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.”
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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
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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!!!™
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 (February 3, 2023) —The number of homes sold last month through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR) totalled 297 units, a decrease of 41.9 per cent compared to January 2022 and 31.0 per cent below the previous 5-year average for the month.
“Waterloo Region’s home sales in January were at their second lowest of any single month in well over a decade,” says Megan Bell, president of WRAR. “Home sales tend to be sluggish in January, and while we expected activity to ease to reflect economic challenges, this was a larger drop than originally anticipated.”
Total residential sales in January included 176 detached (down 38.5 per cent from January 2022), and 61 townhouses (down 44.5 per cent). Sales also included 43 condominium units (down 48.2 per cent) and 17 semi-detached homes (down 46.9 per cent).
In January, the average sale price for all residential properties in Waterloo Region was $764,063. This represents a 20.1 per cent decrease compared to January 2022 and a 5.9 per cent increase compared to December 2022.
The average price of a detached home was $888,487. This represents a 21.5 per cent decrease from January 2022 and an increase of 7.6 per cent compared to December 2022.
The average sale price for a townhouse was $625,831. This represents a 26.1 per cent decrease from January 2022 and an increase of 2.2 per cent compared to December 2022.
The average sale price for an apartment-style condominium was $495,753. This represents a decrease of 9.3 per cent from January 2022 and an increase of 6.1 per cent compared to December 2022.
The average sale price for a semi was $650,588. This represents a decrease of 21.5 per cent compared to January 2022 and an increase of 5.5 per cent compared to December 2022.
WRAR cautions that average sale price information can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.
MLS® Home Price Index Benchmark Price
Kitchener-Waterloo
Cambridge
Benchmark Type:
January 2023
Monthly % Change
Yr./Yr. % Change
January 2023
Monthly % Change
Yr./Yr. % Change
Composite
$705,100
-1.2
-23.7
$731,000
2.4
-21.3
Detached
$789,900
-1.4
-25.9
$757,200
2.9
-23.2
Townhouse
$583,100
-1.8
-17.6
$638,300
-0.2
-8.0
Apartment
$481,300
2.0
-5.1
$487,600
-1.9
-4.3
“On a monthly basis, we saw the average sale price increase across all property types in January,” says Bell. “I’m also noticing more multiple offers happening, especially on detached homes that are priced under eight hundred thousand dollars.”
Meanwhile, the Bank of Canada again increased interest rates at the end of January by 25 basis points to 4.5 per cent. “While not a huge increase, the continuance of interest rate hikes is an ongoing factor in the reduction of home sales within the market,” says Bell.
There were 579 new listings added to the MLS® System in Waterloo Region last month, a decrease of 13.3 per cent compared to January of last year and a 28.7 per cent decrease compared to the previous ten-year average for January.
The total number of homes available for sale in active status at the end of January was 651, an increase of 167.9 per cent compared to January of last year and 34.7 per cent below the previous ten-year average of 998 listings for January.
The number of months of inventory is up 233.3 per cent compared to January of last year, but still historically low at one month. Between 2011 and 2015, January’s average months of inventory was 3.0 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.
The average number of days to sell in January was 25, compared to 9 days in January 2022. The previous 5-year average is 21 days.
WRAR’s president says, “The demographic of buyers is also shifting as we observe fewer buyers coming from the GTA into the region. While there are still some, it is nowhere like it was last January. These and other shifting influences mean it has never been more important for buyers and sellers to work with a local REALTOR® to help provide expertise during the homebuying and selling process.”
Affordability, combined with ongoing supply constraints, makes it difficult for buyers to navigate the continuous market changes while sellers also need to adjust to the evolving circumstances. Those requiring specific information on property values should contact a local REALTOR®. Working with a Realtor is the best way to get a complete picture of the property and community you are considering.
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.
“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
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.
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
Do you want to know what your home is worth today? Click Below for our Online No Obligation Market Evaluation
WATERLOO REGION, ON (September 7, 2022) — 659 residential homes were sold last month through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR) in August, a decrease of 8.1 per cent compared to August 2021 and 11.2 per cent below the previous 5-year average for the month.
Total residential sales in August included 413 detached (down 0.7 per cent from August 2021), and 117 townhouses (down 24.0 per cent). Sales also included 68 condominium units (down 26.1 per cent) and 61 semi-detached homes (up 10.9 per cent).
“While the number of homes sold in August was down on a year-over-year basis they were up almost 19 per cent compared to July,” says Megan Bell, president of WRAR. “The decline was most pronounced in the apartment-style condo and townhouse categories which could indicate that rising borrowing costs are having a greater impact on first-time buyers and those looking for more affordable options.”
In August, the average sale price for all residential properties in Waterloo Region was $750,849. This represents a 0.4 per cent decrease compared to August 2021 and a 0.2 per cent decrease compared to July 2022.
The average price of a detached home was $851,654. This represents a 3.0 per cent decrease from August 2021 and an increase of 1.1 per cent compared to July 2022.
The average sale price for a townhouse was $610,725. This represents a 4.2 per cent decrease from August 2021 and a decrease of 5.2 per cent compared to July 2022.
The average sale price for an apartment-style condominium was $464,959. This represents an increase of 4.3 per cent from August 2021 and a decrease of 10.9 per cent compared to July 2022.
The average sale price for a semi was $655,813. This represents a decrease of 1.0 per cent compared to August 2021 and a decrease of 0.8 per cent compared to July 2022.
WRAR cautions that average sale price information can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.
MLS® Home Price Index Benchmark Price
Kitchener-Waterloo
Cambridge
Benchmark Type:
August 2022
Monthly % Change
Yr./Yr. % Change
August 2022
Monthly % Change
Yr./Yr. % Change
Composite
$734,500
-1.9
-2.2
$750,700
-3.4
0.6
Detached
$815,000
-1.5
-3.9
$764,700
-3.1
-1.3
Townhouse
$618,400
-3.8
5.4
$715,200
-5.9
11.7
Apartment
$513,600
-2.1
16.1
$578,500
-1.1
19.0
“Today’s announcement by the Bank of Canada to increase its policy rate by 75 basis points to 3.25 per cent is discouraging news for borrowers as it affects their purchasing power,” says Bell. “However, we see signs that the market is moving towards more buyer-friendly conditions. REALTORS® are reporting fewer multiple offers resulting in final sale prices being closer to the asking price or with more conditions accompanying offers. Even so, with inventory still very tight, Waterloo region remains a seller’s market.”
There were 933 new listings added to the MLS® System in the Waterloo Region last month, an increase of 19.3 per cent compared to August of last year, and a 1.2 per cent increase compared to the previous ten-year average for August.
The total number of homes available for sale in active status at the end of August was 1,003, an increase of 188.2 per cent compared to August of last year, and 31.8 per cent below the previous ten-year average of 1593 listings for August.
The number of months of inventory is up 250 per cent compared to August of last year, but still historically low. There were 1.4 months of inventory in August 2022, down from 1.8 months in July 2022. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.
The average number of days to sell in August was 22, compared to 12 days in August 2021. The previous 5-year average is 22 days.
Those requiring specific information on property values should contact a local REALTOR®. Working with a Realtor is the best way to get a complete picture of the property and community you are considering.
“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.”
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WATERLOO REGION, ON (August 5, 2022) — 550 residential homes were sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR) in July, a decrease of 32.8 per cent compared to July 2021, and 32.3 per cent below the previous 5-year average for the month.
Total residential sales in July included 337 detached (down 30.4 per cent from July 2021), and 112 townhouses (down 32.9 per cent). Sales also included 65 condominium units (down 39.3 per cent) and 36 semi-detached homes (down 41.0 per cent).
In July, the average sale price for all residential properties in Waterloo Region was $752,301. This represents a 1.2 per cent decrease compared to July 2021 and a 4.9 per cent decrease compared to June 2022.
The average price of a detached home was $842,241. This represents a 6.0 per cent decrease from July 2021 and a decrease of 7.0 per cent compared to June 2022.
The average sale price for a townhouse was $642,750. This represents a 3.6 per cent increase from July 2021 and a decrease of 3.3 per cent compared to June 2022.
The average sale price for an apartment-style condominium was $521,731. This represents an increase of 20.4 per cent from July 2021 and an increase of 4.1 per cent compared to June 2022.
The average sale price for a semi was $661,087. This represents an increase of 1.0 per cent compared to July 2021 and a decrease of 5.4 per cent compared to June 2022.
WRAR cautions that average sale price information can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.
MLS® Home Price Index Benchmark Price
Kitchener-Waterloo
Cambridge
Benchmark Type:
July 2022
Monthly % Change
Yr./Yr. % Change
July 2022
Monthly % Change
Yr./Yr. % Change
Composite
$749,000
-5.3
1.1
$776,900
-3.9
3.4
Detached
$827,100
-5.6
-0.8
$789,600
-4.2
1.3
Townhouse
$642,500
-5.1
10.5
$760,500
-2.6
17.7
Apartment
$524,800
-2.3
17.4
$584,700
-0.0
20.1
“The real estate market is cooling across the province, and we are seeing significantly fewer buyers from the GTA, which is also impacting prices,” reports Bell. “However, this is not entirely bad news since the previous market was not sustainable. We are all keenly aware of the issues relating to affordability of not just purchasing a home, but rentals as well, and there is clearly more work to be done.”
There were 1,174 new listings added to the MLS® System in the Waterloo Region last month, an increase of 34.0 per cent compared to July of last year, and a 9.2 per cent increase compared to the previous ten-year average for July.
The total number of homes available for sale in active status at the end of July was 1,283, an increase of 215.2 per cent compared to July of last year, and 19.5 per cent below the previous ten-year average of 1593 listings for July.
The number of months of inventory was 1.7 months in July, as it was in June. While this is still at historic lows, the last time it was near this range was September of 2019 when it was 1.6 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.
The average number of days to sell in July was 18, compared to 11 days in July 2021. The previous 5-year average is 17 days.
Those requiring specific information on property values should contact a local REALTOR®. Working with a Realtor is the best way to get a complete picture of the property and community you are considering.
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.
VERY LOW INVENTORY COMBINED WITH STRONG DEMAND KEEPS HOME PRICES HUMMING IN JULY
KITCHENER-WATERLOO, ON (August 5, 2021) –– A total of 611 residential homes sold last month through the Multiple Listing Service® (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), a decrease of 17 per cent compared to the record-setting results of July 2020, but still an above-average number of sales for the month of July.
“Although home sales slowed down to some degree in July compared to June, overall demand remains very strong,” says Nicole Pohl, President of KWAR. “The current inventory of homes available for sale in the Kitchener-Waterloo and area is extremely low, making Waterloo Region one of the most competitive markets in Ontario.”
Total residential sales in July included 339 detached (down 27.1 per cent from July 2020), and 91 condominium units (up 30 per cent). Sales also included 46 semi-detached homes (down 4.2) and 135 townhouses (down 11.8 per cent).
In July, the average sale price for all residential properties in the Kitchener-Waterloo area was $755,681. This represents a 18.2 per cent increase over July 2020 and a 0.6 per cent decrease compared to June 2021.
The average price of a detached home was $907,192. This represents a 21.9 per cent increase from July 2020 and a decrease of 1.4 per cent compared to June 2021.
The average sale price for an apartment-style condominium was $429,630. This represents an increase of 6.7 per cent from July 2020 and a decrease of 3.6 per cent compared to June 2021.
The average sale price for a townhouse was $623,732. This represents a 33.8 per cent increase from July 2020 and an increase of 5.4 per cent compared to June 2021.
The average sale price for a semi was $667,570. This represents an increase of 28.6 per cent compared to July 2020 and an increase of 2.9 per cent compared to June 2021.
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 $748,700 in July. This represents a 30.5 per cent increase over July 2020 and a 0.4 per cent increase compared to June 2021.
The benchmark price for a detached home was $822,300. This represents a 31.1 per cent increase from July 2020 and 0.2 per cent increase compared to June 2021.
The benchmark price for an apartment-style condominium was $385,900. This represents a 19.5 per cent increase from July 2020 and a 3.3 per cent increase compared to June 2021.
The benchmark price for a townhouse is $564,500. This represents a 40 per cent increase from July 2020 and a 0.4 per cent decrease compared to June 2021.
“The housing market took a bit of a breather last month,” notes Pohl. “July is typically a quieter month with families taking vacation, and with the region coming out of lockdown there were certainly more staycations happening. But we do anticipate the market will pick up steam again and it will be another busy fall.”
There were 675 new listings added to the MLS® System in KW and area last month, a decrease of 24 per cent compared to July of last year, and a 14.4 per cent decrease 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 281, a decrease of 52.7 per cent compared to July of last year, and 79.1 per cent below the previous ten-year average of 1,346 listings for July.
The number of months of inventory was 0.4 in July, a decline from 0.5 months in June. Inventory has numbered less than 1 month since October. 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 July was 11 days, compared to 17 days in July 2020 and a previous 5-year average of 22 days.
Those requiring specific information on property values should contact a local REALTOR®. Working with a Realtor is the best way to get a complete picture of the property and community you are considering.
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, ON (July 6, 2021) –– The 740 residential homes sold last month through the Multiple Listing Service® (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) set a new monthly high for June and represented an increase of 10.1 per cent compared to June 2020, and a 13.6 per cent decrease compared to May 2021.
“The number of homes sold in the Kitchener-Waterloo area these past 6 months surpasses any previous 6 months of activity through our MLS® System,” says Nicole Pohl, President of KWAR. “Since the beginning of the year, we have reported 4,393 home sales in Kitchener-Waterloo and area, which is remarkable.”
Total residential sales during this second quarter (April, May, June) are up 83.7 per cent compared to last year. On a year-to-date basis, they are up 65.7 per cent.
Total residential sales in June included 411 detached (down 0.2 per cent from June 2020), and 103 condominium units (up 51.5 per cent). Sales also included 74 semi-detached homes (on par) and 152 townhouses (up 14.3 per cent).
In June, the average sale price for all residential properties in the Kitchener-Waterloo area was $759,115. This represents a 26.4 per cent increase over June 2020 and a 2.6 per cent increase compared to May 2021.
The average price of a detached home was $919,914. This represents a 31.9 per cent increase from June 2020 and an increase of 5.9 per cent compared to May 2021.
The average sale price for an apartment-style condominium was $445,493. This represents an increase of 19.3 per cent from June 2020 and a decrease of 2.3 per cent compared to May 2021.
The average sale price for a townhouse was $590,980. This represents a 29 per cent increase from June 2020 and a decrease of 1.9 per cent compared to May 2021.
The average sale price for a semi was $647,918. This represents an increase of 28.3 per cent compared to June 2020 and a decrease of 1.8 per cent compared to May 2021.
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 $745,800 in June. This represents a 32.1 per cent increase over June 2020 and a 0.4 per cent decrease compared to May 2021.
The benchmark price for a detached home was $820,800. This represents a 32.7 per cent increase from June 2020 and 0.6 per cent increase compared to May 2021.
The benchmark price for an apartment-style condominium was $373,400. This represents a 17 per cent increase from June 2020 and a 0.1 per cent decrease compared to May 2021.
The benchmark price for a townhouse is $566,900. This represents a 45 per cent increase from June 2020 and a 1.4 per cent decrease compared to May 2021.
“The greatest challenge of the housing market continues to be the limited supply of existing homes to purchase,” says Pohl. “What we could use right now is for more homes to get built to help meet the robust buyer demand which continues to exceed supply.”
There were 860 new listings added to the MLS® System in KW and area last month, a decrease of 6.6 per cent compared to June of last year, and a 5.4 per cent decrease 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 365, a decrease of 43 per cent compared to June of last year, and 73.9 per cent below the previous ten-year average of 1,400 listings for June.
The number of months of inventory was 0.5 in June, a decline from 0.7 months in May. Inventory has numbered less than 1 month since October. 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 11 days, compared to 17 days in June 2020 and a previous 5-year average of 20 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.
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