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 Evaluation

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.

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. 

2. 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. 

3. 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. 

4. 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. 

5. 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. 

6. 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. 

7. 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

Waterloo Region Buyer and Listing Activity Ramps Up In May

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

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 Evaluation

 

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.

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

 

“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.

Average Sales Price – Municipality

Average Sales Price – 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

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 Evaluation

“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

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.

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.

HOME PRICES CONTINUE TO DIP AS MONTHS SUPPLY RETURNS TO PRE-PANDEMIC LEVEL

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

The Riz Team monthly market stats June 2022. Kitchener Waterloo, ON.

There were 561 residential homes sold through the Multiple Listing Service® System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in June, a decrease of 24.0 per cent compared to the same month last year, and 17.3 per cent below the previous 5-year average. “For the fourth consecutive month we’re seeing home prices moderate as the number of properties available for sale has steadily increased” says Megan Bell, President of KWAR. “In June the average price of a detached home has levelled off to where it was this time last year.”

Total residential sales in June included 326 detached (down 20.7 per cent from June 2021), and 103 townhouses (down 32.2 per cent). Sales also included 84 condominium units (down 18.4 per cent) and 48 semi-detached homes (down 33.3 per cent).

In June, the average sale price for all residential properties in the Kitchener-Waterloo area was $791,674. This represents a 4.2 per cent increase over June 2021 and a 9.6 per cent decrease compared to May 2022.

• The average price of a detached home was $920,349. This represents a 0.0 per cent change from June 2021 and a decrease 9.5 per cent compared to May 2022.
• The average sale price for a townhouse was $662,305. This represents a 11.9 per cent increase from June 2021 and a decrease of 6.5 per cent compared to May 2022.
• The average sale price for an apartment-style condominium was $497,429. This represents an increase of 11.7 per cent from June 2021 and a decrease of 8.9 per cent compared to May 2022.
• The average sale price for a semi was $710,284. This represents an increase of 9.5 per cent compared to June 2021 and a decrease of 2.8 per cent compared to May 2022.

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 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.

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $790,600 in June. This represents a 6.8 per cent increase over June 2021 and a 6.8 per cent decrease compared to May 2022.

• The benchmark price for a detached home was $876,600. This represents a 5.3 per cent increase from June 2021 and 7.3 per cent decrease compared to May 2022.
• The benchmark price for a townhouse is $676,900. This represents a 15.8 per cent increase from June 2021 and a 7.1 per cent decrease compared to May 2022.
• The benchmark price for an apartment-style condominium was $537,100. This represents a 24.2 per cent increase from June 2021 and a 2.4 per cent decrease compared to May 2022.

“This time last year, sales were going through the roof,” says Bell. “The home buying scene is a little different this year with folks finally taking their postponed trips, attending weddings, and generally catching up on the many missed occasions of the past two years.” Of course, recent hikes in mortgage rates are also contributing to sales cooling, notes KWAR’s president.

“While any shift in the market will result in some individuals predicting the worse, the simple reality is that the market we had been in was unsustainable,” says Bell. “What this means for buyers is more inventory, more choices, and perhaps most importantly, potentially less stress when purchasing. For sellers, they need to ensure their properties stand out from the competition and be aware it may take more time to sell their home and for potentially less money than they were expecting.”

There were 1,285 new listings added to the MLS® System in KW and area last month, an increase of 49.2 per cent compared to June of last year, and a 41.7 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 991, an increase of 165.0 per cent compared to June of last year, and 20.6 per cent below the previous ten-year average of 1249 listings for June.

The number of months of inventory increased to 1.8 months in June from 1.6 months in May. While inventory is still at historic lows, this is the highest it’s been since September 2019 and a return to where inventory was in the pre-pandemic June of 2019. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in June was 13 days, compared to 11 days in June 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://kwar.ca/hpi-dashboard

Historical Sales By Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Average Days on Market

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.

LISTINGS INCREASE WHILE HOME SALES SLOW IN MAY

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

There were 661 residential homes sold through the Multiple Listing Service® System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in May, a decrease of 22.7 per cent compared to the same month last year, and 5.5 per cent below the previous 5-year average.

“The increase by the Bank of Canada to the key interest rate in April had the predictable result of knocking some buyers down if not out of the market in May,” says Megan Bell, President of KWAR. “While the impact to prices is small, it has had a critical impact on some buyers and what they can now afford.”

Total residential sales in May included 404 detached (down 16.7 per cent from May 2021), and 115 townhouses (down 38.5 per cent). Sales also included 95 condominium units (down 12.0 per cent) and 47 semi-detached homes (down 36.5 per cent).

In May, the average sale price for all residential properties in the Kitchener-Waterloo area was $875,194. This represents a 18.3 per cent increase over May 2021 and a 3.5 per cent decrease compared to April 2022.

• The average price of a detached home was $1,016,834. This represents a 17.0 per cent increase from May 2021 and a decrease 4.2 per cent compared to April 2022.
• The average sale price for a townhouse was $708,722. This represents a 17.7 per cent increase from May 2021 and a decrease of 7.2 per cent compared to April 2022.
• The average sale price for an apartment-style condominium was $545,825. This represents an increase of 19.7 per cent from May 2021 and a decrease of 9.1 per cent compared to April 2022.
• The average sale price for a semi was $730,768. This represents an increase of 10.7 per cent compared to May 2021 and a decrease of 7.0 per cent compared to April 2022.

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 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.

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $848,600 in May. This represents a 15.1 per cent increase over May 2021 and a 4.7 per cent decrease compared to April 2022.

• The benchmark price for a detached home was $945,800. This represents a 14.6 per cent increase from May 2021 and 4.9 per cent decrease compared to April 2022.

“With the announcement from the Bank of Canada about another interest rate hike this week we may see a   resurgence of buyers who have locked in at a lesser rate, but as borrowing costs continue to increase, we should expect demand will continue to soften, particularly in the more entry-level segment of the market,” says Bell.

There were 1,422 new listings added to the MLS® System in KW and area last month, an increase of 33.9 per cent compared to May of last year, and a 40.4 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 902, an increase of 98.2 per cent compared to May of last year, and 28.8 per cent below the previous ten-year average of 1267 listings for May.

The number of months of inventory increased to 1.6 months in May from 1.2 months in April. While inventory is still at historic lows, this is the highest it’s been since September 2019. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in May was 11 days, compared to 9 days in May 2021. The previous 5-year average is 16 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://kwar.ca/hpi-dashboard

**click on any chart for an interactive view**

Historical Sales By Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Average Days on Market Chart

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.

KITCHENER-WATERLOO HOME SALES UP IN MARCH, AVERAGE PRICE DIPS FROM FEBRUARY

“The skyrocketing prices of the last two months took a bit of a breather in March, with the overall average price dipping five per cent compared to what we saw in February,” said Megan Bell, President of KWAR. “While it is too soon to draw conclusions from just one month of home sales, I know many will be comforted to see a leveling off on the average price, no matter how incremental.”

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

Total residential sales in March included 416 detached (down 29.7 per cent from March 2021), and 114 condominium units (down 9.5 per cent). Sales also included 64 semi-detached homes (down 17.9 per cent) and 131 townhouses (down 33.8 per cent).

In March, the average sale price for all residential properties in the Kitchener-Waterloo area was $960,181. This represents a 25.5 per cent increase over March 2021 and a 4.6 per cent decrease compared to February 2022.

• The average price of a detached home was $1,132,637. This represents a 25.9 per cent increase from March 2021 and a decrease 6.4 per cent compared to February 2022.
• The average sale price for an apartment-style condominium was $565,782. This represents an increase of 33.4 per cent from March 2021 and a decrease of 1.2 per cent compared to February 2022.
• The average sale price for a townhouse was $796,696. This represents a 27.4 per cent increase from March 2021 and a decrease of 7.6 per cent compared to February 2022.
• The average sale price for a semi was $876,371. This represents an increase of 34.5 per cent compared to March 2021 and a decrease of 5.0 per cent compared to February 2022.

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 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.

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $960,100 in March. This represents a 29.6 per cent increase over March 2021 and a 1.5 per cent decrease compared to February 2022.

• The benchmark price for a detached home was $1,046,200. This represents a 28.1 per cent increase from March 2021 and 4.0 per cent decrease compared to February 2022.
• The benchmark price for an apartment-style condominium was $484,000. This represents a 32.9 per cent increase from March 2021 and a 4.2 per cent increase compared to February 2022.
• The benchmark price for a townhouse is $765,500. This represents a 41.3 per cent increase from March 2021 and a 4.9 per cent increase compared to February 2022.

“Even though the average price decreased across all property types on a month-to-month basis, the MLS® HPI showed continued monthly gains for both townhouse and apartment property types,” notes Bell.  “As the province feels its way out of the pandemic, we are beginning to see some very preliminary signs of a potential cooling. We are not seeing quite as many multiple offers and some offers are coming in with conditions. Of course, when we say cooling, we’re talking about a market that has been scorching hot which is why we are pleased to see this happening.”

There were 1,131 new listings added to the MLS® System in KW and area last month, a decrease 16.8 per cent compared to the record topping number of listings added in March of last year, and a 28.0 per cent increase 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 441, an increase of 1.1 per cent compared to March of last year, and 59.0 per cent below the previous ten-year average of 1,072 listings for March.

The number of months of inventory nudged up to 0.7 months in March from 0.5 months in February. Inventory has been under the one-month mark since October 2020. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in March was 8 days, the same as it was in March 2021. The previous 5-year average is 16 days.

The More Homes for Everyone Act

Statement from KWAR President Megan Bell

Last week the Government of Ontario introduced a new bill, the More Homes for Everyone Act to address the province’s housing affordability crisis.

While we welcome several aspects of the proposed More Homes for Everyone bill, such as measures to support more timely municipal decision making and developing policies and tools to support multi-generational homes in existing neighbourhoods—bolder actions to increase supply were notably missing.

Ontario’s Housing Affordability Task Force had recommended limiting exclusionary zoning and allowing “as of right” residential housing up to four units and up to four storeys on a single residential lot. Instead, the government has committed to the Task Force’s recommendations as part of a “long term roadmap”.

KWAR is optimistic Waterloo Region will be bold about housing in their official plan update

Ending exclusionary zoning to allow for gentle density in our neighbourhoods is critical to filling the lack of “missing middle” supply for family-sized households.

While Minister Clark states that some municipalities (such as Toronto and Mississauga) were not ready, KWAR is optimistic that the Region of Waterloo (ROW) will take a more progressive view toward increasing density.  On the development side, the Waterloo region has been exceeding density targets set by the province. At KWAR’s recently held Where Do We Grow From Here Symposium we learned from the ROW’s Commissioner, Rod Regier the Region is proposing policies for the ROW official plan that would see a tiered approach to missing middle housing by allowing 4 units and up to 4 storeys, as-of-right, on all land currently zoned residential and on any new greenfield land (residential); and allow a range of 8 to 12 storeys, along specific corridors, such as the ION corridor.

KWAR encourages the Region of Waterloo to stay the course on its bold proposals for its Regional Official Plan and create ways to bring a broad range of housing options to our community.

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://kwar.ca/hpi-dashboard

Historical Sales By Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Average Days on Market Chart

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.