Home Prices Inch Up in March as We Enter the Spring Market

If you are considering to Sell your home or Buy a home in the next short while it would be highly beneficial for you to connect with one of our Team Agents at

The Riz Team

Do you want to know what your home is worth today? Click Below for our Online No Obligation Market Evaluation
WATERLOO REGION, ON (April 5, 2023) — Sales volume through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR) set another low last month, with 611 homes sold in March, representing a decrease of 38.4 per cent compared to March 2022 and 33.6 per cent below the previous 5-year average for the month.

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!!!™

Home Sales Down, Prices Stabilizing in February

If you are considering to Sell your home or Buy a home in the next short while it would be highly beneficial for you to connect with one of our Team Agents at

The Riz Team

Do you want to know what your home is worth today? Click Below for our Online No Obligation Market Evaluation

Fewer Home Sales in October

“Unsurprisingly, the pace of home sales continued to slow in October after the Bank of Canada’s sixth straight interest rate hike in September,” says Megan Bell, President of WRAR. “Faced with higher borrowing costs, some buyers have had to re-assess what they can afford. As these buyers get moved to the sidelines, sellers question if now is the best possible time to sell.”

If you are considering to Sell your home or Buy a home in the next short while it would be highly beneficial for you to connect with one of our Team Agents at

The Riz Team

Do you want to know what your home is worth today? Click Below for our Online No Obligation Market Evaluation

 

WATERLOO REGION, ON (November 2, 2022) —491 residential homes were sold last month through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR), a decrease of 39.7 per cent compared to October 2021 and 36.2 per cent below the previous 5-year average for the month.

Total residential sales in October included 310 detached (down 38.2 per cent from October 2021), and 84 townhouses (down 45.1 per cent). Sales also included 64 condominium units (down 36.0 per cent) and 31 semi-detached homes (down 47.5 per cent).

“Unsurprisingly, the pace of home sales continued to slow in October after the Bank of Canada’s sixth straight interest rate hike in September,” says Megan Bell, President of WRAR. “Faced with higher borrowing costs, some buyers have had to re-assess what they can afford. As these buyers get moved to the sidelines, sellers question if now is the best possible time to sell.”

In October, the average sale price for all residential properties in Waterloo Region was $763,630. This represents an 8.4 per cent decrease compared to October 2021 and a 1.6 per cent increase compared to September 2022.

• The average price of a detached home was $860,568. This represents a 10.6 per cent decrease from October 2021 and a decrease of 0.3 per cent compared to September 2022.
• The average sale price for a townhouse was $635,197. This represents a 9.0 per cent decrease from October 2021 and a decrease of 0.4 per cent compared to September 2022.
• The average sale price for an apartment-style condominium was $488,277. This represents an increase of 3.9 per cent from October 2021 and an increase of 7.3 per cent compared to September 2022.
• The average sale price for a semi was $624,999. This represents a decrease of 10.8 per cent compared to October 2021 and a decrease of 1.9 per cent compared to September 2022.

WRAR cautions that average sale price information can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.

MLS® Home Price Index Benchmark Price
	Kitchener-Waterloo			Cambridge
Benchmark Type:	October 2022	Monthly % Change	Yr./Yr. % Change	October 2022	Monthly % Change	Yr./Yr. % Change
Composite	$723,200	-0.2	-8.8	$730,700	-2.3	-9.8
Detached	$807,900	-0.0	-10.1	$751,800	-2.1	-11.6
Townhouse	$603,700	-1.3	-3.2	$663,100	-2.4	1.8
Apartment	$494,400	-0.1	6.5	$520,100	-6.6	7.3

 

“While there is uncertainty in the minds of consumers about current market conditions, one thing is for certain, Waterloo region’s housing supply remains one of the tightest in the country,” says Bell.  “Buyers may be on the sidelines for now due to affordability, but the underlying demand for housing remains strong.”

There were 827 new listings added to the MLS® System in the Waterloo Region last month, a decrease of 3.3 per cent compared to October of last year and a 14.3 per cent decrease compared to the previous ten-year average for October.

The total number of homes available for sale in active status at the end of October was 928, an increase of 134.9 per cent compared to October of last year and 34.9 per cent below the previous ten-year average of 1425 listings for October.

The number of months of inventory is up 160.0 per cent compared to October of last year, but still historically low at 1.3 months. Between 2009 and 2015, October’s average months of inventory was 3.6 months. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.

The average number of days to sell in October was 22, compared to 10 days in October 2021. The previous 5-year average is 19 days.

Those requiring specific information on property values should contact a local REALTOR®.  Working with a Realtor is the best way to get a complete picture of the housing market, your particular property and the community you are considering.

View our HPI tool here to learn more: https://wrar.ca/hpi/

Click on any of the graphs below for an interactive view.

Average Sales Price – Municipality

Average Sales Price – Township

Monthly Sales By Property Type

Monthly Supply of Homes for Sale

Monthly Median Sales Price – By Property Type

Monthly Average Sales Price – By Property Type

Monthly Average Days on Market

Rising Borrowing Costs Continue to Tame Home Sales in August

“The decline was most pronounced in the apartment-style condo and townhouse categories which could indicate that rising borrowing costs are having a greater impact on first-time buyers and those looking for more affordable options.”   

If you are considering to Sell your home or Buy a home in the next short while it would be highly beneficial for you to connect with one of our Team Agents at

The Riz Team

Do you want to know what your home is worth today? Click Below for our Online No Obligation Market Evaluation

“In the wake of July’s interest rate hike, home sales in Waterloo Region continued to slow,” says Megan Bell, President of WRAR. “We’re seeing a clear shift in the market and what people can afford to purchase or are willing to pay. On the bright side for buyers, it’s not the extreme sellers’ market it was.”

If you are considering to Sell your home or Buy a home in the next short while it would be highly beneficial for you to connect with one of our Team Agents at

The Riz Team

Do you want to know what your home is worth today? Click Below for our Online No Obligation Market Evaluation

WATERLOO REGION, ON (August 5, 2022) — 550 residential homes were sold through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR) in July, a decrease of 32.8 per cent compared to July 2021, and 32.3 per cent below the previous 5-year average for the month.

KWAR cautions that average sale price information can be useful in establishing long term trends but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Months Supply is the inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months Those requiring specific information on property values should contact a local REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.

Average Price of a Detached Home Reaches Million-dollar Milestone in December

HOME SALES IN 2021 SMASHED LAST YEAR’S RECORD-BREAKING TOTAL BY OVER 1000 UNITS

The 7,581 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in 2021 represent an increase of 18.3 per cent compared to last year’s record-setting number of sales that ended the year 2020.

On a monthly basis, there were 344 residential homes sold last month, a decrease of 1.7 percent compared to the same month last year.

“Home sales in 2021 have absolutely smashed last year’s record by more than 1,000 units,” says KWAR’s president, Megan Bell. “While this is a good time to sell your home, it remains a tremendously difficult market for buyers. Affordability for all types of housing within our community continues to be a concern which we expect to continue throughout 2022.”

Total residential sales in December included 177 detached (down 12.4 per cent from December 2020), and 56 condominium units (down 11.1 per cent). Sales also included 23 semi-detached homes (up 9.5 per cent) and 88 townhouses (up 37.5 per cent).

For 2021, total residential sales included 4,272 detached (up 10.8 per cent), and 1,127 condominium units (up 43.4 per cent). Sales also included 578 semi-detached homes (up 31.1 per cent) and 1,602 townhouses (up 20.9 per cent).

In December, the average sale price for all residential properties in the Kitchener-Waterloo area was $842,014. This represents a 32.5 per cent increase over December 2020 and a 2.5 per cent increase compared to November 2021.

• The average price of a detached home was $1,021,353. This represents a 34.7 per cent increase from December 2020 and an increase of 3.4 per cent compared to November 2021.
• The average sale price for an apartment-style condominium was $500,352. This represents an increase of 30.6 per cent from December 2020 and an increase of 1.0 per cent compared to November 2021.
• The average sale price for a townhouse was $717,475. This represents a 39.4 per cent increase from December 2020 and an increase of 2.1 per cent compared to November 2021.
• The average sale price for a semi was $770,246. This represents an increase of 33.5 per cent compared to December 2020 and an increase 7.3 per cent compared to November 2021.

On a year-to-date basis, the average sale price for all residential properties in the Kitchener-Waterloo area increased 25.8 per cent to $770,596 compared to 2020.

• The year-to-date average price of a detached home was $920,726. This represents a 28.0 per cent increase compared to 2020.
• The year-to-date average sale price for an apartment-style condominium was $448,208. This represents an increase of 17.3 compared to 2020
• The year-to-date average sale price for a townhouse was $632,875. This represents an increase of 34.9 per cent compared to 2020.
• The year-to-date average sale price for a semi was $673,543. This represents an increase of 29.4 per cent compared to 2020.

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 $851,700 in December. This represents a 32.1 per cent increase over December 2020 and a 3.2 per cent increase compared to November 2021.

• The benchmark price for a detached home was $945,600. This represents a 33.5 per cent increase from December 2020 and 3.3 per cent increase compared to November 2021.
• The benchmark price for an apartment-style condominium was $412,700. This represents a 21.1 per cent increase from December 2020 and a 3.7 per cent increase compared to November 2021.
• The benchmark price for a townhouse is $647,000. This represents a 40.0 per cent increase from December 2020 and a 3.0 per cent increase compared to November 2021.

There were 291 new listings added to the MLS® System in KW and area last month, an increase of 1.7 per cent compared to December of last year, and a 14.6 per cent increase compared to the previous ten-year average for December.

On a year-to-date basis, there were 9,040 new listings added to the MLS® System in KW and area in 2021, an increase of 11.5 per cent compared to 2020, and a 3.8 per cent increase compared to the previous ten-year annual average.

The total number of homes available for sale in active status at the end of December was 104, a decrease of 45.3 per cent compared to December of last year, and 85.7 per cent below the previous ten-year average of 727 listings for December.

The number of months of inventory touched an all time low of 0.2 in December. Inventory has settled at under 1 month for fourteen consecutive months. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

“Supply not keeping up with demand was a steady refrain in 2021, and unfortunately I expect that will continue to be the case in the year ahead,” says Bell. “We need all levels of government working together to bring more supply into the housing market.”

The average number of days to sell in December stayed at 10 days, compared to 16 days in December 2020 and a previous 5-year average of 28 days.

The average days to sell in 2021 was 10 days, compared to 16 days in 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.

View our HPI tool here to learn more: https://kwar.ca/hpi-dashboard

Historical Sales By Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Average Days on Market

KWAR cautions that average sale price information can be useful in establishing long term trends but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Months Supply is the inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months Those requiring specific information on property values should contact a local REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.

A NEW RECORD HIGH FOR NUMBER OF HOME SALES IN NOVEMBER AND AN ALL-TIME RECORD LOW SUPPLY READING

KITCHENER-WATERLOO, ON (December 3, 2021) –– There were 597 residential homes sold last month through the Multiple Listing Service® (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) setting a new record high for November. Compared to the same month last year, November sales were up 4.4% and on par with last month. The previous ten-year average number of residential sales for November is 446.

“The elevated pace of home sales we’ve seen for the past year and a half showed no sign of slowing down in November,” says KWAR’s president, Megan Bell. “Despite some speculation of there being a housing market correction in store for Waterloo Region, sustained homebuying demand combined with a record low level of inventory in November produced continued price growth in the MLS® HPI benchmark price.”

Total residential sales in November included 324 detached (down 3.9 per cent from November 2020), and 106 condominium units (up 27.7 per cent). Sales also included 30 semi-detached homes (down 25 per cent) and 136 townhouses (up 21.4 per cent).

In November, the average sale price for all residential properties in the Kitchener-Waterloo area was $821,969. This represents a 28.9 per cent increase over November 2020 and a 2 per cent decrease compared to October 2021.

• The average price of a detached home was $990,447. This represents a 31 per cent increase from November 2020 and a decrease of 0.6 per cent compared to October 2021.
• The average sale price for an apartment-style condominium was $494,548. This represents an increase of 23.5 per cent from November 2020 and an increase of 7.1 per cent compared to October 2021.
• The average sale price for a townhouse was $700,476. This represents a 44.8 per cent increase from November 2020 and an increase of 0.9 per cent compared to October 2021.
• The average sale price for a semi was $717,143. This represents an increase of 27.3 per cent compared to November 2020 and a decrease of 1.3 per cent compared to October 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 $825,000 in November. This represents a 34.1 per cent increase over November 2020 and a 2.6 per cent increase compared to October 2021.

• The benchmark price for a detached home was $915,800. This represents a 35.8 per cent increase from November 2020 and 3.2 per cent increase compared to October 2021.
• The benchmark price for an apartment-style condominium was $398,000. This represents a 16.7 per cent increase from November 2020 and a 2.1 per cent decrease compared to October 2021.
• The benchmark price for a townhouse is $627,900. This represents a 45.5 per cent increase from November 2020 and a 4.0 per cent increase compared to October 2021.

“Lack of supply continues to be the refrain in November,” says Bell. “With inventory hitting an all time low it is a tough time to be house hunting right now.”

There were 605 new listings added to the MLS® System in KW and area last month, an increase of 3.2 per cent compared to November of last year, and a 14.6 per cent decrease compared to the previous ten-year average for November.

The total number of homes available for sale in active status at the end of November was 207, a decrease of 40.2 per cent compared to November of last year, and 80.7 per cent below the previous ten-year average of 1,071 listings for November.

The number of months of inventory reached an all time low of 0.3 in November. Inventory has settled at under 1 month for thirteen consecutive months. 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 November stayed at 10 days, compared to 14 days in November 2020 and a previous 5-year average of 24 days.

Bell notes that while the housing market typically slows down around the holiday season, she still expects to see a busier than normal December. “There is growing anxiety out there among buyers caused by the fear of missing out against rumblings of interest rates eventually going up in the year ahead.”

Those requiring specific information on property values should contact a local REALTOR®.  Working with a Realtor is the best way to get a complete picture of the property and community you are considering.

View our HPI tool here to learn more: https://kwar.ca/hpi-dashboard

Historical Sales by Property Type 

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Average Days on Market

KWAR cautions that average sale price information can be useful in establishing long term trends but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Months Supply is the inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months Those requiring specific information on property values should contact a local REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.

PRICES CONTINUE TO INCREASE WITH STRONG HOME SALES IN OCTOBER

KITCHENER-WATERLOO, ON (November 3, 2021) –– A total of 593 residential homes sold last month through the Multiple Listing Service® (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), a decrease of 11.1 per cent compared to last October and a decrease of 16.5 per cent compared to September.

“While not as red-hot as last year’s record-breaking October, it was still a higher-than-normal number of home sales for the month, and the second-highest October on record,” says KWAR’s president, Nicole Pohl. “The number of listings coming on the market can scarcely keep up with the demand for homes in Waterloo region, and the continued price growth we see in October reflects this.”

Total residential sales in October included 348 detached (down 13.2 per cent from October 2020), and 84 condominium units (down 8.7 per cent). Sales also included 40 semi-detached homes (down 9.1) and 121 townhouses (down 6.9 per cent).

In October, the average sale price for all residential properties in the Kitchener-Waterloo area was $841,764. This represents a 32.9 per cent increase over October 2020 and a 6.1 per cent increase compared to September 2021.

• The average price of a detached home was $997,654. This represents a 34.2 per cent increase from October 2020 and an increase of 3.5 per cent compared to September 2021.
• The average sale price for an apartment-style condominium was $464,738. This represents an increase of 18.1 per cent from October 2020 and a decrease of 7.1 per cent compared to September 2021.
• The average sale price for a townhouse was $693,324. This represents a 39.4 per cent increase from October 2020 and an increase of 7.3 per cent compared to September 2021.
• The average sale price for a semi was $726,313. This represents an increase of 34.6 per cent compared to October 2020 and an increase of 5.6 per cent compared to September 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 $803,900 in October. This represents a 34.3 per cent increase over October 2020 and a 2.5 per cent increase compared to September 2021.

• The benchmark price for a detached home was $887,500. This represents a 35.5 per cent increase from October 2020 and 2.1 per cent increase compared to September 2021.
• The benchmark price for an apartment-style condominium was $406,400. This represents a 22.7 per cent increase from October 2020 and a 3.5 per cent increase compared to September 2021.
•  The benchmark price for a townhouse is $603,900. This represents a 42.5 per cent increase from October 2020 and a 3.8 per cent increase compared to September 2021.

“With ongoing constraints on supply versus demand, home prices continued to accelerate in October,” says Pohl.

There were 621 new listings added to the MLS® System in KW and area last month, a decrease of 18.4 per cent compared to October of last year, and a 12.1 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 288, a decrease of 36 per cent compared to October of last year, and 76.5 per cent below the previous ten-year average of 1,285 listings for October.

The number of months of inventory remained at 0.5 in October. Inventory has settled at under 1 month for twelve consecutive months. 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 October was 10 days, compared to 13 days in October 2020 and a previous 5-year average of 22 days.

“Affordability throughout Waterloo Region continues to be challenged, creating significant barriers especially for many people who are just trying to get their foot in the door of the housing market,” says Pohl. “We are urging all levels of government to work together to tackle the supply issue facing housing markets across the country and right here in Waterloo region.”

Over the past two weeks representatives of KWAR, alongside REALTORS® from across Canada have been meeting with Members of Parliament to talk about Canada’s economic recovery plan and the need to prioritize housing. You can read about the ideas that REALTORS® are proposing here:  https://www.crea.ca/mp

Those requiring specific information on property values should contact a local REALTOR®.  Working with a Realtor is the best way to get a complete picture of the property and community you are considering.

View our HPI tool here to learn more: https://kwar.ca/hpi-dashboard

Historical Sales By Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Average Days on Market Chart

KWAR cautions that average sale price information can be useful in establishing long term trends but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Months Supply is the inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months Those requiring specific information on property values should contact a local REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe and what to look for so that you get a complete picture of the property and community you’re considering.

HOME PRICES CONTINUE TO CLIMB IN SEPTEMBER

LISTINGS CONTINUE TO BE OUTSTRIPPED BY BUYING DEMAND

KITCHENER-WATERLOO, ON (October 4, 2021) –– A total of 506 residential homes sold last month through the Multiple Listing Service® (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), a decrease of 32.1 per cent compared to last September and a decrease of 5.9 per cent compared to August.

“While the total number of homes sold last month was down considerably compared to last September, it can still be considered an above average month of activity when we remember that last September smashed any previous September for number of sales,” says KWAR’s president, Nicole Pohl. “In fact, I would say we are on track for setting a record number of annual sales in 2021.”

Total residential sales in September included 267 detached (down 37.3 per cent from September 2020), and 83 condominium units (down 11.7 per cent). Sales also included 41 semi-detached homes (down 21.2) and 115 townhouses (down 33.5 per cent).

In September, the average sale price for all residential properties in the Kitchener-Waterloo area was $792,599. This represents a 24.2 per cent increase over September 2020 and a 5.7 per cent increase compared to August 2021.

• The average price of a detached home was $963,646. This represents a 24.9 per cent increase from September 2020 and an increase of 7.9 per cent compared to August 2021.
• The average sale price for an apartment-style condominium was $497,949. This represents an increase of 28.6 per cent from September 2020 and an increase of 12.4 per cent compared to August 2021.
• The average sale price for a townhouse was $646,026. This represents a 35.7 per cent increase from September 2020 and an increase of 3.7 per cent compared to August 2021.
• The average sale price for a semi was $686,316. This represents an increase of 26.1 per cent compared to September 2020 and an increase of 0.5 per cent compared to August 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 $784,200 in September. This represents a 33.0 per cent increase over September 2020 and a 3.5 per cent increase compared to August 2021.

• The benchmark price for a detached home was $869,220. This represents a 34.2 per cent increase from September 2020 and 3.8 per cent increase compared to August 2021.
• The benchmark price for an apartment-style condominium was $392,600. This represents a 21.5 per cent increase from September 2020 and a 3.1 per cent increase compared to August 2021.
• The benchmark price for a townhouse is $581,700. This represents a 40.0 per cent increase from September 2020 and a 2.4 per cent increase compared to August 2021.

There were 698 new listings added to the MLS® System in KW and area last month, a decrease of 23.4 per cent compared to September of last year, and a 13 per cent decrease 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 345, a decrease of 35.3 per cent compared to September of last year, and 73.2 per cent below the previous ten-year average of 1,285 listings for September.

“Home prices reached all new highs in September, “says Pohl. “And while there is a growing call to add more transparency to how real estate is traded in Ontario —the brutal reality of this market is that supply is simply not keeping up with demand and that is what is driving up prices.”

The President of KWAR says: “While there are many who have zeroed in on the blind bidding process, the greater concern is that homes are being purchased without all the normal conditions you would see in a balanced market. As a practicing REALTOR® I completely support and hope the government will add the ability for REALTORS® to provide greater transparency on offers,” says Pohl. “But as it is, we are legislatively restricted from disclosing anything more than simply the number of offers, which is not working for homebuyers.”

The number of months of inventory nudged up slightly from August’s 0.4 months to half a month in September. Inventory has settled at under 1 month for the past 11 consecutive months. 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 September was 10 days, compared to 14 days in September 2020 and a previous 5-year average of 23 days.

Those requiring specific information on property values should contact a local REALTOR®.  Working with a Realtor is the best way to get a complete picture of the property and community you are considering.

View our HPI tool here to learn more: https://kwar.ca/hpi-dashboard

Historical Sales By Property Type

Months Supply of Homes for Sale

Historical Median Sales Price – By Property Type

Historical Average Sales Price – By Property Type

Average Days on Market

KWAR cautions that average sale price information can be useful in establishing long-term trends but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Months Supply is the inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months Those requiring specific information on property values should contact a local REALTOR®. REALTORS® have their fingers on the pulse of the market. They know the questions to ask, the areas to probe, and what to look for so that you get a complete picture of the property and community you’re considering.