstances, there may also be certain tax advantages. 

It’s important to note, however, that there are risks involved. Therefore, both buyers and sellers should seek legal and financial advice before entering into a VTB mortgage agreement to ensure all aspects are properly structured and understood. If interested, we can refer you to the appropriate professionals for help. 

 

  1. USE A PROVEN PROPERTY MARKETING PLAN

Gone are the days when it was enough to put a “for sale” sign in your yard and place a listing on the MLS. A strategic marketing plan is now essential to get your home in front of as many interested and qualified buyers as possible. 

The truth is, buyers who don’t know about your house can’t make an offer. That’s why we utilize a multi-step approach to marketing that starts with identifying your target audience, effectively positioning your home in the market, and communicating its unique value. We then use a variety of distribution channels to connect with potential buyers and performance-based metrics to monitor and improve our campaign results. 

Our proven approach can have a big impact on the success of your sale. Reach out to learn more about our multi-step marketing plan and discuss how we can use it to generate interest and offers for your home. 

 

  1. WORK WITH AN AGENT WHO UNDERSTANDS YOUR AREA

To get the best offers possible, you need a real estate agent who knows your area inside and out.  Any agent can pull comparable sales data, but in a quickly-evolving market, even the latest comps can lag the current market reality. We have our fingers on the pulse of the local market because we’re working directly with sellers like you. We also represent local buyers who are active in the market, searching for homes like yours. 

That puts us in an ideal position to help you price your home for a quick sale and maximum profit. And since we hear first-hand what local buyers want, we can help you prep your home to broaden its appeal and highlight its most-coveted features. Additionally, we can use our extensive network of local agents to solicit feedback and get your home in front of more potential buyers. 

All of these factors can add up to a significant difference in your profit: According to a U.S.-based study, in 2021, the typical home sold by owner went for $225,000 compared to a median price of $330,000 for agent-assisted home sales. 

 

LET’S GET MOVING 

Are you ready to get a great offer for your home? Our multifaceted approach can help you maximize your real estate returns. Reach out for a free home value assessment and customized sales plan to get started! 

 

The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.

 Be sure to reach out to Nicole Shantz – Sales Representative for The Riz Team and discuss the current market conditions

Nicole Shantz

Sales Representative

Book a call with me! Click https://linktr.ee/NicoleShantz

c. 519.591.7413

o. 519.578.7300

e. nicole@therizteam.com

w. www.therizteam.com

a. 71 Weber St. E., Kitchener, Ontario, N2H 1C6 

Sources: 

National Post – https://nationalpost.com/moneywise-pro/high-interest-rates-are-still-a-problem-for-potential-homebuyers-here-is-advice-for-navigating-the-real-estate-market 

Bankrate – https://www.bankrate.com/real-estate/prelisting-inspection/ 

RE/MAX Canada – https://blog.remax.ca/best-home-renovations-biggest-roi/ 

Journal of Real Estate Research – https://www.researchgate.net/publication/5142154_Landscaping_and_House_Values_An_Empirical_Investigation 

National Association of Realtors – https://www.nar.realtor/infographics/staged-for-success 

The Balance – https://www.thebalancemoney.com/looking-twice-at-overpriced-homes-1798671 

Real Estate Magazine – https://realestatemagazine.ca/the-return-of-the-vendor-take-back-mortgage/ 

RE/MAX Canada – https://blog.remax.ca/how-to-take-advantage-of-the-vendor-take-back-mortgage/ 

National Association of Realtors – https://www.nar.realtor/research-and-statistics/quick-real-estate-statistics

Kitchener Waterloo Market Snapshot October 2023

November 4th, 2023 by Riz Jadavji

Home Sales Picked up in October but Still Subdued

This article will provide a comprehensive snapshot of the KW real estate market for October 2023.

“Homes sales in the Waterloo Region were up over last October’s record low but are still subdued,” says Megan Bell, president of WRAR. “I breathed a sigh of relief last week when the Bank of Canada held its policy rate at 5 per cent, and I will be watching to see what the Bank of Canada does at their next scheduled announcement on December 6, 2023.”

If you are considering to Sell your home or Buy a home in the next short while it would be highly beneficial for you to connect with one of our Team Agents at

The Riz Team

Do you want to know what your home is worth today? Click Below for our Online No Obligation Market EvaluationClick Here

WATERLOO REGION, ON (November 3, 2023) — In October, there were 559 homes sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR), representing an increase of 12.2 per cent compared to the previous year and a decline of 24.4 per cent compared to the previous 5-year average for the month.

“Homes sales in the Waterloo Region were up over last October’s record low but are still subdued,” says Megan Bell, president of WRAR. “I breathed a sigh of relief last week when the Bank of Canada held its policy rate at 5 per cent, and I will be watching to see what the Bank of Canada does at their next scheduled announcement on December 6, 2023.”

Total residential sales in October included 329 detached (up 6.1 per cent from October 2022), and 129 townhouses (up 51.8 per cent). Sales also included 64 condominium units (down 3.0 per cent) and 32 semi-detached homes (no change).

In October, the average sale price for all residential properties in Waterloo Region was $767,848. This represents a 0.6 per cent increase compared to October 2022 and a 0.1 per cent increase compared to September 2023.

  • The average price of a detached home was $890,591. This represents a 1.1 per cent increase from October 2022 and an increase of 0.1 per cent compared to September 2023.
  • The average sale price for a townhouse was $644,511. This represents a 1.4 per cent increase from October 2022 and an increase of 0.7 per cent compared to September 2023.
  • The average sale price for an apartment-style condominium was $476,166. This represents a decrease of 2.6 per cent from October 2022 and a decrease of 4.8 per cent compared to September 2023.
  • The average sale price for a semi was $658,133. This represents an increase of 5.7 per cent compared to October 2022 and a decrease of 2.4 per cent compared to September 2023.
October-New-Waterloo-PriceChart

WRAR cautions that average sale price information can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.

MLS® Home Price Index Benchmark Price

  Kitchener-Waterloo Cambridge
Benchmark Type: October 2023 Monthly % Change Yr./Yr. % Change October 2023 Monthly % Change Yr./Yr. % Change
Composite $725,100 -1.3 -0.1 $751,100 1.3 3.3
Detached $822,900 -1.2 1.2 $779,300 1.7 4.0
Townhouse $623,500 -1.1 2.0 $670,800 -1.0 2.2
Apartment $466,600 -1.8 -3.6 $499,200 -0.5 -2.5
October 2023 HPI Image for Stats Release

“While sales are down, we are seeing an increase in the number of homes available for sale, which is good news for buyers,” says Bell. “However, many prospective buyers have been sidelined by higher borrowing costs and selling prices that continue to demonstrate resilience.”

There were 1,133 new listings added to the MLS® System in Waterloo Region last month, an increase of 36.0 per cent compared to October last year and a 20.2 per cent increase compared to the previous ten-year average for October.

The total number of homes available for sale in active status at the end of October was 1,408, an increase of 53.4 per cent compared to October of last year and 13.0 per cent above the previous ten-year average of 1247 listings for October.

There were 2.5 months of inventory at the end of October, a 92.3 per cent increase compared to last year and 35.1 per cent above the previous 10-year average. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.

The average number of days to sell in October was 21, compared to 22 days in October 2022. The previous 5-year average is 19 days.

These statistics provide a snapshot of the real estate market in the Waterloo Region in October, showing both positive and challenging aspects for buyers and sellers. WRAR encourages buyers to reach out to local Realtors for valuable insights about the current state of the local market and to receive tailored advice based on their specific needs.

View our HPI tool here to learn more: https://wrar.ca/hpi/

 

Click on any of the graphs below for an interactive view.

October-Average-Sales-Price-By-Municipality
October-Average-Sales-Price-Township
October-Monthly-Average-Sales-By-Property-Type
October-Monthly-Supply-Of-Homes-For-Sale
October-Monthly-Median-Sales-Price
October-Monthly-Average-Sales-Price-By-Property-Type
October-Monthly-Average-Days-On-Market

WRAR cautions that average sale price information can help identify long-term trends but should not be to indicate that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Months Supply is the inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months. Those requiring specific information on property values should contact a Waterloo Region REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.

Kitchener Waterloo Market Snapshot September 2023

October 4th, 2023 by Riz Jadavji

Surge of New Listings in September Against Low Number of Sales

This article will provide a comprehensive snapshot of the KW real estate market for September 2023.

“The number of homes sold last month was very close to last year’s decade-low for the month of September,” says Megan Bell, president of WRAR.  “At the same time, we had a record number of new listings for the month of September.” 

If you are considering to Sell your home or Buy a home in the next short while it would be highly beneficial for you to connect with one of our Team Agents at

The Riz Team

Do you want to know what your home is worth today? Click Below for our Online No Obligation Market EvaluationClick HereClick Here

WATERLOO REGION, ON (October 4, 2023) — In September, there were 527 homes sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR), representing an increase of 0.2 per cent compared to the previous year and a decline of 27.1 per cent compared to the previous 5-year average for the month.

“The number of homes sold last month was very close to last year’s decade-low for the month of September,” says Megan Bell, president of WRAR.  “At the same time, we had a record number of new listings for the month of September.”

Total residential sales in September included 302 detached (down 4.7 per cent from September 2022), and 122 townhouses (up 25.8 per cent). Sales also included 68 condominium units (up 9.7 per cent) and 33 semi-detached homes (down 34.0 per cent).

In September, the average sale price for all residential properties in Waterloo Region was $757,753. This represents a 0.7 per cent increase compared to September 2022 and a 0.3 per cent decrease compared to August 2023.

  • The average price of a detached home was $876,590. This represents a 1.6 per cent increase from September 2022 and a decrease of 0.5 per cent compared to August 2023.
  • The average sale price for a townhouse was $639,816. This represents no change from September 2022 and a decrease of 2.9 per cent compared to August 2023.
  • The average sale price for an apartment-style condominium was $500,092. This represents an increase of 9.9 per cent from September 2022 and an increase 3.1 per cent compared to August 2023.
  • The average sale price for a semi was $673,764. This represents an increase of 5.4 per cent compared to September 2022 and an increase 0.1 per cent compared to August 2023.

WRAR cautions that average sale price information can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.

092023_Average_Sales_Price-By_Property_Type

MLS® Home Price Index Benchmark Price

  Kitchener-Waterloo Cambridge
Benchmark Type: September 2023 Monthly % Change Yr./Yr. % Change September 2023 Monthly % Change Yr./Yr. % Change
Composite $734,600 -1.4 1.1 $741,300 -2.2 -0.6
Detached $832,900 -1.7 2.6 $766,100 -2.8 -0.2
Townhouse $630,300 -0.7 1.8 $677,700 1.2 -0.8
Apartment $475,300 0.0 -1.5 $501,500 0.1 -8.8

 

September 2023 HPI Image for Stats Release

“There was a significant surge of new listings in September, resulting in the largest number of homes being on the market since March 2016,” said Bell. “For buyers with the financing to be house hunting in September, they would have found more favourable conditions in terms of supply than we have seen in a while.”

At the same time, WRAR’s president points to the recent poll the association conducted, which shows over one-quarter of Waterloo Region residents are considering moving to a more affordable location.

“WRAR recently released a report highlighting that Waterloo region’s residents are struggling under the affordability crisis, with four in ten reporting that they live in housing that is unaffordable,” said Bell.

Local REALTORS® call for action to build more missing middle housing as nearly 4 in 10 (38%) residents report living in unaffordable homes.

There were 1,400 new listings added to the MLS® System in Waterloo Region last month, an increase of 52.3 per cent compared to September of last year and a 30.5 per cent increase compared to the previous ten-year average for September.

The total number of homes available for sale in active status at the end of September was 1,448, an increase of 48.8 per cent compared to September of last year and 9.5 per cent above the previous ten-year average of 1322 listings for September.

There were 2.6 months of inventory at the end of September, an 85.7 per cent increase compared to last year and 34.7 per cent above the previous 10-year average. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.

The average number of days to sell in September was 18, compared to 23 days in September 2022. The previous 5-year average is 20 days.

With the next scheduled Bank of Canada interest rate announcement set for October 25, buyers might be on the sidelines, waiting to see what unfolds. WRAR understands that some buyers may be unsure about their next steps. That’s why we encourage these buyers to reach out to local Realtors who can provide them with valuable insights about the current state of the local market and cater to their specific needs.

 

View our HPI tool here to learn more: https://wrar.ca/hpi/

Click on any of the graphs below for an interactive view.

092023_Average_Sales_Price
092023_Average_Sales_Price_Township
092023_Average_Sales_Price-By_Property_Type
092023_Months_supply_of_homes_for_sale
092023_Median_sales_price-by_propety_type
092023_Average_Sales_Price-By_Property_Type2
092023_Average_days_on_market

WRAR cautions that average sale price information can help identify long-term trends but should not be to indicate that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Months Supply is the inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months. Those requiring specific information on property values should contact a Waterloo Region REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.

 

Kitchener Waterloo Market Snapshot August 2023

September 6th, 2023 by Riz Jadavji

Soft Home Sales in August Coupled with Strong Listing Activity

If you are considering to Sell your home or Buy a home in the next short while it would be highly beneficial for you to connect with one of our Team Agents at

The Riz Team

Do you want to know what your home is worth today? Click Below for our Online No Obligation Market EvaluationClick Here

Click Here to Evaluate your home

WATERLOO REGION, ON (September 6, 2023) — In August, there were 568 homes sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR), representing a decrease of 14.2 per cent compared to the previous year and a decline of 23.5 per cent compared to the previous 5-year average for the month.

“For the first time in a decade we saw August’s home sales slip under the 600-unit mark,” says Megan Bell, president of WRAR.”  “Home sales were softer than normal last month, which is not surprising given the current borrowing environment.”

Total residential sales in August included 315 detached (down 24.1 per cent from August 2022), and 134 townhouses (up 12.6 per cent). Sales also included 74 condominium units (up 10.4 per cent) and 44 semi-detached homes (down 27.9 per cent).

In August, the average sale price for all residential properties in Waterloo Region was $761,377. This represents a 1.4 per cent increase compared to August 2022 and a 4.4 per cent decrease compared to July 2023.

  • The average price of a detached home was $884,390. This represents a 3.9 per cent increase from August 2022 and a decrease of 3.9 per cent compared to July 2023.
  • The average sale price for a townhouse was $659,704. This represents a 8.0 per cent increase from August 2022 and a decrease of 1.7 per cent compared to July 2023.
  • The average sale price for an apartment-style condominium was $485,205. This represents an increase of 4.1 per cent from August 2022 and a decrease of 2.3 per cent compared to July 2023.
  • The average sale price for a semi was $669,044. This represents an increase of 2.0 per cent compared to August 2022 and a decrease of 0.3 per cent compared to July 2023.

WRAR cautions that average sale price information can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.

August Average Sales Price - By Property Type 09062023

MLS® Home Price Index Benchmark Price

  Kitchener-Waterloo Cambridge
Benchmark Type: August 2023 Monthly % Change Yr./Yr. % Change August 2023 Monthly % Change Yr./Yr. % Change
Composite $745,100 -2.6 1.1 $758,000 -0.9 1.4
Detached $846,900 -2.5 3.3 $788,100 -1.1 3.3
Townhouse $634,900 -2.1 1.4 $669,300 0.9 -5.5
Apartment $475,400 -2.0 -5.2 $501,000 1.7 -12.4
HPI August 2023

“Home buyers had the advantage of strong listing activity in August, which helped to provide a little more choice and temper prices,” says Bell. “But affordability remains a top concern for many who are looking to get into the market and finding it a challenge to resolve what they want with what they can afford.”

WRAR’s president points out that while market-wide, inventory levels were up 7.6 per cent in August, this was mainly due to the Townhouse/Condo segment, where inventory increased by 35.3 per cent. The property type with the most supply in the market is the condo segment with 3.3 months supply, compared to 1.8 months supply in the detached home category.

“Right now, buyers may find it easier to get into a condominium, which can be a great choice for both first time buyers, and anyone looking for a lifestyle change.”

There were 1,025 new listings added to the MLS® System in Waterloo Region last month, an increase of 9.7 per cent compared to August of last year and a 11.7 per cent increase compared to the previous ten-year average for August.

The total number of homes available for sale in active status at the end of August was 1,094, an increase of 7.6 per cent compared to August of last year and 14.9 per cent below the previous ten-year average of 1431 listings for August.

There were 2.0 months of inventory at the end of August, unchanged from the end of July and in line with the previous 10-year average. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.

The average number of days to sell in August was 19, compared to 23 days in August 2022. The previous 5-year average is 21 days.

View our HPI tool here to learn more: https://wrar.ca/hpi/

Click on any of the graphs below for an interactive view.

August Average Sales Price
August Average Sales Price - Township 09062023
Sales By Property Type 09062023
Supply of Homes 09062023
Median Sales - By Property type 09062023
Average Sales Price - By Property Type 09062023
Average Days on Market 09062023

Kitchener Waterloo Market Snapshot July 2023

August 3rd, 2023 by Riz Jadavji

Strong Listing Activity in July

If you are considering to Sell your home or Buy a home in the next short while it would be highly beneficial for you to connect with one of our Team Agents at

The Riz Team

Do you want to know what your home is worth today? Click Below for our Online No Obligation Market EvaluationClick Here

WATERLOO REGION, ON (August 3, 2023) — In July, there were 607 homes sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR), representing an increase of 10.4 per cent compared to the previous year and a decline of 21.6 per cent compared to the previous 5-year average for the month.

“The Waterloo Region residential real estate market experienced some growth in terms of unit sales and supply in July, with home prices showing moderate fluctuations,” says Bell. “Despite the Bank of Canada’s most recent interest rate hike, we saw more sellers coming off the sidelines with new listing activity reaching its second highest level for the month of July in over a decade.”

Total residential sales in July included 364 detached (up 8.3 per cent from July 2022), and 120 townhouses (up 7.1 per cent). Sales also included 74 condominium units (up 15.6 per cent) and 44 semi-detached homes (up 22.2 per cent).

In July, the average sale price for all residential properties in Waterloo Region was $795,778. This represents a 5.8 per cent increase compared to July 2022 and a 5.2 per cent decrease compared to June 2023.

  • The average price of a detached home was $920,635. This represents an 8.8 per cent increase from July 2022 and a decrease of 8.4 per cent compared to June 2023.
  • The average sale price for a townhouse was $670,283. This represents a 4.4 per cent increase from July 2022 and an increase of 0.5 per cent compared to June 2023.
  • The average sale price for an apartment-style condominium was $496,757. This represents a decrease of 4.8 per cent from July 2022 and an increase of 5.6 per cent compared to June 2023.
  • The average sale price for a semi was $665,328. This represents an increase of 0.6 per cent compared to July 2022 and a decrease of 3.8 per cent compared to June 2023.

WRAR cautions that average sale price information can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.

July Average Sales Price by Property Type

MLS® Home Price Index Benchmark Price

Kitchener-Waterloo Cambridge
Benchmark Type: July 2023 Monthly % Change Yr./Yr. % Change July 2023 Monthly % Change Yr./Yr. % Change
Composite $765,000 -1.7 1.8 $764,600 -1.8 -1.2
Detached $869,000 -2.3 4.4 $797,100 -2.2 1.2
Townhouse $648,700 0.6 -0.3 $663,200 0.5 -11.9
Apartment $484,900 1.2 -5.5 $492,600 2.2 -14.8

 

July 2023 HPI Image for Stats Release

“In this ever-evolving market, demand persists despite the changing landscape. Increased listing activity is certainly welcomed to help offset the lack of supply and pent-up demand,” says Bell. “Working with a local REALTOR® is vital in navigating these shifting influences during the homebuying and selling process. Waterloo Region properties remain highly sought-after due to our diverse economy and desirable community, solidifying us in a competitive market.”

There were 1,194 new listings added to the MLS® System in Waterloo Region last month, an increase of 1.4 per cent compared to July of last year and a 10.8 per cent increase compared to the previous ten-year average for July.

The total number of homes available for sale in active status at the end of July was 1,107, a decrease of 14.8 per cent compared to July of last year and 22.6 per cent below the previous ten-year average of 1431 listings for July.

There were 2.0 months of inventory at the end of July, up slightly from the end of June and in line with the previous 10-year average. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.

The average number of days to sell in July was 16, compared to 18 days in July 2022. The previous 5-year average is 18 days.

View our HPI tool here to learn more: https://wrar.ca/hpi/

Click on any of the graphs below for an interactive view.

average sales price by municipality
average sales price by township
monthly sales by property type
monthly supply of homes for sale
monthly median sales price by property type
monthly average sales price by property type
monthly average days on market

WRAR cautions that average sale price information can help identify long-term trends but should not be to indicate that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Months Supply is the inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months. Those requiring specific information on property values should contact a Waterloo Region REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.

 

Kitchener Waterloo Market Snapshot June 2023

July 6th, 2023 by Riz Jadavji

Waterloo Region Real Estate Market Shows Resilience With Increase in Home Sales and Average Prices

If you are considering to Sell your home or Buy a home in the next short while it would be highly beneficial for you to connect with one of our Team Agents at

The Riz Team

Do you want to know what your home is worth today? Click Below for our Online No Obligation Market EvaluationClick Here

WATERLOO REGION, ON (July 6, 2023) — In June, there were 780 homes sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR), representing an increase of 4.6 per cent compared to the previous year and a decline of 12.3 per cent compared to the previous 5-year average for the month.

“The real estate market in Waterloo Region showed signs of a rebound in June, with monthly sales increasing on a year-over-year basis for the first time this year,” says Megan Bell, president of WRAR. “The total number of home sales are down nearly 25 per cent for the first half of 2023 compared to last year but have been steadily climbing since January.”

Total residential sales in June included 468 detached (up 5.9 per cent from June 2022), and 149 townhouses (up 4.9 per cent). Sales also included 118 condominium units (up 22.9 per cent) and 42 semi-detached homes (down 32.3 per cent).

In June, the average sale price for all residential properties in Waterloo Region was $839,869. This represents a 6.4 per cent increase compared to June 2022 and a 2.0 per cent increase compared to May 2023.

  • The average price of a detached home was $1,005,519. This represents a 10.4 per cent increase from June 2022 and an increase of 4.1 per cent compared to May 2023.
  • The average sale price for a townhouse was $665,984. This represents a 0.2 per cent increase from June 2022 and a decrease of 4.4 per cent compared to May 2023.
  • The average sale price for an apartment-style condominium was $470,163. This represents a decrease of 6.2 per cent from June 2022 and a decrease of 3.3 per cent compared to May 2023.
  • The average sale price for a semi was $691,507. This represents a decrease of 1.1 per cent compared to June 2022 and a decrease of 5.0 per cent compared to May 2023.

WRAR cautions that average sale price information can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.

June average sales price by property type

MLS® Home Price Index Benchmark Price

  Kitchener-Waterloo Cambridge
Benchmark Type: June 2023 Monthly % Change Yr./Yr. % Change June 2023 Monthly % Change Yr./Yr. % Change
Composite $777,800 0.1 -2.0 $778,600 -1.6 -3.4
Detached $889,400 0.2 0.7 $815,300 -1.9 -1.0
Townhouse $645,200 1.7 -5.9 $660,100 1.2 -14.7
Apartment $479,000 -1.8 -8.7 $481,900 0.2 -16.6

 

June 2023 HPI Graph

“In June we saw robust demand for detached properties, driving a significant 10.5 per cent increase in the average sale price of a detached home,” says Bell. “While the central bank raised its benchmark interest rate to 4.75 per cent near the beginning of the month, demand remains strong. Buyers and sellers can expect a competitive market as the number of homes for sale continues to be well below the long-term average,” says Bell.

There were 1,321 new listings added to the MLS® System in Waterloo Region last month, a decrease of 21.6 per cent compared to June of last year and a 3.5 per cent increase compared to the previous ten-year average for June.

The total number of homes available for sale in active status at the end of June was 1007, a decrease of 23.1 per cent compared to June of last year and 32.8 per cent below the previous ten-year average of 1499 listings for June.

The number of months of inventory is up 5.9 per cent compared to June of last year, but still historically low at 1.8 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.

The average number of days to sell in June was 15, compared to 13 days in June 2022. The previous 5-year average is 17 days.

View our HPI tool here to learn more: https://wrar.ca/hpi/

Click on any of the graphs below for an interactive view.

Average Sales Price By Municipality
Average sales price by township
Monthly sales by property type
Monthly supply of homes for sale
Monthly median sales price by property type
Monthly average sales price by property type
Monthly average days on market

WRAR cautions that average sale price information can help identify long-term trends but should not be to indicate that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Months Supply is the inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months. Those requiring specific information on property values should contact a Waterloo Region REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.

 


© Copyright 2017, Real Estate Websites by Redman Technologies Inc. | Privacy Policy | Disclaimer | Sitemap

MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Kitchener-Waterloo Real Estate Board. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.