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Market Updates

Kitchener – Waterloo Real Estate Market Recap: April 2023

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

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