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Market Updates

Kitchener – Waterloo Real Estate Market Recap: February 2023

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

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