Market Updates

Last month’s home sales in Kitchener-Waterloo decreased 14.2 percent compared to August 2022.

“For the first time in a decade we saw August’s home sales slip under the 600-unit mark. Home sales were softer than normal last month, which is not surprising given the current borrowing environment.”

M Bell, President of KWAR

August Sales Breakdown:

• 315 Detached Home Sales
• 134 Townhouse Sales
• 74 Condominium Sales
• 44 Semi-Detached Home Sales

The average sale price of all residential properties sold in August is up by 1.4% to $761,377 compared to August 2022.

Average Home Price:

• $884,390 Detached Homes
• $659,704 Townhomes
• $485,205 Apartment-Style Condominiums
• $669,044 Semis

It took an average of 19 days to sell a home in August, compared to 23 days in 2022. 1,094 homes were available for sale at the end of August, an increase of 7.6% compared to August of last year.

Market recap from the President of KWAR:

“Home buyers had the advantage of strong listing activity in August, which helped to provide a little more choice and temper prices…But affordability remains a top concern for many who are looking to get into the market and finding it a challenge to resolve what they want with what they can afford.”

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 increased 10.4 percent compared to July 2022.

“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.”

M Bell, President of KWAR

July Sales Breakdown:

• 364 Detached Home Sales
• 120 Townhouse Sales
• 74 Condominium Sales
• 44 Semi-Detached Home Sales

The average sale price of all residential properties sold in July is up by 5.8% to $795,778 compared to July 2022.

Average Home Price:

• $920,635 Detached Homes
• $670,283 Townhomes
• $496,757 Apartment-Style Condominiums
• $665,328 Semis

It took an average of 16 days to sell a home in July, compared to 18 days in 2022. 1,107 homes were available for sale at the end of July, a decrease of 14.8% compared to July of last year.

Market recap from the President of KWAR:

“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.

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.”

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 increased 4.6 percent compared to June 2022.

“The real estate market in Waterloo Region showed signs of a rebound in June, with monthly sales increasing on a year-over-year basis for the first time this year. The total number of home sales are down nearly 25 per cent for the first half of 2023 compared to last year but have been steadily climbing since January.”

M Bell, President of KWAR

June Sales Breakdown:

• 468 Detached Home Sales
• 149 Townhouse Sales
• 118 Condominium Sales
• 42 Semi-Detached Home Sales

The average sale price of all residential properties sold in June is up by 6.4% to $839,869 compared to June 2022.

Average Home Price:

• $1,005,519 Detached Homes
• $665,984 Townhomes
• $470,163 Apartment-Style Condominiums
• $691,507 Semis

It took an average of 15 days to sell a home in June, compared to 13 days in 2022. 1007 homes were available for sale at the end of June, a decrease of 23.1% compared to June of last year.

Market recap from the President of KWAR:

“In June we saw robust demand for detached properties, driving a significant 10.5 per cent increase in the average sale price of a detached home.

While the central bank raised its benchmark interest rate to 4.75 per cent near the beginning of the month, demand remains strong. Buyers and sellers can expect a competitive market as the number of homes for sale continues to be well below the long-term average.”

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 10.9 percent compared to May 2022.

“The spring market is in full swing with robust buyer and listing activity observed in May. It’s encouraging to witness a significant uptick in listing activity compared to April, and we remain optimistic that this positive momentum will carry into June. However, it’s worth noting that the number of listings being added to the MLS® System continues to be historically low.”

M Bell, President of KWAR

May Sales Breakdown:

• 463 Detached Home Sales
• 133 Townhouse Sales
• 123 Condominium Sales
• 67 Semi-Detached Home Sales

The average sale price of all residential properties sold in May is down by 5.6% to $821,828 compared to May 2022.

Average Home Price:

• $964,130 Detached Homes
• $697,551 Townhomes
• $482,926 Apartment-Style Condominiums
• $726,702 Semis

It took an average of 15 days to sell a home in May, compared to 11 days in 2022. 900 homes were available for sale at the end of May, a decrease of 24.9% compared to May of last year.

Market recap from the President of KWAR:

“Waterloo Region properties remain in high demand, driven by our diverse economy and the desirability of our community, we continue to be in a seller’s market…With limited inventory and a relatively low number of new listings being added to the MLS® system, buyers face intensified competition while sellers receive increasingly competitive offers.”

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 22.0 percent compared to April 2022.

“The local spring market is off to a slower than usual start with half the number of new listings hitting the market than this time last year…However, with demand continuing to outstrip supply, we saw prices increase on a month-over-month basis as total sales volume continues to waver well below historical figures for the month of April.”

M Bell, President of KWAR

April Sales Breakdown:

• 404 Detached Home Sales
• 119 Townhouse Sales
• 95 Condominium Sales
• 51 Semi-Detached Home Sales

The average sale price of all residential properties sold in April is down by 11.9% to $797,716 compared to April 2022.

Average Home Price:

• $925,219 Detached Homes
• $664,519 Townhomes
• $488,971 Apartment-Style Condominiums
• $686,792 Semis

It took an average of 16 days to sell a home in April, compared to 9 days in 2022. 703 homes were available for sale at the end of April, a decrease of 25.9% compared to April of last year.

Market recap from the President of KWAR:

“Waterloo Region remains a sellers’ market, and while prices have fallen in comparison to last year, we anticipate that home prices will continue to increase steadily. Some stability in mortgage rates has brought about a return of buyer activity as we begin to observe a return of multiple offer scenarios, bidding wars, and a decrease in the number of days properties take to sell.”

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 38.4 percent compared to March 2022.

“Sales activity was well below average in March, and while the number of homes sold is down, sale prices have increased modestly month over month…With borrowing costs stabilizing and lenders promoting more appealing rates, I think we will see more buyers coming off the sidelines this spring, adding demand to our already popular Waterloo Region and pushing home prices up slightly.”

M Bell, President of KWAR

March Sales Breakdown:

• 356 Detached Home Sales
• 126 Townhouse Sales
• 86 Condominium Sales
• 42 Semi-Detached Home Sales

The average sale price of all residential properties sold in March is down by 18.6% to $779,017 compared to March 2022.

Average Home Price:

• $910,152 Detached Homes
• $640,484 Townhomes
• $482,882 Apartment-Style Condominiums
• $700,208 Semis

It took an average of 19 days to sell a home in March, compared to 8 days in 2022. 716 homes were available for sale at the end of March, an increase of 17.2% compared to March of last year.

Market recap from the President of KWAR:

“This is a peculiar market. While we certainly will not have the same volume of sales as in 2022, demand remains strong. For those that were previously hesitant to sell their properties, March’s slight uptick in sales prices is a good indication of the continued pent-up demand within the Region and we do not anticipate this slowing down anytime soon.

These and other shifting influences mean it has never been more important for buyers and sellers alike 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 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