Surge of New Listings in September Against Low Number of Sales

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Soft Home Sales in August Coupled with Strong Listing Activity

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

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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.

Home Sales Down, Prices Stabilizing in February

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Waterloo Region Home Prices Continue to Cool in November

“Home sales continued to decrease in November, as they traditionally do at this time of year,” “At the same time, we know ever-increasing homeownership costs are contributing to the decline and putting downward pressure on sales prices which have plateaued since July.”

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ABOVE AVERAGE NUMBER OF HOME SALES AND MORE LISTINGS IN FEBRUARY

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The 600 residential homes sold last month through the Multiple Listing Service® (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) is almost on par with February 2021, and an increase of 48.5 per cent compared to the previous month. The previous ten-year average number of residential sales for February is 424.

“In January we reported that the average price of a detached home crossed the million-dollar mark for the first time in December. Now in February, we have reached a new milestone with the average sale price of all residential property types coming in at just over one million dollars in the Kitchener-Waterloo and area,” said Megan Bell, President of KWAR. “While I think it’s premature to suggest this is the new norm, it does reflect the continued appeal of Waterloo Region to buyers. We also need to be aware and recognize the impact this has on affordability for a growing number of people.”

Total residential sales in February included 331 detached (down 2.1 per cent from February 2021), and 110 condominium units (up 7.8 per cent). Sales also included 44 semi-detached homes (down 4.3 per cent) and 115 townhouses (up 2.7 per cent).

In February, the average sale price for all residential properties in the Kitchener-Waterloo area was $1,007,109. This represents a 33.6 per cent increase over February 2021 and a 5.6 per cent increase compared to January 2022.

• The average price of a detached home was $1,214,067. This represents a 33.1 per cent increase from February 2021 and an increase of 5.3 per cent compared to January 2022.
• The average sale price for an apartment-style condominium was $572,731. This represents an increase of 37.4 per cent from February 2021 and an increase of 6.9 per cent compared to January 2022.
• The average sale price for a townhouse was $862,994. This represents a 41.6 per cent increase from February 2021 and an increase of 2.1 per cent compared to January 2022.
• The average sale price for a semi was $917,535. This represents an increase of 33.8 per cent compared to February 2021 and an increase of 8.0 per cent compared to January 2022.

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

The MLS® HPI composite benchmark price for all residential properties in Kitchener-Waterloo was $974,600 in February. This represents a 36.8 per cent increase over February 2021 and a 5.4 per cent increase compared to January 2022.

• The benchmark price for a detached home was $1,090,000. This represents a 38.2 per cent increase from February 2021 and 5.0 per cent increase compared to January 2022.
• The benchmark price for an apartment-style condominium was $ 464,400. This represents a 33.8 per cent increase from February 2021 and a 6.1 per cent increase compared to January 2022.
• The benchmark price for a townhouse is $729,900. This represents a 41.9 per cent increase from February 2021 and a 7.0 per cent increase compared to January 2022.

“The low listing inventory is not because people are not selling their homes, in fact we saw a spurt in the number of new listings in February, said Bell. “With homebuying demand still going strong, competition remains high, and homes were snapped up quickly.”

There were 806 new listings added to the MLS® System in KW and area last month, an increase of 9.5 per cent compared to February of last year, and a 24.3 per cent increase 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 290, a decrease of 2.7 per cent compared to February of last year, and 70.3 per cent below the previous ten-year average of 975 listings for February.

The number of months of inventory nudged up to 0.5 months in February from 0.3 months in January. Inventory has been under the one-month mark since October 2020. The number of months of inventory represents how long it would take to sell off current inventories at the current rate of sales.

The average number of days to sell in February was 8 days, compared to 10 days in February 2021 and a previous 5-year average of 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 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.

NUMBER OF HOME SALES IN JANUARY SET NEW RECORD

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PRICES CONTINUE TO ESCALATE

KITCHENER-WATERLOO, ON (Feb 3, 2022) –– The 402 residential homes sold last month through the Multiple Listing Service® (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), set a new record high for January. On a year-over-year basis January’s sales were up 12.3 per cent; compared to last month they were up 16.5 per cent. The previous ten-year average number of residential sales for January is 291.

“While it’s a new year, the song remains the same with homebuying demand outstripping supply in January,” said Megan Bell, President of KWAR. “This has resulted in price jumps across all property types.”

Total residential sales in January included 217 detached (up 4.8 per cent from January 2021), and 74 condominium units (up 1.4 per cent). Sales also included 24 semi-detached homes (up 14.3 per cent) and 87 townhouses (up 52.6 per cent).

In January, the average sale price for all residential properties in the Kitchener-Waterloo area was $955,665. This represents a 37.3 per cent increase over January 2021 and a 13.6 per cent increase compared to December 2021.

• The average price of a detached home was $1,152,707. This represents a 35.5 per cent increase from January 2021 and an increase of 12.9 per cent compared to December 2021.
• The average sale price for an apartment-style condominium was $538,239. This represents an increase of 42.2 per cent from January 2021 and an increase of 7.7 per cent compared to December 2021.
• The average sale price for a townhouse was $836,306. This represents a 47.9 per cent increase from January 2021 and an increase of 16.7 per cent compared to December 2021.
• The average sale price for a semi was $849,845. This represents an increase of 35.6 per cent compared to January 2021 and an increase of 10.3 per cent compared to December 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 $924,900 in January. This represents a 37.1 per cent increase over January 2021 and a 8.6 per cent increase compared to December 2021.

• The benchmark price for a detached home was $1,038,200. This represents a 39.7 per cent increase from January 2021 and 9.8 per cent increase compared to December 2021.
• The benchmark price for an apartment-style condominium was $437,700. This represents a 25.9 per cent increase from January 2021 and a 6.1 per cent increase compared to December 2021.
• The benchmark price for a townhouse is $682,200. This represents a 40.7 per cent increase from January 2021 and a 6.1 per cent increase compared to December 2021.

Bell notes it is anticipated that the Bank of Canada will raise interest rates at their next scheduled announcement in mid-March. “I think we can expect over the course of the next few weeks, buyers who have yet to be priced out of the market will be looking to lock in a mortgage and scoop up any homes that come onto the market.”

There were 514 new listings added to the MLS® System in KW and area last month, an increase of 17.4 per cent compared to January of last year, and a 20.1 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 174, a decrease of 22.0 per cent compared to January of last year, and 80.3 per cent below the previous ten-year average of 883 listings for January.

The number of months of inventory remained extremely low in January at 0.3. Inventory has been at half a month or less since July of 2021. 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 January was 9 days, compared to 16 days in January 2021 and a previous 5-year average of 24 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.

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.

HOMEBUYING DEMAND CONTINUES TO OVERWHELM HOUSING SUPPLY

KITCHENER-WATERLOO, ON (September 3, 2021) –– A total of 535 residential homes sold last month through the Multiple Listing Service® (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR), a decrease of 22.1 per cent compared to last August’s record-smashing month, and a decrease of 12.3 per cent compared to July.

While sales were down relative to last month and last August, they remained well above average notes KWAR’s president, Nicole Pohl. “The main reason for the decrease is simply that last month was the first full month in Step 3 of the reopening, and people were tired of the lockdown,” says Pohl. “They got out and enjoyed their summer and shifted their real estate needs to the back burner for a much-needed change of focus.”

Total residential sales in August included 299 detached (down 30.6 per cent from August 2020), and 80 condominium units (down 1.2 per cent). Sales also included 38 semi-detached homes (down 2.6) and 118 townhouses (down 13.2 per cent).

In August, the average sale price for all residential properties in the Kitchener-Waterloo area was $753,296. This represents a 19.3 per cent increase over August 2020 and a 0.3 per cent decrease compared to July 2021

• The average price of a detached home was $895,756. This represents a 22.5 per cent increase from August 2020 and a decrease of 1.3 per cent compared to July 2021.
• The average sale price for an apartment-style condominium was $445,280. This represents an increase of 18.2 per cent from August 2020 and an increase of 3.7 per cent compared to July 2021.
• The average sale price for a townhouse was $623,767. This represents a 26.1 per cent increase from August 2020 and an increase of 0.1 per cent compared to July 2021.
• The average sale price for a semi was $683,048. This represents an increase of 26.5 per cent compared to August 2020 and an increase of 2.3 per cent compared to July 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 $757,900 in August. This represents a 29.5 per cent increase over August 2020 and a 1.2 per cent increase compared to July 2021.

• The benchmark price for a detached home was $837,100. This represents a 31.5 per cent increase from August 2020 and 1.8 per cent increase compared to July 2021.
• The benchmark price for an apartment-style condominium was $380,700. This represents a 11.7 per cent increase from August 2020 and a 1.3 per cent decrease compared to July 2021.
• The benchmark price for a townhouse is $568,000. This represents a 37.3 per cent increase from August 2020 and a 0.6 per cent increase compared to July 2021.

There were 590 new listings added to the MLS® System in KW and area last month, a decrease of 27.6 per cent compared to August of last year, and a 13 per cent decrease 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 255, a decrease of 53.6 per cent compared to August of last year, and 79.5 per cent below the previous ten-year average of 1,252 listings for August.

“The number of homes coming to market continues to be overwhelmed by the number of homebuyers we have wanting to purchase in Waterloo Region,” says Pohl.

The number of months of inventory persisted from the July level of 0.4 months in August. 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 August was 12 days, compared to 17 days in August 2020 and a previous 5-year average of 26 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