Kitchener Waterloo Market Snapshot May 2024

Wednesday, June 5th, 2024

Waterloo Region Sees Dip in Home Sales Due to Sluggish Condo Market

“May saw a dip in the number of sales across all categories, with condo apartments experiencing the largest drop,” says Christal Moura, president of WRAR. “The Condo market also had the greatest supply level, posing a challenge for sellers, especially for units with one or fewer bedrooms, where the current inventory level exceeds buyer demand.”

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

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WATERLOO REGION, ON (June 5, 2024) —In May, a total of 742 homes were sold via the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR). This represents a decrease of 8.1 per cent compared to the same period last year and a decline of 20.0 per cent compared to the average number of homes sold in the previous ten years for the same month.

“May saw a dip in the number of sales across all categories, with condo apartments experiencing the largest drop,” says Christal Moura, president of WRAR. “The Condo market also had the greatest supply level, posing a challenge for sellers, especially for units with one or fewer bedrooms, where the current inventory level exceeds buyer demand.”

Total residential sales in May included 467 detached (down 1.3 per cent from May 2023), and 134 townhouses (down 3.6 per cent). Sales also included 82 condominium units (down 34.4 per cent) and 59 semi-detached homes (down 13.2 per cent).

In May, the average sale price for all residential properties in Waterloo Region was $818,507. This represents a 0.3 per cent decrease compared to May 2023 and a 2.3 per cent increase compared to April 2024.

The average price of a detached home was $943,859. This represents a 1.9 per cent decrease from May 2023 and an increase of 0.4 per cent compared to April 2024.
The average sale price for a townhouse was $653,761. This represents a 6.1 per cent decrease from May 2023 and a decrease of 0.9 per cent compared to April 2024.
The average sale price for an apartment-style condominium was $459,260. This represents a decrease of 5.6 per cent from May 2023 and a decrease of 5.6 per cent compared to April 2024.
The average sale price for a semi was $699,780. This represents a decrease of 3.9 per cent compared to May 2023 and an increase of 5.1 per cent compared to April 2024.

May2024_Monthly-Average-Sales-Price_By-Property-Type

MLS® Home Price Index Benchmark Price
	Kitchener-Waterloo			Cambridge
Benchmark Type:	May 2024	Monthly % Change	Yr./Yr. % Change	May 2024	Monthly % Change	Yr./Yr. % Change
Composite	$752,100	0.3	-4.2	$760,300	0.5	-4.0
Detached	$866,900	0.1	-3.4	$796,400	0.8	-4.3
Townhouse	$634,100	1.2	-1.0	$657,300	-0.1	1.4
Apartment	$458,200	0.6	-6.0	$495,900	-1.6	2.8

“This spring, we are witnessing a significant increase in the availability of apartment-style condos, with a record high number of units on the market,” stated Moura. “At the same time, we are observing a shift in demand away from smaller-sized condo units, potentially influenced by the higher interest rates impacting investor market activity for this property type.”

There were 1,644 new listings added to the MLS® System in Waterloo Region last month, an increase of 28.9 per cent compared to May last year and a 15.8 per cent increase 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 1,741, an increase of 95.8 per cent compared to May of last year and 27.9 per cent above the previous ten-year average of 1,361 listings for May.

Market-wide inventory levels were up 93.8 per cent, with 3.1 months’ supply for all property types at the end of May. The property type that gained the most inventory was the condo apartment segment, which increased by 100 percent. That amounts to 6.0 months’ supply for condo apartments, 2.4 months for detached homes, and 3.6 months for Townhouses. 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 number of days to sell in May was 16, compared to 14 days in May 2023. The previous 5-year average is 15 days.

The President of WRAR 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.

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.

Tags: buyers, for sale, home sales, Homes For Sale, kitchener real estate, KW Market Update, Market Update, real estate, real estate market, riz jadavji, rizsellskw.com, Royal Lepage Wolle Realty, sales representative, the riz team, Waterloo Buyers, waterloo real estate, Waterloo Sellers
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Kitchener Waterloo Market Snapshot March 2024

Thursday, April 4th, 2024

Waterloo Region Home Sales Sluggish in March, Prices Steady

Despite the challenging market conditions, the first quarter of 2024 saw an increase in home sales, marking an 8.0 per cent rise compared to the previous year. However, these figures still fall short of the first-quarter sales of the past decade.

“While home sales in Waterloo Region hit a record low for March in over two decades, we’re also witnessing a positive trend,” says Christal Moura, president of WRAR. Over the past three months, prices and activity have started to pick up, and I expect this momentum will continue into the spring.”

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

WATERLOO REGION, ON (April 4, 2024) —In March, a total of 596 homes were sold via the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR). This represents a decrease of 3.2% compared to the same period last year and a decline of 33.4% compared to the average number of homes sold in the previous 5 years for the same month.

Despite the challenging market conditions, the first quarter of 2024 saw an increase in home sales, marking an 8.0 per cent rise compared to the previous year. However, these figures still fall short of the first-quarter sales of the past decade.

“While home sales in Waterloo Region hit a record low for March in over two decades, we’re also witnessing a positive trend,” says Christal Moura, president of WRAR. Over the past three months, prices and activity have started to pick up, and I expect this momentum will continue into the spring.”

Total residential sales in March included 344 detached (down 3.9 per cent from March 2023), and 127 townhouses (down 0.8 per cent). Sales also included 86 condominium units (down 1.1 per cent) and 37 semi-detached homes (down 11.9 per cent).

In March, the average sale price for all residential properties in Waterloo Region was $806,279. This represents a 3.6 per cent increase compared to March 2023 and a 6.6 per cent increase compared to February 2024.

The average price of a detached home was $954,342. This represents a 4.9 per cent increase from March 2023 and an increase of 7.3 per cent compared to February 2024.
The average sale price for a townhouse was $667,810. This represents a 4.4 per cent increase from March 2023 and an increase of 6.0 per cent compared to February 2024.
The average sale price for an apartment-style condominium was $483,085. This represents an increase of 0.3 per cent from March 2023 and an increase of 5.3 per cent compared to February 2024.
The average sale price for a semi was $680,039. This represents a decrease of 2.9 per cent compared to March 2023 and an increase of 1.0 per cent compared to February 2024.

March_Average_Sales_Price-By_Property_Type

MLS® Home Price Index Benchmark Price
	Kitchener-Waterloo			Cambridge
Benchmark Type:	March 2024	Monthly % Change	Yr./Yr. % Change	March 2024	Monthly % Change	Yr./Yr. % Change
Composite	$740,900	1.6	0.0	$747,500	0.7	0.9
Detached	$853,800	1.5	1.3	$780,100	0.8	1.1
Townhouse	$614,900	2.3	1.3	$652,400	0.6	2.4
Apartment	$461,900	2.1	-0.7	$490,500	2.8	3.4

March 2024 HPI Image for STats Release

“Home prices have been gradually increasing since December, which is a typical trend,” explains Moura. “The rate and extent of further increases will depend on the willingness and patience of potential home buyers who have been waiting for lower interest rates before making their purchase. With the Bank of Canada not anticipated to make any rate changes before its June meeting, some potential home buyers may feel stuck in limbo.”

The president of WRAR recommends that anyone interested in buying or selling a property in Waterloo Region seek advice from a local REALTOR® regarding the current market conditions. This will enable them to make an informed decision that aligns with their goals and priorities.

There were 1,023 new listings added to the MLS® System in Waterloo Region last month, an increase of 18.7 per cent compared to March last year and a 15.9 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 1,081 an increase of 54.0 per cent compared to March of last year and 1.1 per cent below the previous ten-year average of 1,093 listings for March.

At the end of March, there were 1.9 months of inventory, a 58.3 percent increase compared to last year and 18.8 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 March was 19, the same number as March 2023. The previous 5-year average is 18 days.

These statistics provide a snapshot of the real estate market in the Waterloo Region in March, 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/

Average Sales Price – Municipality

March_Average_Sales_Price-By_Property_Type

Average Sales Price – Township

March2024-Average_Sales_Price-By_Township

Monthly Sales By Property Type

March2024-Sales_by_Property_type

Monthly Supply of Homes for Sale

March2024-Supply_of_homes_for_sale

Monthly Supply of Homes for Sale – By Property Type

March2024-Supply_of_homes_for_sale-By_property-type

Monthly Median Sales Price – By Property Type

March2024-Median_Sales_Price-By_Property_Type

Monthly Average Sales Price – By Property Type

March2024-Average_Sales_Price-By_property_type

Monthly Average Days on Market

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.

Tags: for sale, Homes For Sale, Kitchener Buyers, Kitchener Homes, kitchener-waterloo, kitchener-waterloo association of realtors, KW Market Update, Market Update, real estate, Royal Lepage Wolle Realty, the riz team, waterloo for sale, waterloo real estate, waterloo realtor, Waterloo Sellers
Posted in Enhance Your Home, Kitchener Buyers, Kitchener Sellers, Market Stats, Market Update, Real Estate News, Realtor Tips, Uncategorized, Waterloo Buyers, Waterloo Sellers | Comments Off on Kitchener Waterloo Market Snapshot March 2024

Kitchener Waterloo Market Snapshot February 2024

Tuesday, March 5th, 2024

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 Evaluation

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

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

“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.