Waterloo Region Sees Decrease in Home Sales for September
In September, a total of 521 homes were sold in the Waterloo Region via the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone). This represents a decrease of 2.1 per cent compared to the same period last year and a decline of 23.5 per cent compared to the average number of homes sold in the previous ten years for the same month.
“In September, there was an overall slowdown in home sales, but we continued to see strong demand for detached homes, resulting in an increase in sales for that specific type of property,” said Christal Moura, spokesperson for the Waterloo Region market area. “Meanwhile, buyers have a bit more selection than a year ago as inventory is up, and homes take a little longer to sell. This can mean a less stressful homebuying experience, but for sellers, the current market may require more patience or even adjustment in price expectation.”
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Total residential sales in September included 336 detached homes (up 9.4 per cent from September 2023), and 95 townhouses (down 22.1 per cent). Sales also included 57 condominium units (down 16.2 per cent) and 32 semi-detached homes (down 3.0 per cent).
In September, the average sale price for all residential properties in Waterloo Region was $788,944. This represents a 2.9 per cent increase compared to September 2023 and a 2.3 per cent increase compared to August 2024.
The average price of a detached home was $910,286. This represents a 2.3 per cent increase from September 2023 and an increase of 2.2 per cent compared to August 2024.
The average sale price for a townhouse was $595,435. This represents a 6.9 per cent decrease from September 2023 and a decrease of 2.7 per cent compared to August 2024.
The average sale price for an apartment-style condominium was $483,331. This represents a decrease of 3.4 per cent from September 2023 and an increase of 4.9 per cent compared to August 2024.
The average sale price for a semi was $654,613. This represents a decrease of 2.9 per cent compared to September 2023 and an increase of 0.1 per cent compared to August 2024.
MLS® Home Price Index Benchmark Price
Kitchener-Waterloo
Cambridge
Benchmark Type:
September 2024
Monthly % Change
Yr./Yr. % Change
September 2024
Monthly % Change
Yr./Yr. % Change
Composite
$728,700
0.2
-1.8
$741,800
-0.1
0.0
Single Family
$844,400
0.6
0.3
$777,500
0.2
1.3
Townhouse
$602,800
-0.7
-5.5
$641,700
-1.7
-4.8
Apartment
$435,700
-1.3
-8.3
$481,500
-0.2
-4.2
In September, Cornerstone welcomed policy changes from the federal government. These changes include extending mortgage terms to 30 years for first-time homebuyers and all buyers of new builds and raising the CMHC insurance cap from $1 million to $1.5 million. These changes will come into effect later this year. Combined with anticipated further interest rate cuts, these adjustments could enable more buyers to purchase their first home.
There were 1,313 new listings added to the MLS® System in Waterloo Region last month, a decrease of 6.5 per cent compared to September last year and a 20.0 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 1,751 an increase of 21.3 per cent compared to September of last year and 42.2 per cent above the previous ten-year average of 1,232 listings for September.
The total inventory across the market increased by 23.1 percent, resulting in a 3.2-month supply of all property types by the end of September. Condominium apartments had the highest inventory, with 5.5 months’ supply, followed by townhouses with 3.6 months’ supply and detached homes with 2.7 months’ supply. The number of months of inventory represents the time it would take to sell off current inventories at the current sales rate.
The average time it took to sell a home in September was 28 days, which is three days longer than the previous month. In September 2023, it took 19 days for a home to sell, and the five-year average is 18 days.
Cornerstone emphasizes the importance of consulting a local REALTOR® when considering buying or selling property in the Waterloo Region. Their expertise can provide valuable insights into the current market conditions, enabling individuals to make well-informed decisions aligned with their goals and preferences.
Cornerstone Association of REALTORS® cautions that average sale price information can help identify long-term trends but should not be to indicate that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Months Supply is the inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months. Those requiring specific information on property values should contact a Waterloo Region REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.
ABOUT CORNERSTONE
Cornerstone Association of REALTORS® (Cornerstone) is a brand-new, novel association formed on July 1, 2024. Representing REALTORS® serving in the markets of Mississauga, Burlington, Hamilton, Waterloo Region, Niagara North, Haldimand County, Norfolk County and surrounding areas, it will become Ontario’s second-largest real estate board comprised of nearly 9,000 REALTORS®.
Established to better serve and represent REALTORS®, its vision is to establish a new, more influential, capable, and member-centric organization designed to meet the evolving needs of REALTORS® and help them thrive in the marketplace.
Cornerstone stands for transparency, honesty, and integrity. By taking a proactive stance toward the future and not being afraid to question some of the long-standing assumptions, Cornerstone offers a unique value proposition, paving the way for members’ brighter future.
We are Cornerstone. REALTORS® Together, Stronger Together.
Waterloo Region Sees Strong Demand for Detached Homes Amid Cooler Residential Sales in August
In August, a total of 539 homes were sold in the Waterloo Region via the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone). This represents a decrease of 5.3 per cent compared to the same period last year and a decline of 24.1 per cent compared to the average number of homes sold in the previous ten years for the same month.
“Despite a cooling market, detached homes continue to see strong demand, reflected in a 6.0 percent increase in sales year-over-year,” says Christal Moura, spokesperson for the Waterloo Region market area. “With home prices showing stability in recent months and interest rates decreasing, we saw some home buyers finally come out from the wings to take advantage of the summer slowdown to seek out specific property types, like single-family homes.”
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
Do you want to know what your home is worth today? Click Below for our Online No Obligation Market Evaluation
WATERLOO REGION, ON (September 5, 2024) —In August, a total of 539 homes were sold in the Waterloo Region via the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone). This represents a decrease of 5.3 per cent compared to the same period last year and a decline of 24.1 per cent compared to the average number of homes sold in the previous ten years for the same month.
“Despite a cooling market, detached homes continue to see strong demand, reflected in a 6.0 percent increase in sales year-over-year,” says Christal Moura, spokesperson for the Waterloo Region market area. “With home prices showing stability in recent months and interest rates decreasing, we saw some home buyers finally come out from the wings to take advantage of the summer slowdown to seek out specific property types, like single-family homes.”
Total residential sales in August included 335 detached homes (up 6.0 per cent from August 2023), and 103 townhouses (down 22.6 per cent). Sales also included 60 condominium units (down 18.9 per cent) and 40 semi-detached homes (down 11.1 per cent).
In August, the average sale price for all residential properties in Waterloo Region was $769,203. This represents a 1.1 per cent increase compared to August 2023 and a 1.7 per cent decrease compared to July 2024.
The average price of a detached home was $889,085. This represents a 0.8 per cent increase from August 2023 and a decrease of 2.7 per cent compared to July 2024.
The average sale price for a townhouse was $611,164. This represents a 7.5 per cent decrease from August 2023 and a decrease of 1.5 per cent compared to July 2024.
The average sale price for an apartment-style condominium was $457,075. This represents a decrease of 5.8 per cent from August 2023 and a decrease of 7.7 per cent compared to July 2024.
The average sale price for a semi was $654,070. This represents a decrease of 2.8 per cent compared to August 2023 and a decrease of 1.9 per cent compared to July 2024.
MLS® Home Price Index Benchmark Price
Kitchener-Waterloo
Cambridge
Benchmark Type:
August 2024
Monthly % Change
Yr./Yr. % Change
August 2024
Monthly % Change
Yr./Yr. % Change
Composite
$727,200
-0.5
-3.3
$742,500
-0.1
-2.1
Detached
$839,300
0.0
-1.9
$776,300
-0.1
-1.6
Townhouse
$606,800
-1.8
-5.6
$652,800
0.3
-1.9
Apartment
$441,300
-3.0
-7.1
$482,600
-2.7
-4.2
“While we’re seeing increased inventory and longer days on the market, this trend might not last if the Bank of Canada continues to lower interest rates. Buyers will need to weigh the benefits of potentially lower rates against the possibility of rising prices as demand picks up. I encourage potential home buyers to discuss their plans with a Realtor who can provide them with tailored advice,” says Moura.
There were 988 new listings added to the MLS® System in Waterloo Region last month, a decrease of 4.2 per cent compared to August last year and a 7.3 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 1,640 an increase of 49.2 per cent compared to August of last year and 40.1 per cent above the previous ten-year average of 1,308 listings for August.
The total inventory across the market increased by 50.0 percent, resulting in a 3.0-month supply of all property types by the end of August. Condominium apartments had the highest inventory, with 5.3 months’ supply, followed by townhouses with 3.5 months’ supply and detached homes with 2.5 months’ supply. The number of months of inventory represents the time it would take to sell off current inventories at the current sales rate.
The average time it took to sell a home in August was 25 days, which is three days longer than the previous month. In August 2023, it took 19 days for a home to sell, and the five-year average is 19 days.
Cornerstone emphasizes the importance of consulting a local REALTOR® when considering buying or selling property in the Waterloo Region. Their expertise can provide valuable insights into the current market conditions, enabling individuals to make well-informed decisions aligned with their goals and preferences.
Cornerstone Association of REALTORS® (Cornerstone) is a brand-new, novel association formed on July 1, 2024. Representing REALTORS® serving in the markets of Mississauga, Burlington, Hamilton, Waterloo Region, Niagara North, Haldimand County, Norfolk County and surrounding areas, it will become Ontario’s second-largest real estate board comprised of nearly 9,000 REALTORS®.
Established to better serve and represent REALTORS®, its vision is to establish a new, more influential, capable, and member-centric organization designed to meet the evolving needs of REALTORS® and help them thrive in the marketplace.
Cornerstone stands for transparency, honesty, and integrity. By taking a proactive stance toward the future and not being afraid to question some of the long-standing assumptions, Cornerstone offers a unique value proposition, paving the way for members’ brighter future.
We are Cornerstone. REALTORS® Together, Stronger Together.
Waterloo Region Housing Market Sees Modest Sales Uptick in July Amid Lower Interest Rates and Increased Inventory
“In July, we observed a slight increase in home sales year-over-year following a reduction in interest rates, which seems to have provided a modest boost to market activity,” says Christal Moura, spokesperson for the Waterloo Region market area. “While this uptick is encouraging, it is evident that many potential buyers are adopting a wait-and-see approach, anticipating further decreases in interest rates and better buying conditions in the near future.”
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
Do you want to know what your home is worth today? Click Below for our Online No Obligation Market Evaluation
WATERLOO REGION, ON (August 6, 2024) —In July, a total of 639 homes were sold in the Waterloo Region via the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone). This represents an increase of 4.6 per cent compared to the same period last year and a decline of 16.6 per cent compared to the average number of homes sold in the previous ten years for the same month.
“In July, we observed a slight increase in home sales year-over-year following a reduction in interest rates, which seems to have provided a modest boost to market activity,” says Christal Moura, spokesperson for the Waterloo Region market area. “While this uptick is encouraging, it is evident that many potential buyers are adopting a wait-and-see approach, anticipating further decreases in interest rates and better buying conditions in the near future.”
Total residential sales in July included 382 detached homes (up 4.1 per cent from July 2023), and 126 townhouses (up 5.0 per cent). Sales also included 82 condominium units (up 9.3 per cent) and 48 semi-detached homes (up 9.1 per cent).
In July, the average sale price for all residential properties in Waterloo Region was $782,716. This represents a 1.6 per cent decrease compared to July 2023 and a 0.9 per cent decrease compared to June 2024.
The average price of a detached home was $914,469. This represents a 0.6 per cent decrease from July 2023 and an increase of 1.6 per cent compared to June 2024.
The average sale price for a townhouse was $617,062. This represents a 7.7 per cent decrease from July 2023 and a decrease of 7.1 per cent compared to June 2024.
The average sale price for an apartment-style condominium was $494,897. This represents a decrease of 0.6 per cent from July 2023 and an increase of 7.1 per cent compared to June 2024.
The average sale price for a semi was $667,063. This represents a decrease of 0.6 per cent compared to July 2023 and an increase of 2.7 per cent compared to June 2024.
CORNERSTONE cautions that average sale price information can helpestablishlong–term trends but does not indicatespecific 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 2024
Monthly % Change
Yr./Yr. % Change
July 2024
Monthly % Change
Yr./Yr. % Change
Composite
$731,100
-1.4
-5.3
$743,100
-1.6
-2.9
Detached
$839,100
-1.6
-4.4
$776,700
-1.9
-2.7
Townhouse
$617,900
-1.3
-5.8
$651,000
-0.2
-1.3
Apartment
$454,800
-0.2
-6.2
$496,100
1.1
0.3
There were 1,391 new listings added to the MLS® System in Waterloo Region last month, an increase of 15.9 per cent compared to July last year and a 27.5 per cent increase compared to the previous ten-year average for July.
The total number of homes available for sale in active status at the end of July was 1,817 an increase of 61.9 per cent compared to July of last year and 38.9 per cent above the previous ten-year average of 1,308 listings for July.
Market-wide inventory levels were up 65.0 per cent, with 3.3 months’ supply for all property types at the end of July. The property type that gained the most inventory was the townhouse segment, which increased by 85.0 percent. That amounts to 5.7 months’ supply for condo apartments, 3.7 months for townhouses, and 2.8 months for detached homes. The number of months of inventory represents the amount of time it would take to sell off current inventories at the current sales rate.
The average time it took to sell a home in July was 22 days, which is four days longer than the previous month. In July 2023, it took 16 days for a home to sell, and the five-year average is 17 days.
Cornerstone emphasizes the importance of consulting a local REALTOR® when considering buying or selling property in the Waterloo Region. Their expertise can provide valuable insights into the current market conditions, enabling individuals to make well-informed decisions aligned with their goals and preferences.
Cornerstone Association of REALTORS® cautions that average sale price information can help identify long-term trends but should not be to indicate that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Months Supply is the inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months. Those requiring specific information on property values should contact a Waterloo Region REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.
ABOUT CORNERSTONE
Cornerstone Association of REALTORS® (Cornerstone) is a brand-new, novel association formed on July 1, 2024. Representing REALTORS® serving in the markets of Mississauga, Burlington, Hamilton, Waterloo Region, Niagara North, Haldimand County, Norfolk County and surrounding areas, it will become Ontario’s second-largest real estate board comprised of nearly 9,000 REALTORS®.
Established to better serve and represent REALTORS®, its vision is to establish a new, more influential, capable, and member-centric organization designed to meet the evolving needs of REALTORS® and help them thrive in the marketplace.
Cornerstone stands for transparency, honesty, and integrity. By taking a proactive stance toward the future and not being afraid to question some of the long-standing assumptions, Cornerstone offers a unique value proposition, paving the way for members’ brighter future.
We are Cornerstone. REALTORS® Together, Stronger Together.
Waterloo Region Housing Market Sees Cooling Trend: Increased Inventory and Lower Prices Provide Opportunities for Buyers
“The Waterloo Region housing market is cooling, with a year-over-year decrease in home sales in June, while the number of homes for sale is rising, offering more inventory to buyers,” says Christal Moura, Cornerstone spokesperson for the Waterloo Region market area.”
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
Do you want to know what your home is worth today? Click Below for our Online No Obligation Market Evaluation
WATERLOO REGION, ON (July 4, 2024) —In June, a total of 674 homes were sold in the Waterloo Region via the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone). This represents a decrease of 13.7 per cent compared to the same period last year and a decline of 24.8 per cent compared to the average number of homes sold in the previous ten years for the same month.
“The Waterloo Region housing market is cooling, with a year-over-year decrease in home sales in June, while the number of homes for sale is rising, offering more inventory to buyers,” says Christal Moura, Cornerstone spokesperson for the Waterloo Region market area.”
Total residential sales in June included 424 detached (down 9.6 per cent from June 2023), and 136 townhouses (down 8.7 per cent). Sales also included 66 condominium units (down 44.5 per cent) and 47 semi-detached homes (up 14.6 per cent).
In June, the average sale price for all residential properties in Waterloo Region was $790,945. This represents a 5.8 per cent decrease compared to June 2023 and a 3.3 per cent decrease compared to May 2024.
The average price of a detached home was $900,307. This represents a 10.3 per cent decrease from June 2023 and a decrease of 4.6 per cent compared to May 2024.
The average sale price for a townhouse was $663,642. This represents a 0.6 per cent decrease from June 2023 and an increase of 2.0 per cent compared to May 2024.
The average sale price for an apartment-style condominium was $462,145. This represents a decrease of 1.8 per cent from June 2023 and an increase of 0.5 per cent compared to May 2024.
The average sale price for a semi was $649,353. This represents a decrease of 6.7 per cent compared to June 2023 and a decrease of 7.2 per cent compared to May 2024.
MLS® Home Price Index Benchmark Price
Kitchener-Waterloo
Cambridge
Benchmark Type:
June 2024
Monthly % Change
Yr./Yr. % Change
June 2024
Monthly % Change
Yr./Yr. % Change
Composite
$741,500
-1.4
-5.6
$755,200
-0.7
-3.1
Detached
$852,900
-1.6
-5.1
$791,900
-0.6
-3.1
Townhouse
$626,400
-1.2
-3.9
$652,600
-0.7
-0.6
Apartment
$455,800
-0.5
-4.7
$490,600
-1.1
1.6
“The average selling price for residential properties has decreased by 5.8 per cent since June 2023, with detached homes showing the most significant drop at 10.3 percent. This indicates a broader softness in the market,” says Moura. “The silver lining is this presents a more favourable pricing environment for buyers, with more choices, greater flexibility, and the potential to negotiate better deals.”
There were 1,431 new listings added to the MLS® System in Waterloo Region last month, an increase of 7.6 per cent compared to June last year and a 10.6 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 1,790, an increase of 75.5 per cent compared to June of last year and 31.9 per cent above the previous ten-year average of 1,357 listings for June.
Market-wide inventory levels were up 73.7 per cent, with 3.3 months’ supply for all property types at the end of June. The property type that gained the most inventory was the condo apartment segment, which increased by 103.1 percent. That amounts to 6.5 months’ supply for condo apartments, 2.8 months for detached homes, and 3.2 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 June was 18, compared to 15 days in June 2023. The previous 5-year average is 15 days.
Cornerstone emphasizes the importance of consulting a local REALTOR® when considering buying or selling property in the Waterloo Region. Their expertise can provide valuable insights into the current market conditions, enabling individuals to make well-informed decisions aligned with their goals and preferences.
ABOUT CORNERSTONE
Cornerstone Association of REALTORS® (Cornerstone) is a brand-new, novel association formed on July 1, 2024. Representing REALTORS® serving in the markets of Mississauga, Burlington, Hamilton, Waterloo Region, Niagara North, Haldimand County, Norfolk County and surrounding areas, it will become Ontario’s second-largest real estate board comprised of nearly 9,000 REALTORS®.
Established to better serve and represent REALTORS®, its vision is to establish a new, more influential, capable, and member-centric organization designed to meet the evolving needs of REALTORS® and help them thrive in the marketplace.
Cornerstone stands for transparency, honesty, and integrity. By taking a proactive stance toward the future and not being afraid to question some of the long-standing assumptions, Cornerstone offers a unique value proposition, paving the way for members’ brighter future.
We are Cornerstone. REALTORS® Together, Stronger Together.
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
Do you want to know what your home is worth today? Click Below for our Online No Obligation Market Evaluation
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.
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.
Waterloo Region Sees Slight Sales Growth in April Alongside a Strong Increase in Homes for Sale
“The real estate market appeared to be well-balanced last month,” says Christal Moura, president of WRAR. “The market experienced a slight increase in home sales and moderate price fluctuations. Additionally, the number of homes for sale reached an eight-year high for the month of April, which translates to more available options for potential buyers.” read more below
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
Do you want to know what your home is worth today? Click Below for our Online No Obligation Market Evaluation
WATERLOO REGION, ON (May 3, 2024) —In April, a total of 692 homes were sold via the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR). This represents an increase of 3.3% compared to the same period last year and a decline of 12.3% compared to the average number of homes sold in the previous 5 years for the same month.
“The real estate market appeared to be well-balanced last month,” says Christal Moura, president of WRAR. “The market experienced a slight increase in home sales and moderate price fluctuations. Additionally, the number of homes for sale reached an eight-year high for the month of April, which translates to more available options for potential buyers.”
Total residential sales in April included 406 detached (up 0.5 per cent from April 2023), and 137 townhouses (up 15.1 per cent). Sales also included 90 condominium units (down 5.3 per cent) and 57 semi-detached homes (up 11.8 per cent).
In April, the average sale price for all residential properties in Waterloo Region was $800,087. This represents a 0.3 per cent increase compared to April 2023 and a 0.7 per cent decrease compared to March 2024.
The average price of a detached home was $938,478. This represents a 1.4 per cent increase from April 2023 and a decrease of 1.8 per cent compared to March 2024.
The average sale price for a townhouse was $660,945. This represents a 0.5 per cent decrease from April 2023 and a decrease of 0.8 per cent compared to March 2024.
The average sale price for an apartment-style condominium was $485,556. This represents a decrease of 1.1 per cent from April 2023 and an increase of 0.5 per cent compared to March 2024.
The average sale price for a semi was $665,936. This represents a decrease of 3.0 per cent compared to April 2023 and a decrease of 2.1 per cent compared to March 2024.
MLS® Home Price Index Benchmark Price
Kitchener-Waterloo
Cambridge
Benchmark Type:
April 2024
Monthly % Change
Yr./Yr. % Change
April 2024
Monthly % Change
Yr./Yr. % Change
Composite
$745,000
0.6
-1.9
$759,000
1.5
-0.1
Detached
$860,400
0.8
-0.7
$794,100
1.8
0.1
Townhouse
$619,200
0.7
0.3
$659,600
1.1
2.8
Apartment
$458,400
-0.8
-3.8
$490,100
-0.1
2.0
There were 1,443 new listings added to the MLS® System in Waterloo Region last month, an increase of 65.3 per cent compared to April last year and a 15.5 per cent increase 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 1,390, an increase of 101.4 per cent compared to April of last year and 13.6 per cent above the previous ten-year average of 1,224 listings for April.
At the end of April, there were 2.5 months of inventory, a 108.3 percent increase compared to last year and 38.1 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 April was 18, compared to 16 days in April 2023. The previous 5-year average is 15 days.
The President of WRAR suggests that individuals who are interested in buying or selling a property in Waterloo Region should seek guidance from a local REALTOR® regarding the current market conditions. This will help them make an informed decision that is in line with their objectives and preferences.
These statistics provide a snapshot of the real estate market in the Waterloo Region in April, 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.
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.
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
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.
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
“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.
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.
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
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.
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.
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
Do you want to know what your home is worth today? Click Below for our Online No Obligation Market Evaluation
WATERLOO REGION, ON (August 3, 2023) — In July, there were 607 homes sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR), representing an increase of 10.4 per cent compared to the previous year and a decline of 21.6 per cent compared to the previous 5-year average for the month.
“The Waterloo Region residential real estate market experienced some growth in terms of unit sales and supply in July, with home prices showing moderate fluctuations,” says Bell. “Despite the Bank of Canada’s most recent interest rate hike, we saw more sellers coming off the sidelines with new listing activity reaching its second highest level for the month of July in over a decade.”
Total residential sales in July included 364 detached (up 8.3 per cent from July 2022), and 120 townhouses (up 7.1 per cent). Sales also included 74 condominium units (up 15.6 per cent) and 44 semi-detached homes (up 22.2 per cent).
In July, the average sale price for all residential properties in Waterloo Region was $795,778. This represents a 5.8 per cent increase compared to July 2022 and a 5.2 per cent decrease compared to June 2023.
The average price of a detached home was $920,635. This represents an 8.8 per cent increase from July 2022 and a decrease of 8.4 per cent compared to June 2023.
The average sale price for a townhouse was $670,283. This represents a 4.4 per cent increase from July 2022 and an increase of 0.5 per cent compared to June 2023.
The average sale price for an apartment-style condominium was $496,757. This represents a decrease of 4.8 per cent from July 2022 and an increase of 5.6 per cent compared to June 2023.
The average sale price for a semi was $665,328. This represents an increase of 0.6 per cent compared to July 2022 and a decrease of 3.8 per cent compared to June 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.
MLS® Home Price Index Benchmark Price
Kitchener-Waterloo
Cambridge
Benchmark Type:
July 2023
Monthly % Change
Yr./Yr. % Change
July 2023
Monthly % Change
Yr./Yr. % Change
Composite
$765,000
-1.7
1.8
$764,600
-1.8
-1.2
Detached
$869,000
-2.3
4.4
$797,100
-2.2
1.2
Townhouse
$648,700
0.6
-0.3
$663,200
0.5
-11.9
Apartment
$484,900
1.2
-5.5
$492,600
2.2
-14.8
“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.
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.
Looking to buy a home can be an exciting but overwhelming experience, especially if you’re a first-time homebuyer. With so many options available and factors to consider, it can be difficult to know where to start. That’s why I’ve put together a list of 5 essential tips for anyone looking to buy real estate in the current market. Whether you’re a seasoned buyer or just starting out, these tips will help you make informed decisions and find the perfect home for you. And to make things even easier, I’ve created a video to accompany this post, so you can follow along. So, without further ado, let’s dive into the top 5 buyer tips for real estate!
#1. Get pre-approved for a mortgage.
This seems obvious, but you would be surprised how many people I meet for the first time who ask me to show them 5 homes that day, and when we get to the first home, I ask, so how much were you pre-approved for? and they say oh we haven’t gone to the bank yet 😲. In today’s competitive market, it’s essential to have a pre-approval in place before you start your property search. This will give you a clear idea of your budget and help you avoid wasting time (yours and mine) looking at properties outside your price range. It also gives you that competitive advantage of being ready to pull the trigger as soon as you find the property you love.
#2. Put your budget into a mortgage calculator.
Just because you are pre-approved for a certain number, doesn’t mean you want to pay that much. There are tons of apps that you can find that will calculate your costs. You basically put in the purchase price, and your down payment amount, and it will calculate at today’s interest rate, how much your mortgage payments would be. You should also factor in property taxes, insurance and some utilities to get a good idea of how much your costs will be every month. You might find that you don’t want to spend as much as the bank is giving you.
#3. Work with an experienced real estate agent.
A good real estate agent can be an invaluable asset in a competitive market. They can help you find properties that meet your criteria, so that you are not running around looking at homes that don’t have that walk-in closet or ensuite bathroom you want. They will negotiate on your behalf. And provide valuable insights on local market trends, like how to win an offer in today’s competitive market.
#4. Be prepared to act quickly.
With low inventory and high demand, homes can sell quickly in today’s market. Be ready to make an offer as soon as you find a property that meets your needs. This may mean being flexible on closing dates, offering a higher deposit, or being willing to waive contingencies.
#5. Stay focused on your goals.
It’s easy to get caught up in the excitement of a hot real estate market, but it’s important to stay focused on your goals and priorities. Don’t let the fear of missing out (FOMO) drive your decision making. Stick to your budget, timeline, and must haves to ensure you make a sound investment that meets your needs in the long term.
For more information feel free to connect with me at 519-591-7413 or nicole@therizteam.com
Nicole Shantz – Sales Representative | The Riz Team – Real Estate Professionals | Royal LePage Wolle Realty, Brokerage
Remember….Don’t put it on HOLD…call The Riz Team to get it SOLD!!!™
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