Last month’s home sales in Kitchener-Waterloo increased by 14.4% compared to December 2023.
“Although the number of homes sold in 2024 was still well below long-term averages, the final three months of the year showed a significant increase in sales…This increase coincided with lower interest rates, which heightened buyer interest and activity in the market.”
C Moura, Cornerstone spokesperson for the Waterloo Region market area
The average sale price of all residential properties sold in December was $763,840, an increase of 3.3% from December 2023.
Average Home Price:
- $898,204 Detached Home
- $630,676 Townhome
- $475,006 Apartment-Style Condominium
- $644,786 Semi
It took an average of 31 days to sell a home in December, compared to 25 days in December 2023.
“With the introduction of 30-year amortization options for all first-time homebuyers and new construction purchases now in effect as of December 15, 2024, along with an increased cap for insured mortgages now set at $1.5 million, I am optimistic that the housing market will become more accessible for aspiring homeowners in 2025.”
To learn more about the market and what this means for you, connect with Suzanne.
Source: kwar.ca/category/market-updates
