The average sale price in the Kitchener-Waterloo housing market has decreased by one per cent year-over-year across all property types, between January 1 and July 31, 2024 (from $784,991 in 2023 to $773,811 in 2024).
The number of sales remained unchanged during the same time period (2,732 sales in 2023 and 2024). Meanwhile, the number of listings increased by 26.3 per cent (from 4,423 in 2023 to 5,588 in 2024).
The average sale price across all property types is expected to decrease by two per cent through the remainder of 2024, while the number of sales is expected to increase by one per cent.
The Kitchener-Waterloo housing market will likely favour buyers going into the fall because of the increased number of listings on the market. Despite listings available, properties are sitting for longer than expected due to limited affordable inventory. An outlier to this trend is the condo market, with prices dropping across the Kingston-Waterloo region – down 7.1 per cent in June alone. Buyers are active in this segment, looking for investment properties or places to downsize.
More listings are expected to enter the market this fall as the recession and job losses impact local communities. Kitchener-Waterloo is not experiencing a housing shortage at this time, but looking ahead, new construction projects have been cancelled which many impact housing supply in the long-term.
On September 4, the Bank of Canada will share its next interest rate announcement. September is normally a good month for listings as sellers would like to move into their new home by the end of the year. This fall will be a good time to buy in the Kitchener-Waterloo region, but activity is not expected to increase as sellers and buyers will not feel the effects until a few months later. Additionally, in recent weeks many companies have hinted at layoffs as a result of slow business. Thus, growing unemployment will likely have many buyers hesitant to enter the housing market.
blog.remax.ca
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