“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/

“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/

“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/

“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/

“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/

“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/

“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/

“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/

“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/