Kitchener Waterloo Market Snapshot July 2024
Waterloo Region Housing Market Sees Modest Sales Uptick in July Amid Lower Interest Rates and Increased Inventory
“In July, we observed a slight increase in home sales year-over-year following a reduction in interest rates, which seems to have provided a modest boost to market activity,” says Christal Moura, spokesperson for the Waterloo Region market area. “While this uptick is encouraging, it is evident that many potential buyers are adopting a wait-and-see approach, anticipating further decreases in interest rates and better buying conditions in the near future.”
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WATERLOO REGION, ON (August 6, 2024) —In July, a total of 639 homes were sold in the Waterloo Region via the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone). This represents an increase of 4.6 per cent compared to the same period last year and a decline of 16.6 per cent compared to the average number of homes sold in the previous ten years for the same month.
“In July, we observed a slight increase in home sales year-over-year following a reduction in interest rates, which seems to have provided a modest boost to market activity,” says Christal Moura, spokesperson for the Waterloo Region market area. “While this uptick is encouraging, it is evident that many potential buyers are adopting a wait-and-see approach, anticipating further decreases in interest rates and better buying conditions in the near future.”
Total residential sales in July included 382 detached homes (up 4.1 per cent from July 2023), and 126 townhouses (up 5.0 per cent). Sales also included 82 condominium units (up 9.3 per cent) and 48 semi-detached homes (up 9.1 per cent).
In July, the average sale price for all residential properties in Waterloo Region was $782,716. This represents a 1.6 per cent decrease compared to July 2023 and a 0.9 per cent decrease compared to June 2024.
- The average price of a detached home was $914,469. This represents a 0.6 per cent decrease from July 2023 and an increase of 1.6 per cent compared to June 2024.
- The average sale price for a townhouse was $617,062. This represents a 7.7 per cent decrease from July 2023 and a decrease of 7.1 per cent compared to June 2024.
- The average sale price for an apartment-style condominium was $494,897. This represents a decrease of 0.6 per cent from July 2023 and an increase of 7.1 per cent compared to June 2024.
- The average sale price for a semi was $667,063. This represents a decrease of 0.6 per cent compared to July 2023 and an increase of 2.7 per cent compared to June 2024.
CORNERSTONE cautions that average sale price information can help establish long–term trends but does not indicate 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 |
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| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | July 2024 | Monthly % Change | Yr./Yr. % Change | July 2024 | Monthly % Change | Yr./Yr. % Change |
| Composite | $731,100 | -1.4 | -5.3 | $743,100 | -1.6 | -2.9 |
| Detached | $839,100 | -1.6 | -4.4 | $776,700 | -1.9 | -2.7 |
| Townhouse | $617,900 | -1.3 | -5.8 | $651,000 | -0.2 | -1.3 |
| Apartment | $454,800 | -0.2 | -6.2 | $496,100 | 1.1 | 0.3 |
There were 1,391 new listings added to the MLS® System in Waterloo Region last month, an increase of 15.9 per cent compared to July last year and a 27.5 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 1,817 an increase of 61.9 per cent compared to July of last year and 38.9 per cent above the previous ten-year average of 1,308 listings for July.
Market-wide inventory levels were up 65.0 per cent, with 3.3 months’ supply for all property types at the end of July. The property type that gained the most inventory was the townhouse segment, which increased by 85.0 percent. That amounts to 5.7 months’ supply for condo apartments, 3.7 months for townhouses, and 2.8 months for detached homes. The number of months of inventory represents the amount of time it would take to sell off current inventories at the current sales rate.
The average time it took to sell a home in July was 22 days, which is four days longer than the previous month. In July 2023, it took 16 days for a home to sell, and the five-year average is 17 days.
Cornerstone emphasizes the importance of consulting a local REALTOR® when considering buying or selling property in the Waterloo Region. Their expertise can provide valuable insights into the current market conditions, enabling individuals to make well-informed decisions aligned with their goals and preferences.
View our HPI tool here to learn more: https://wrar.ca/hpi/
Cornerstone Association of REALTORS® 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.
ABOUT CORNERSTONE
Cornerstone Association of REALTORS® (Cornerstone) is a brand-new, novel association formed on July 1, 2024. Representing REALTORS® serving in the markets of Mississauga, Burlington, Hamilton, Waterloo Region, Niagara North, Haldimand County, Norfolk County and surrounding areas, it will become Ontario’s second-largest real estate board comprised of nearly 9,000 REALTORS®.
Established to better serve and represent REALTORS®, its vision is to establish a new, more influential, capable, and member-centric organization designed to meet the evolving needs of REALTORS® and help them thrive in the marketplace.
Cornerstone stands for transparency, honesty, and integrity. By taking a proactive stance toward the future and not being afraid to question some of the long-standing assumptions, Cornerstone offers a unique value proposition, paving the way for members’ brighter future.
We are Cornerstone. REALTORS® Together, Stronger Together.
More information at www.cornerstone.inc
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