Market Updates

Last month’s home sales in Kitchener-Waterloo decreased 45.0 percent compared to February 2022.

“Increased borrowing costs, coupled with a shortage of housing supply and strong demand, have put a strain on prospective buyers as affordability continues to be a top concern; however, home prices have remained stable for the past several months.”

M Bell, President of KWAR

February Sales Breakdown:

• 256 Detached Home Sales
• 100 Townhouse Sales
• 55 Condominium Sales
• 28 Semi-Detached Home Sales

The average sale price of all residential properties sold in February is down by 25.1% to $758,698 compared to February 2022.

Average Home Price:

• $877,884 Detached Homes
• $642,777 Townhomes
• $461,322 Apartment-Style Condominiums
• $667,250 Semis

It took an average of 20 days to sell a home in February, compared to 8 days in 2022. 692 homes were available for sale at the end of February, an increase of 75.2% compared to February of last year.

Market recap from the President of KWAR:

“Limited supply and the small number of listings coming to the market continues to be a trend within the region…There may be some hesitation for those considering selling their property due to decreased reported sale prices; however, with demand continuing to outpace supply and prices stabilizing, sellers are in a healthy position to make their move.”

To learn more about the market and what this means for you, connect with Suzanne.

Source: kwar.ca/category/market-updates

Last month’s home sales in Kitchener-Waterloo decreased 41.9 percent compared to January 2022.

“Waterloo Region’s home sales in January were at their second lowest of any single month in well over a decade…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.”

M Bell, President of KWAR

January Sales Breakdown:

• 176 Detached Home Sales
• 61 Townhouse Sales
• 43 Condominium Sales
• 17 Semi-Detached Home Sales

The average sale price of all residential properties sold in January is down by 20.1% to $764,063 compared to January 2022.

Average Home Price:

• $888,487 Detached Homes
• $625,831 Townhomes
• $495,753 Apartment-Style Condominiums
• $650,588 Semis

It took an average of 25 days to sell a home in January, compared to 9 days in 2022. 651 homes were available for sale at the end of January, an increase of 167.9% compared to January of last year.

Market recap from the President of KWAR:

“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.”

To learn more about the market and what this means for you, connect with Suzanne.

Source: kwar.ca/category/market-updates

Last month’s home sales in Kitchener-Waterloo decreased 38.7 percent compared to December 2021.

“The number of homes sold in December was lower than any single month in well over a decade, marking an end to a turbulent year for home sales in Waterloo Region.”

M Bell, President of KWAR

December Sales Breakdown:

• 166 Detached Home Sales
• 33 Condominium Sales
• 56 Semi-Detached Home Sales
• 25 Townhouse Sales

The average sale price of all residential properties sold in December is down by 15.5% to $720,596 compared to December 2021.

Average Home Price:

• $825,450 Detached Homes
• $609,154 Townhomes
• $460,994 Apartment-Style Condominiums
• $616,671 Semis

It took an average of 25 days to sell a home in December, compared to 11 days in 2021. 575 homes were available for sale at the end of December, an increase of 329.1% compared to December of last year.

Market recap from the President of KWAR:

“After home prices crossed the million-dollar threshold in February of 2022, we close out the year with average and benchmark prices back to where they were prior to them surging in early 2021.

It’s clear that the decline in sale prices has been a direct response to the successive interest rate hikes by the Bank of Canada throughout the past several months, however, with interest rates predicted to stabilize, we should see a steadier market in 2023.”

To learn more about the market and what this means for you, connect with Suzanne.

Source: kwar.ca/category/market-updates

Last month’s home sales in Kitchener-Waterloo decreased 43.7 percent compared to November 2021.

“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.”

M Bell, President of KWAR

November Sales Breakdown:

• 280 Detached Home Sales
• 58 Condominium Sales
• 37 Semi-Detached Home Sales
• 78 Townhouse Sales

The average sale price of all residential properties sold in November is down by 10.4% to $736,024 compared to November 2021.

Average Home Price:

• $838,609 Detached Homes
• $618,669 Townhomes
• $458,384 Apartment-Style Condominiums
• $642,328 Semis

It took an average of 21 days to sell a home in November, compared to 10 days in 2021. 860 homes were available for sale at the end of November, an increase of 209.4% compared to November of last year.

Market recap from the President of KWAR:

“It has never been more important for both buyers and sellers to work with a REALTOR® to help provide expertise during the homebuying and selling process. Affordability, combined with ongoing supply constraints, are making it difficult for buyers to navigate the continuous market changes while sellers are also having to adjust in concurrence with the evolving circumstances.”

To learn more about the market and what this means for you, connect with Suzanne.

Source: kwar.ca/category/market-updates

Last month’s home sales in Kitchener-Waterloo represented a decrease of 39.7 percent compared to October 2021.

“Unsurprisingly, the pace of home sales continued to slow in October after the Bank of Canada’s sixth straight interest rate hike in September.

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.”

M Bell, President of KWAR

October Sales Breakdown:

• 310 Detached Home Sales
• 64 Condominium Sales
• 31 Semi-Detached Home Sales
• 84 Townhouse Sales

The average sale price of all residential properties sold in October is down by 8.4% to $763,630 compared to October 2021.

Average Home Price:

• $860,568 Detached Homes
• $488,277 Apartment-Style Condominiums
• $635,197 Townhomes
• $624,999 Semis

It took an average of 22 days to sell a home in October, compared to 10 days in 2021. 928 homes were available for sale at the end of October, an increase of 134.9% compared to October of last year.

Market recap from the President of KWAR:

“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.

Buyers may be on the sidelines for now due to affordability, but the underlying demand for housing remains strong.”

To learn more about the market and what this means for you, connect with Suzanne.

Source: kwar.ca/category/market-updates

Last month’s home sales in Kitchener-Waterloo represented a decrease of 25.3 percent compared to September 2021.

“Home sales continued to decline in the wake of yet another interest rate hike by the Bank of Canada last month…The property type that saw the biggest decline in sales was the townhouse segment followed closely by condos, which could indicate there are fewer entry-level buyers in the market due to the higher borrowing costs.”

M Bell, President of KWAR

September Sales Breakdown:

• 313 Detached Home Sales
• 60 Condominium Sales
• 51 Semi-Detached Home Sales
• 94 Townhouse Sales

The average sale price of all residential properties sold in September is down by 4.7% to $752,421 compared to September 2021.

Average Home Price:

• $862,435 Detached Homes
• $455,262 Apartment-Style Condominiums
• $638,284 Townhomes
• $637,205 Semis

It took an average of 23 days to sell a home in September, compared to 10 days in 2021. 978 homes were available for sale at the end of September, an increase of 108.5% compared to September of last year.

Market recap from the President of KWAR:

“While sales were down last month, we seem to be moving towards a more balanced market; buyers now have more inventory to choose from, yet sellers can still expect their properties to sell within a reasonable timeframe. We’re also observing that sale prices are shifting closer to the asking price”

To learn more about the market and what this means for you, connect with Suzanne.

Source: kwar.ca/category/market-updates

Last month’s home sales in Kitchener-Waterloo represented a decrease of 8.1 percent compared to August 2021.

“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…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.”

M Bell, President of KWAR

August Sales Breakdown:

• 413 Detached Home Sales
• 68 Condominium Sales
• 61 Semi-Detached Home Sales
• 117 Townhouse Sales

The average sale price of all residential properties sold in August is down by 0.4% to $750,849 compared to August 2021.

Average Home Price:

• $851,654 Detached Homes
• $464,959 Apartment-Style Condominiums
• $610,725 Townhomes
• $655,813 Semis

It took an average of 22 days to sell a home in August, compared to 12 days in 2021. 1,003 homes were available for sale at the end of August, an increase of 188.2% compared to August of last year.

Market recap from the President of KWAR:

“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.”

To learn more about the market and what this means for you, connect with Suzanne.

Source: kwar.ca/category/market-updates

Last month’s home sales in Kitchener-Waterloo represented a decrease of 32.8 percent compared to July 2021.

“In the wake of July’s interest rate hike, home sales in Waterloo Region continued to slow. 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.”

M Bell, President of KWAR

July Sales Breakdown:

• 337 Detached Home Sales
• 65 Condominium Sales
• 36 Semi-Detached Home Sales
• 112 Townhouse Sales

The average sale price of all residential properties sold in July is up by 1.2% to $752,301 compared to July 2021.

Average Home Price:

• $842,241 Detached Homes
• $521,731 Apartment-Style Condominiums
• $642,750 Townhomes
• $661,087 Semis

It took an average of 18 days to sell a home in July, compared to 11 days in 2021. 1,283 homes were available for sale at the end of July, an increase of 215.2% compared to July of last year.

Market recap from the President of KWAR:

“The real estate market is cooling across the province, and we are seeing significantly fewer buyers from the GTA, which is also impacting prices. 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.”

To learn more about the market and what this means for you, connect with Suzanne.

Source: kwar.ca/category/market-updates

Last month’s home sales in Kitchener-Waterloo represented a decrease of 24.0 percent compared to June 2021.

“For the fourth consecutive month we’re seeing home prices moderate as the number of properties available for sale has steadily increased…In June the average price of a detached home has levelled off to where it was this time last year.”

M Bell, President of KWAR

June Sales Breakdown:

• 326 Detached Home Sales
• 84 Condominium Sales
• 48 Semi-Detached Home Sales
• 103 Townhouse Sales

The average sale price of all residential properties sold in June is up by 4.2% to $791,674 compared to June 2021.

Average Home Price:

• $920,349 Detached Homes
• $497,429 Apartment-Style Condominiums
• $662,305 Townhomes
• $710,284 Semis

It took an average of 13 days to sell a home in June, compared to 11 days in 2021. 991 homes were available for sale at the end of June, an increase of 165.0% compared to June of last year.

Market recap from the President of KWAR:

“While any shift in the market will result in some individuals predicting the worse, the simple reality is that the market we had been in was unsustainable.

What this means for buyers is more inventory, more choices, and perhaps most importantly, potentially less stress when purchasing.

For sellers, they need to ensure their properties stand out from the competition and be aware it may take more time to sell their home and for potentially less money than they were expecting.”

To learn more about the market and what this means for you, connect with Suzanne.

Source: kwar.ca/category/market-updates

Last month’s home sales in Kitchener-Waterloo represented a decrease of 22.7 percent compared to May 2021.

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

M Bell, President of KWAR

May Sales Breakdown:

• 404 Detached Home Sales
• 95 Condominium Sales
• 47 Semi-Detached Home Sales
• 115 Townhouse Sales

The average sale price of all residential properties sold in May is up by 18.3% to $875,194 compared to May 2021.

Average Home Price:

• $1,016,834 Detached Homes
• $545,825 Apartment-Style Condominiums
• $708,722 Townhomes
• $730,768 Semis

It took an average of 11 days to sell a home in May, compared to 9 days in May 2021. 902 homes were available for sale at the end of May, an increase of 98.2% compared to May of last year.

Market recap from the President of KWAR:

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

To learn more about the market and what this means for you, connect with Suzanne.

Source: kwar.ca/category/market-updates