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

Last month’s home sales in Kitchener-Waterloo represented a decrease of 25.0 percent compared to April 2021. Compared to last month, the sales in April saw a decrease of 13.4 percent.

“Last month introduced a small measure of relief to the market…While the number of sales remains strong, and sale prices continue to turn out robust annual gains, we’re seeing fewer multiple offers and more conditions on offers making their way back into the market.”

M Bell, President of KWAR

April Sales Breakdown:

• 361 Detached Home Sales
• 107 Condominium Sales
• 48 Semi-Detached Home Sales
• 117 Townhouse Sales

The average sale price of all residential properties sold in April is up by 19.6% to $907,205 compared to April 2021.

Average Home Price:

• $1,060,992 Detached Homes
• $600,219 Apartment-Style Condominiums
• $763,422 Townhomes
• $785,394 Semis

It took an average of 9 days to sell a home in April, the same as April 2021. 703 homes were available for sale at the end of April, an increase of 48.6% compared to April of last year.

Market recap from the President of KWAR:

“The trajectory the market was on was simply not sustainable, however, I want to emphasize it would be premature to draw any conclusions on just a single month’s activity.  The housing market in Waterloo Region is still very much a sellers’ market, but sellers may need to adjust their expectations.

We noticed this shift after the Bank of Canada’s recent rate increase reinforcing that it has been cheap money empowering too many buyers to chase after too few listings driving the market rather than anything else.”

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 27.1 percent compared to March 2021, which continues to hold the record for most home sales in a single month. Compared to last month, the sales in March saw an increase of 19.4 percent.

“The skyrocketing prices of the last two months took a bit of a breather in March, with the overall average price dipping five per cent compared to what we saw in February…While it is too soon to draw conclusions from just one month of home sales, I know many will be comforted to see a leveling off on the average price, no matter how incremental.”

M Bell, President of KWAR

March Sales Breakdown:

• 416 Detached Home Sales
• 114 Condominium Sales
• 64 Semi-Detached Home Sales
• 131 Townhouse Sales

The average sale price of all residential properties sold in March is up by 25.5% to $960,181 compared to March 2021.

Average Home Price:

• $1,132,637 Detached Homes
• $565,782 Apartment-Style Condominiums
• $796,696 Townhomes
• $876,371 Semis

It took an average of 8 days to sell a home in March, the same as March 2021. 441 homes were available for sale at the end of March, an increase of 1.1% compared to March of last year.

Market recap from the President of KWAR:

“Even though the average price decreased across all property types on a month-to-month basis, the MLS® HPI showed continued monthly gains for both townhouse and apartment property types.

As the province feels its way out of the pandemic, we are beginning to see some very preliminary signs of a potential cooling. We are not seeing quite as many multiple offers and some offers are coming in with conditions. Of course, when we say cooling, we’re talking about a market that has been scorching hot which is why we are pleased to see this happening.”

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 were almost on par compared to February 2021.

“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.

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.”

M Bell, President of KWAR

February Sales Breakdown:

• 331 Detached Home Sales
• 110 Condominium Sales
• 44 Semi-Detached Home Sales
• 115 Townhouse Sales

The average sale price of all residential properties sold in February is up by 33.6% to $1,007,109 compared to February 2021.

Average Home Price:

• $1,214,067 Detached Homes
• $572,731 Apartment-Style Condominiums
• $862,994 Townhomes
• $917,535 Semis

It took an average of 8 days to sell a home in February, compared to 10 days in February 2021. 290 homes were available for sale at the end of February, a decrease of 2.7% compared to February of last year.

Market recap from the President of KWAR:

“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…With homebuying demand still going strong, competition remains high, and homes were snapped up quickly.”

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 were up 1.7% compared to January 2021.

“While it’s a new year, the song remains the same with homebuying demand outstripping supply in January.”

M Bell, President of KWAR

January Sales Breakdown:

• 217 Detached Home Sales
• 74 Condominium Sales
• 24 Semi-Detached Home Sales
• 87 Freehold Townhouse Sales

The average sale price of all residential properties sold in January is up by 37.3% to $955,665 compared to January 2021.

Average Home Price:

• $1,152,707 Detached Homes
• $538,239 Apartment-Style Condominiums
• $836,306 Townhomes
• $849,845 Semis

It took an average of 9 days to sell a home in January, compared to 16 days in January 2021. 174 homes were available for sale at the end of January, a decrease of 22.0% compared to January of last year.

Market recap from the President of KWAR:

“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.”

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 were up 1.7% compared to December 2020.

“Home sales in 2021 have absolutely smashed last year’s record by more than 1,000 units…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.”

M Bell, President of KWAR

December Sales Breakdown:

• 177 Detached Home Sales
• 56 Condominium Sales
• 23 Semi-Detached Home Sales
• 88 Freehold Townhouse Sales

The average sale price of all residential properties sold in December is up by 32.5% to $842,014 compared to December 2020.

Average Home Price:

• $1,021,353 Detached Homes
• $500,352 Apartment-Style Condominiums
• $717,475 Townhomes
• $770,246 Semis

It took an average of 10 days to sell a home in December, compared to 16 days in December 2020. 104 homes were available for sale at the end of December, a decrease of 45.3% compared to December of last year.

Market recap from the President of KWAR:

“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…We need all levels of government working together to bring more supply into the housing 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 were up 4.4% compared to November 2020.

“The elevated pace of home sales we’ve seen for the past year and a half showed no sign of slowing down in November. 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.”

M Bell, President of KWAR

November Sales Breakdown:

• 324 Detached Home Sales
• 106 Condominium Sales
• 30 Semi-Detached Home Sales
• 136 Freehold Townhouse Sales

The average sale price of all residential properties sold in November is up by 28.9% to $821,969 compared to November 2020.

Average Home Price:

• $990,447 Detached Homes
• $494,548 Apartment-Style Condominiums
• $700,476 Townhomes
• $717,143 Semis

It took an average of 10 days to sell a home in November, compared to 14 days in November 2020. 207 homes were available for sale at the end of November, a decrease of 40.2% compared to November of last year.

Market recap from the President of KWAR:

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

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.”

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 were down 11.1% compared to October 2020.

“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…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.”

N Pohl, President of KWAR

October Sales Breakdown:

• 348 Detached Home Sales
• 84 Condominium Sales
• 40 Semi-Detached Home Sales
• 121 Freehold Townhouse Sales

The average sale price of all residential properties sold in October is up by 32.9% to $841,764 compared to October 2020.

Average Home Price:

• $997,654 Detached Homes
• $406,400 Apartment-Style Condominiums
• $603,900 Townhomes

It took an average of 10 days to sell a home in October, compared to 13 days in October 2020. 288 homes were available for sale at the end of October, a decrease of 36% compared to October of last year.

Market recap from the President of KWAR:

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

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

Source: kwar.ca/category/market-updates