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Kitchener Waterloo Market Snapshot May 2023

Friday, June 2nd, 2023

Waterloo Region Buyer and Listing Activity Ramps Up In May

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WATERLOO REGION, ON (June 2, 2023) — In May there were 788 homes sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR), representing a decrease of 10.9 per cent compared to the previous year and a decline of 12.6 per cent compared to the previous 5-year average for the month.

“The spring market is in full swing with robust buyer and listing activity observed in May,” says Megan Bell, president of WRAR. “It’s encouraging to witness a significant uptick in listing activity compared to April, and we remain optimistic that this positive momentum will carry into June. However, it’s worth noting that the number of listings being added to the MLS® System continues to be historically low.”

Total residential sales in May included 463 detached (down 17.6 per cent from May 2022), and 133 townhouses (down 10.7 percent). Sales also included 123 condominium units (up 17.1 per cent) and 67 semi-detached homes (up 1.5 per cent).

In May, the average sale price for all residential properties in Waterloo Region was $821,828 This represents a 5.6  per cent decrease compared to May 2022 and a 3.1 per cent increase compared to April 2023.

  • The average price of a detached home was $964,130. This represents a 2.8 per cent decrease from May 2022 and an increase of 4.2 per cent compared to April 2023.
  • The average sale price for a townhouse was $697,551. This represents a 2.4 per cent decrease from May 2022 and an increase of 5.0 per cent compared to April 2023.
  • The average sale price for an apartment-style condominium was $482,926. This represents a decrease of 11.8 per cent from May 2022 and a decrease of 1.4 per cent compared to April 2023.
  • The average sale price for a semi was $726,702. This represents an increase of 1.1 per cent compared to May 2022 and an increase of 5.8 per cent compared to April 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.

may average sales price by property type

MLS® Home Price Index Benchmark Price

Kitchener-Waterloo Cambridge
Benchmark Type: May 2023 Monthly % Change Yr./Yr. % Change May 2023 Monthly % Change Yr./Yr. % Change
Composite $777,500 2.4 -7.7 $791,000 4.2 -5.5
Detached $887,800 2.5 -5.4 $831,100 4.7 -3.1
Townhouse $634,300 2.7 -13.9 $652,200 1.6 -17.5
Apartment $487,600 2.3 -8.9 $480,700 0.1 -17.8

 

May 2023 HPI Image for Stats Release

“Waterloo Region properties remain in high demand, driven by our diverse economy and the desirability of our community, we continue to be in a seller’s market,” says Bell. “With limited inventory and a relatively low number of new listings being added to the MLS® system, buyers face intensified competition while sellers receive increasingly competitive offers.”

There were 1,264 new listings added to the MLS® System in Waterloo Region last month, a decrease of 32.6 per cent compared to May of last year and an 11.8 per cent decrease compared to the previous ten-year average for May.

The total number of homes available for sale in active status at the end of May was 900, a decrease of 24.9 per cent compared to May of last year and 41.0 per cent below the previous ten-year average of 1524 listings for May.

The number of months of inventory is up 13.3 per cent compared to May of last year, but still historically low at 1.7 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 May was 15, compared to 11 days in May 2022. The previous 5-year average is 16 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

 

Kitchener Waterloo Market Snapshot April 2023

Thursday, May 4th, 2023

Demand Remains Strong as Home Prices Increase Month-Over-Month

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WATERLOO REGION, ON (May 4, 2023) — Sales volume through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR) remained subdued last month, with 670 homes sold in April, representing a decrease of 22.0 per cent compared to April 2022 and 18.0 percent below the previous 5-year average for the month.

“The local spring market is off to a slower than usual start with half the number of new listings hitting the market than this time last year,” says Megan Bell, president of WRAR. “However, with demand continuing to outstrip supply, we saw prices increase on a month-over-month basis as total sales volume continues to waver well below historical figures for the month of April.”

Total residential sales in April included 404 detached (down 22.8 per cent from April 2022), and 119 townhouses (down 20.7 per cent). Sales also included 95 condominium units (down 18.1 per cent) and 51 semi-detached homes (down 25.0 per cent).

In April, the average sale price for all residential properties in Waterloo Region was $797,716. This represents an 11.9 per cent decrease compared to April 2022 and a 2.6 per cent increase compared to March 2023.

  • The average price of a detached home was $925,219. This represents a 10.7 per cent decrease from April 2022 and an increase of 1.7 per cent compared to March 2023.
  • The average sale price for a townhouse was $664,519. This represents a 12.7 per cent decrease from April 2022 and an increase of 3.9 per cent compared to March 2023.
  • The average sale price for an apartment-style condominium was $488,971. This represents a decrease of 18.3 per cent from April 2022 and an increase of 1.5 per cent compared to March 2023.
  • The average sale price for a semi was $686,792. This represents a decrease of 10.1 per cent compared to April 2022 and a decrease of 1.9 per cent compared to March 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.

WR April 2023 Price Chart

MLS® Home Price Index Benchmark Price

Kitchener-Waterloo Cambridge
Benchmark Type: April 2023 Monthly % Change Yr./Yr. % Change April 2023 Monthly % Change Yr./Yr. % Change
Composite $759,600 2.7 -14.7 $774,500 3.8 -12.8
Detached $865,100 3.0 -13.0 $809,300 4.3 -12.0
Townhouse $611,600 1.9 -20.3 $647,000 0.8 -17.1
Apartment $484,900 2.3 -13.4 $491,900 1.8 -16.0

 

April 2023 HPI Image for Stats Release

 

“Waterloo Region remains a sellers’ market, and while prices have fallen in comparison to last year, we anticipate that home prices will continue to increase steadily,” says Bell. “Some stability in mortgage rates has brought about a return of buyer activity as we begin to observe a return of multiple offer scenarios, bidding wars, and a decrease in the number of days properties take to sell.”

There were 869 new listings added to the MLS® System in Waterloo Region last month, a decrease of 49.4 per cent compared to April of last year and a 33.2 per cent decrease compared to the previous ten-year average for April.

The total number of homes available for sale in active status at the end of April was 703, a decrease of 25.9 per cent compared to April of last year and 49.7 per cent below the previous ten-year average of 1397 listings for April.

The number of months of inventory is up 8.3 per cent compared to April of last year, but still historically low at 1.3 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 April was 16, compared to 9 days in April 2022. The previous 5-year average is 16 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 Municipalities
Average Sales Price Townships
Monthly Sales by Property Type
Monthly Supply of Homes for Sale
Median Sales Price by Property Type
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 March 2023

Wednesday, April 5th, 2023

Home Prices Inch Up in March as We Enter the Spring Market

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WATERLOO REGION, ON (April 5, 2023) — Sales volume through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR) set another low last month, with 611 homes sold in March, representing a decrease of 38.4 per cent compared to March 2022 and 33.6 per cent below the previous 5-year average for the month.

“Sales activity was well below average in March, and while the number of homes sold is down, sale prices have increased modestly month over month,” says Megan Bell, president of WRAR. “With borrowing costs stabilizing and lenders promoting more appealing rates, I think we will see more buyers coming off the sidelines this spring, adding demand to our already popular Waterloo Region and pushing home prices up slightly.”

Total residential sales in March included 356 detached (down 39.9 per cent from March 2022), and 126 townhouses (down 29.6 per cent). Sales also included 86 condominium units (down 32.8 per cent) and 42 semi-detached homes (down 53.3 per cent).

In March, the average sale price for all residential properties in Waterloo Region was $779,017. This represents a 18.6 per cent decrease compared to March 2022 and a 2.4 per cent increase compared to February 2023.

  • The average price of a detached home was $910,152. This represents a 17.4 per cent decrease from March 2022 and an increase of 2.9 per cent compared to February 2023.
  • The average sale price for a townhouse was $640,484. This represents a 19.9 per cent decrease from March 2022 and a decrease of 6 per cent compared to February 2023.
  • The average sale price for an apartment-style condominium was $482,882. This represents a decrease of 15.2 per cent from March 2022 and an increase of 5.3 per cent compared to February 2023.
  • The average sale price for a semi was $700,208. This represents a decrease of 18.2 per cent compared to March 2022 and an increase of 4.9 per cent compared to February 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.

March average sales price by property type

MLS® Home Price Index Benchmark Price

Kitchener-Waterloo Cambridge
Benchmark Type: March 2023 Monthly % Change Yr./Yr. % Change March 2023 Monthly % Change Yr./Yr. % Change
Composite $739,400 1.8 -21.2 $746,300 0.5 -20.6
Detached $839,500 2.0 -20.4 $776,100 0.7 -21.1
Townhouse $600,500 2.0 -23.5 $641,700 0.7 -17.5
Apartment $474,000 0.1 -18.0 $483,000 -1.9 -13.5

 

“This is a peculiar market. While we certainly will not have the same volume of sales as in 2022, demand remains strong. For those that were previously hesitant to sell their properties, March’s slight uptick in sales prices is a good indication of the continued pent-up demand within the Region and we do not anticipate this slowing down anytime soon,” says Bell. “These and other shifting influences mean it has never been more important for buyers and sellers alike to work with a local REALTOR® to help provide expertise during the homebuying and selling process.”

While on a year-over-year basis, prices have come down close to 20 per cent, they are up compared to two years ago.

There were 859 new listings added to the MLS® System in Waterloo Region last month, a decrease of 44.1 per cent compared to March of last year and a 30.5 per cent decrease compared to the previous ten-year average for March.

The total number of homes available for sale in active status at the end of March was 716, an increase of 17.2 per cent compared to March of last year and 42.4 per cent below the previous ten-year average of 1243 listings for March.

The number of months of inventory is up 85.7 per cent compared to March of last year, but still historically low at 1.3 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 March was 19, compared to 8 days in March 2022. The previous 5-year average is 15 days.

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

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

Avg Sales Price Municipalities
Avg Sales Price Townships
Monthly Sales Price Property Type
Monthly Supply Homes for Sale
Monthly median sales price property type
monthly average sales price by property type
monthly average days on market

Kitchener Waterloo Market Snapshot February 2023

Friday, March 3rd, 2023

Home Sales Down, Prices Stabilizing in February

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

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WATERLOO REGION, ON (March 3, 2023) —Sales volume through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR) set a low for the month of February, with 439 homes sold, representing a decrease of 45.0 per cent compared to February 2022 and 31.5 per cent below the previous 5-year average for the month.

“Once again, we experienced record low listing sales in February,” says Megan Bell, president of WRAR. “Increased borrowing costs, coupled with a shortage of housing supply and strong demand, have put a strain on prospective buyers as affordability continues to be a top concern; however, home prices have remained stable for the past several months.”

Total residential sales in February included 256 detached (down 45.3 per cent from February 2022), and 100 townhouses (down 33.3 per cent). Sales also included 55 condominium units (down 52.6 per cent) and 28 semi-detached homes (down 56.3 per cent).

In February, the average sale price for all residential properties in Waterloo Region was $758,698. This represents a 25.1 per cent decrease compared to February 2022 and a 0.6 per cent decrease compared to January 2023.

  • The average price of a detached home was $877,884. This represents a 26.0 per cent decrease from February 2022 and a decrease 0.9 per cent compared to January 2023.
  • The average sale price for a townhouse was $642,777. This represents a 25.6 per cent decrease from February 2022 and an increase of 2.7 per cent compared to January 2023.
  • The average sale price for an apartment-style condominium was $461,322. This represents a decrease of 19.2 per cent from February 2022 and a decrease of 6.9 per cent compared to January 2023.
  • The average sale price for a semi was $667,250. This represents a decrease of 25.8 per cent compared to February 2022 and an increase of 2.6 per cent compared to January 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.

Febstats1

MLS® Home Price Index Benchmark Price

  Kitchener-Waterloo Cambridge
Benchmark Type: February 2023 Monthly % Change Yr./Yr. % Change February 2023 Monthly % Change Yr./Yr. % Change
Composite $726,500 3.0 -24.2 $742,300 1.6 -25.3
Detached $822,800 4.2 -24.8 $770,800 1.8 -27.0
Townhouse $588,500 0.9 -22.3 $637,400 -0.2 -13.8
Apartment $473,800 -1.6 -14.3 $492,100 0.9 -7.6

 

 

“Limited supply and the small number of listings coming to the market continues to be a trend within the region,” says Bell. “There may be some hesitation for those considering selling their property due to decreased reported sale prices; however, with demand continuing to outpace supply and prices stabilizing, sellers are in a healthy position to make their move.”

Bell points out that although prices have fallen more than 20 per cent from their peak in February 2022, they remain significantly higher than three years ago.

There were 671 new listings added to the MLS® System in Waterloo Region last month, a decrease of 37.1 per cent compared to February of last year and a 24.8 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 692, an increase of 75.2 per cent compared to February of last year and 38.0 per cent below the previous ten-year average of 1117 listings for February.

The number of months of inventory is up 140.0 per cent compared to February of last year, but still historically low at 1.2 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 February was 20, compared to 8 days in February 2022. The previous 5-year average is 16 days.

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

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

febstats2
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Kitchener Waterloo Market Snapshot January 2023

Friday, February 3rd, 2023

Number of Home Sales in January Exceptionally Low

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

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

WATERLOO REGION, ON (February 3, 2023) —The number of homes sold last month through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR) totalled 297 units, a decrease of 41.9 per cent compared to January 2022 and 31.0 per cent below the previous 5-year average for the month.

“Waterloo Region’s home sales in January were at their second lowest of any single month in well over a decade,” says Megan Bell, president of WRAR. “Home sales tend to be sluggish in January, and while we expected activity to ease to reflect economic challenges, this was a larger drop than originally anticipated.”

Total residential sales in January included 176 detached (down 38.5 per cent from January 2022), and 61 townhouses (down 44.5 per cent). Sales also included 43 condominium units (down 48.2 per cent) and 17 semi-detached homes (down 46.9 per cent).

In January, the average sale price for all residential properties in Waterloo Region was $764,063. This represents a 20.1 per cent decrease compared to January 2022 and a 5.9 per cent increase compared to December 2022.

  • The average price of a detached home was $888,487. This represents a 21.5 per cent decrease from January 2022 and an increase of 7.6 per cent compared to December 2022.
  • The average sale price for a townhouse was $625,831. This represents a 26.1 per cent decrease from January 2022 and an increase of 2.2 per cent compared to December 2022.
  • The average sale price for an apartment-style condominium was $495,753. This represents a decrease of 9.3 per cent from January 2022 and an increase of 6.1 per cent compared to December 2022.
  • The average sale price for a semi was $650,588. This represents a decrease of 21.5 per cent compared to January 2022 and an increase of 5.5 per cent compared to December 2022.
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 2023 Monthly % Change Yr./Yr. % Change January 2023 Monthly % Change Yr./Yr. % Change
Composite $705,100 -1.2 -23.7

$731,000

2.4 -21.3
Detached $789,900 -1.4 -25.9 $757,200 2.9 -23.2
Townhouse $583,100 -1.8 -17.6 $638,300 -0.2 -8.0
Apartment $481,300 2.0 -5.1 $487,600 -1.9 -4.3

“On a monthly basis, we saw the average sale price increase across all property types in January,” says Bell. “I’m also noticing more multiple offers happening, especially on detached homes that are priced under eight hundred thousand dollars.”

Meanwhile, the Bank of Canada again increased interest rates at the end of January by 25 basis points to 4.5 per cent. “While not a huge increase, the continuance of interest rate hikes is an ongoing factor in the reduction of home sales within the market,” says Bell.

There were 579 new listings added to the MLS® System in Waterloo Region last month, a decrease of 13.3 per cent compared to January of last year and a 28.7 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 651, an increase of 167.9 per cent compared to January of last year and 34.7 per cent below the previous ten-year average of 998 listings for January.

The number of months of inventory is up 233.3 per cent compared to January of last year, but still historically low at one month. Between 2011 and 2015, January’s average months of inventory was 3.0 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 January was 25, compared to 9 days in January 2022. The previous 5-year average is 21 days.

WRAR’s president says, “The demographic of buyers is also shifting as we observe fewer buyers coming from the GTA into the region.  While there are still some, it is nowhere like it was last January. These and other shifting influences mean it has never been more important for buyers and sellers to work with a local REALTOR® to help provide expertise during the homebuying and selling process.”

Affordability, combined with ongoing supply constraints, makes it difficult for buyers to navigate the continuous market changes while sellers also need to adjust to the evolving circumstances. 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.

jan average sales prce
jan average sales townships
sales by property type
monthly supply of homes for sale
median sales price property type
average sales price by property type
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 2022

Thursday, January 5th, 2023

Fewer Homes Sales in December Ends a Year of Weaker Sales Activity in Waterloo Region

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, 2023) —There were 7,770 homes sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR) in 2022, a decrease of 24.8 per cent compared to 2021. On a historical basis, 2022 performed lower than previous years, with annual sales down 12.4 per cent compared to the previous 5-year average and 8.2 per cent below the previous 10-year average.

On a monthly basis, there were 280 homes sold in December, a decrease of 38.7 per cent compared to December 2021, and 32.3 per cent below the previous 5-year average for the month.

“The number of homes sold in December was lower than any single month in well over a decade, marking an end to a turbulent year for home sales in Waterloo Region,” says Megan Bell, President of WRAR.

Kitchener Waterloo Market Snapshot November 2022

Friday, December 2nd, 2022

Waterloo Region Home Prices Continue to Cool in November

“Home sales continued to decrease in November, as they traditionally do at this time of year,” “At the same time, we know ever-increasing homeownership costs are contributing to the decline and putting downward pressure on sales prices which have plateaued since 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 (December 2, 2022) —The number of homes sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR) totaled 453 units, a decrease of 43.7 per cent compared to November 2021 and 34.2 per cent below the previous 5-year average for the month.

Total residential sales in November included 280 detached (down 38.3 per cent from November 2021), and 78 townhouses (down 57.1 per cent). Sales also included 58 condominium units (down 49.6 per cent) and 37 semi-detached homes (down 28.8 per cent).

“Home sales continued to decrease in November, as they traditionally do at this time of year,” says Megan Bell, President of WRAR. “At the same time, we know ever-increasing homeownership costs are contributing to the decline and putting downward pressure on sales prices which have plateaued since July.”

In November, the average sale price for all residential properties in Waterloo Region was $736,024. This represents a 10.4 per cent decrease compared to November 2021 and a 3.6 per cent decrease compared to October 2022.

  • The average price of a detached home was $838,609. This represents a 13.1 per cent decrease from November 2021 and a decrease of 3.5 per cent compared to October 2022.
  • The average sale price for a townhouse was $618,669. This represents a 12.3 per cent decrease from November 2021 and a decrease of 2.6 per cent compared to October 2022.
  • The average sale price for an apartment-style condominium was $458,384. This represents a decrease of 7.5 per cent from November 2021 and a decrease of 6.2 per cent compared to October 2022.
  • The average sale price for a semi was $642,328. This represents a decrease of 9.4 per cent compared to November 2021 and an increase of 3.2 per cent compared to October 2022.

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.

Capture
MLS® Home Price Index Benchmark Price
  Kitchener-Waterloo Cambridge
Benchmark Type: November 2022 Monthly % Change Yr./Yr. % Change November 2022

Monthly % Change

Yr./Yr. % Change
Composite $711,200 -1.7 -12.8 $744,200 1.8 -10.6
Detached $791,000 -2.1 -14.8 $770,600 2.5 -12.0
Townhouse $602,200 -0.2 -7.0 $652,000 -1.7 -2.0
Apartment $492,600 -0.4 8.0 $504,100 -3.1 3.7

 

November 2022 HPI Image for Stats Release

“The Waterloo Region market has been moving towards more of a balanced market throughout the latter part of the year, and November followed that trend,” says Bell. “We have a long way to go before the pendulum swings into it being a buyer’s market. However, if the Bank of Canada yet again raises its key interest rate on December 7, it is likely to result in fewer buyers competing for more inventory.”

There were 752 new listings added to the MLS® System in the Waterloo Region last month, a decrease of 6.6 per cent compared to November of last year and a 1.3 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 860, an increase of 209.4 per cent compared to November of last year and 29.9 per cent below the previous ten-year average of 1227 listings for November.

The number of months of inventory is up 333.3 per cent compared to November of last year, but still historically low at 1.3 months. Between 2009 and 2015, November’s average months of inventory was 3.2 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 November was 21, compared to 10 days in November 2021. The previous 5-year average is 21 days.

WRAR’s president says, “It has never been more important for both buyers and sellers to work with a REALTOR® to help provide expertise during the homebuying and selling process. Affordability, combined with ongoing supply constraints, are making it difficult for buyers to navigate the continuous market changes while sellers are also having to adjust in concurrence with the evolving circumstances”.

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.

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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 October 2022

Wednesday, October 5th, 2022

Fewer Home Sales in October

 

“Unsurprisingly, the pace of home sales continued to slow in October after the Bank of Canada’s sixth straight interest rate hike in September,” says Megan Bell, President of WRAR. “Faced with higher borrowing costs, some buyers have had to re-assess what they can afford. As these buyers get moved to the sidelines, sellers question if now is the best possible time to sell.”

 

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 2, 2022) —491 residential homes were sold last month through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR), a decrease of 39.7 per cent compared to October 2021 and 36.2 per cent below the previous 5-year average for the month.

Total residential sales in October included 310 detached (down 38.2 per cent from October 2021), and 84 townhouses (down 45.1 per cent). Sales also included 64 condominium units (down 36.0 per cent) and 31 semi-detached homes (down 47.5 per cent).

“Unsurprisingly, the pace of home sales continued to slow in October after the Bank of Canada’s sixth straight interest rate hike in September,” says Megan Bell, President of WRAR. “Faced with higher borrowing costs, some buyers have had to re-assess what they can afford. As these buyers get moved to the sidelines, sellers question if now is the best possible time to sell.”

In October, the average sale price for all residential properties in Waterloo Region was $763,630. This represents an 8.4 per cent decrease compared to October 2021 and a 1.6 per cent increase compared to September 2022.

  • The average price of a detached home was $860,568. This represents a 10.6 per cent decrease from October 2021 and a decrease of 0.3 per cent compared to September 2022.
  • The average sale price for a townhouse was $635,197. This represents a 9.0 per cent decrease from October 2021 and a decrease of 0.4 per cent compared to September 2022.
  • The average sale price for an apartment-style condominium was $488,277. This represents an increase of 3.9 per cent from October 2021 and an increase of 7.3 per cent compared to September 2022.
  • The average sale price for a semi was $624,999. This represents a decrease of 10.8 per cent compared to October 2021 and a decrease of 1.9 per cent compared to September 2022.
october 2022 average sales price by property type 2

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 2022 Monthly % Change Yr./Yr. % Change October 2022 Monthly % Change Yr./Yr. % Change
Composite $723,200 -0.2 -8.8 $730,700 -2.3 -9.8
Detached $807,900 -0.0 -10.1 $751,800 -2.1 -11.6
Townhouse $603,700 -1.3 -3.2 $663,100 -2.4 1.8
Apartment $494,400 -0.1 6.5 $520,100 -6.6 7.3

 

October 2022 HPI Stats Chart for Kitchener Waterloo Cambridge

“While there is uncertainty in the minds of consumers about current market conditions, one thing is for certain, Waterloo region’s housing supply remains one of the tightest in the country,” says Bell.  “Buyers may be on the sidelines for now due to affordability, but the underlying demand for housing remains strong.”

There were 827 new listings added to the MLS® System in the Waterloo Region last month, a decrease of 3.3 per cent compared to October of last year and a 14.3 per cent decrease 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 928, an increase of 134.9 per cent compared to October of last year and 34.9 per cent below the previous ten-year average of 1425 listings for October.

The number of months of inventory is up 160.0 per cent compared to October of last year, but still historically low at 1.3 months. Between 2009 and 2015, October’s average months of inventory was 3.6 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 October was 22, compared to 10 days in October 2021. The previous 5-year average is 19 days.

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 housing market, your particular property and the 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.

October-2022-average-sale-price-by-municipality
October 2022 average sale price by township
October 2022 sales by property type
October 2022 Months Supply
October 2022 median sales price by property type
October 2022 average sale price by property type
October 2022 average days on market

Kitchener Waterloo Market Snapshot August 2022

Wednesday, September 7th, 2022

Rising Borrowing Costs Continue to Tame Home Sales in August

 

“The decline was most pronounced in the apartment-style condo and townhouse categories which could indicate that rising borrowing costs are having a greater impact on first-time buyers and those looking for more affordable options.”   

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 (September 7, 2022) — 659 residential homes were sold last month through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR) in August, a decrease of 8.1 per cent compared to August 2021 and 11.2 per cent below the previous 5-year average for the month.

Total residential sales in August included 413 detached (down 0.7 per cent from August 2021), and 117 townhouses (down 24.0 per cent). Sales also included 68 condominium units (down 26.1 per cent) and 61 semi-detached homes (up 10.9 per cent).

“While the number of homes sold in August was down on a year-over-year basis they were up almost 19 per cent compared to July,” says Megan Bell, president of WRAR. “The decline was most pronounced in the apartment-style condo and townhouse categories which could indicate that rising borrowing costs are having a greater impact on first-time buyers and those looking for more affordable options.”

In August, the average sale price for all residential properties in Waterloo Region was $750,849. This represents a 0.4 per cent decrease compared to August 2021 and a 0.2 per cent decrease compared to July 2022.

  • The average price of a detached home was $851,654. This represents a 3.0 per cent decrease from August 2021 and an increase of 1.1 per cent compared to July 2022.
  • The average sale price for a townhouse was $610,725. This represents a 4.2 per cent decrease from August 2021 and a decrease of 5.2 per cent compared to July 2022.
  • The average sale price for an apartment-style condominium was $464,959. This represents an increase of 4.3 per cent from August 2021 and a decrease of 10.9 per cent compared to July 2022.
  • The average sale price for a semi was $655,813. This represents a decrease of 1.0 per cent compared to August 2021 and a decrease of 0.8 per cent compared to July 2022.

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:  August 2022  Monthly % Change  Yr./Yr. % Change  August 2022  Monthly % Change  Yr./Yr. % Change 
Composite  $734,500  -1.9  -2.2  $750,700  -3.4  0.6 
Detached  $815,000  -1.5  -3.9  $764,700  -3.1  -1.3 
Townhouse  $618,400  -3.8  5.4  $715,200  -5.9  11.7 
Apartment  $513,600  -2.1  16.1  $578,500  -1.1  19.0 

 

 

“Today’s announcement by the Bank of Canada to increase its policy rate by 75 basis points to 3.25 per cent is discouraging news for borrowers as it affects their purchasing power,” says Bell. “However, we see signs that the market is moving towards more buyer-friendly conditions. REALTORS® are reporting fewer multiple offers resulting in final sale prices being closer to the asking price or with more conditions accompanying offers. Even so, with inventory still very tight, Waterloo region remains a seller’s market.”

There were 933 new listings added to the MLS® System in the Waterloo Region last month, an increase of 19.3 per cent compared to August of last year, and a 1.2 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 1,003, an increase of 188.2 per cent compared to August of last year, and 31.8 per cent below the previous ten-year average of 1593 listings for August.

The number of months of inventory is up 250 per cent compared to August of last year, but still historically low. There were 1.4 months of inventory in August 2022, down from 1.8 months in July 2022. 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 22, compared to 12 days in August 2021. The previous 5-year average is 22 days.

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.

Kitchener Waterloo Market Snapshot July 2022

Friday, August 5th, 2022

“In the wake of July’s interest rate hike, home sales in Waterloo Region continued to slow,” says Megan Bell, President of WRAR. “We’re seeing a clear shift in the market and what people can afford to purchase or are willing to pay. On the bright side for buyers, it’s not the extreme sellers’ market it was.”

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 Evaluation

Click Here

WATERLOO REGION, ON (August 5, 2022) — 550 residential homes were sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR) in July, a decrease of 32.8 per cent compared to July 2021, and 32.3 per cent below the previous 5-year average for the month.

Total residential sales in July included 337 detached (down 30.4 per cent from July 2021), and 112 townhouses (down 32.9 per cent). Sales also included 65 condominium units (down 39.3 per cent) and 36 semi-detached homes (down 41.0 per cent).

In July, the average sale price for all residential properties in Waterloo Region was $752,301. This represents a 1.2 per cent decrease compared to July 2021 and a 4.9 per cent decrease compared to June 2022.

  • The average price of a detached home was $842,241. This represents a 6.0 per cent decrease from July 2021 and a decrease of 7.0 per cent compared to June 2022.
  • The average sale price for a townhouse was $642,750. This represents a 3.6 per cent increase from July 2021 and a decrease of 3.3 per cent compared to June 2022.
  • The average sale price for an apartment-style condominium was $521,731. This represents an increase of 20.4 per cent from July 2021 and an increase of 4.1 per cent compared to June 2022.
  • The average sale price for a semi was $661,087. This represents an increase of 1.0 per cent compared to July 2021 and a decrease of 5.4 per cent compared to June 2022.
Price by Property Type July

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: July 2022 Monthly % Change Yr./Yr. % Change July 2022 Monthly % Change Yr./Yr. % Change
Composite $749,000 -5.3 1.1 $776,900 -3.9 3.4
Detached $827,100 -5.6 -0.8 $789,600 -4.2 1.3
Townhouse $642,500 -5.1 10.5 $760,500 -2.6 17.7
Apartment $524,800 -2.3 17.4 $584,700 -0.0 20.1

 

MLS® Home Price Index (HPI)

“The real estate market is cooling across the province, and we are seeing significantly fewer buyers from the GTA, which is also impacting prices,” reports Bell. “However, this is not entirely bad news since the previous market was not sustainable. We are all keenly aware of the issues relating to affordability of not just purchasing a home, but rentals as well, and there is clearly more work to be done.”

There were 1,174 new listings added to the MLS® System in the Waterloo Region last month, an increase of 34.0 per cent compared to July of last year, and a 9.2 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 1,283, an increase of 215.2 per cent compared to July of last year, and 19.5 per cent below the previous ten-year average of 1593 listings for July.

The number of months of inventory was 1.7 months in July, as it was in June. While this is still at historic lows, the last time it was near this range was September of 2019 when it was 1.6 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 July was 18, compared to 11 days in July 2021. The previous 5-year average is 17 days.

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.

July Average Sales Price WRAR
Average Sales Price - Tonwnship WRAR
Sales - By Property Type WRAR
Months Supply of Homes for Sale July
Monthly Median Sales Price – By Property Type July
Monthly Average Sales Price – By Property Type July
July Days on Market WRAR
KWAR 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 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 local 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.

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