Last month’s home sales in Kitchener-Waterloo decreased by 1.3% compared to August 2024.
“The market is showing signs of stabilization, though we’re seeing a continued cooling trend compared to last year. While sales volumes have only slightly decreased year-over-year, the more notable change is in pricing, with most property types experiencing moderate downward pressure.”
C Moura, Cornerstone spokesperson for the Waterloo Region market area
The average sale price of all residential properties sold in August was $728,465, a decrease of 5.5% from August 2024.
Average Home Price:
- $846,405 Detached Home
- $594,200 Townhome
- $433,113 Apartment-Style Condominium
- $618,206 Semi
It took an average of 32 days to sell a home, compared to 25 days in August 2024.
“Despite the softer market conditions, we are encouraged by the healthy increase in new listings, which gives buyers more options. While our local market statistics indicate signs of stabilization, we are operating in a complex economic environment. The Bank of Canada’s decision to maintain interest rates at 2.75% for the third consecutive time provides some predictability for both buyers and sellers.
However, economic uncertainty and the Bank’s focus on inflation, especially regarding shelter costs, remind us that we are in a period where both buyers and sellers need to stay informed and collaborate closely with their REALTOR® to navigate current market conditions.”
To learn more about the market and what this means for you, connect with Suzanne.
Source: kwar.ca/category/market-updates
