January 2025 Real Estate update for Kitchener, Waterloo and Cambridge
I hope you are having a great winter so far. The weather sure has been cold so hopefully you have been able to get out and enjoy some skiing or even a trip down south to enjoy some warmer weather.
The stats are out for January and things are remaining steady in the Waterloo Region Real Estate market. Listings are up, sales and prices are down slightly, so that is giving the buyers who are out there plenty of choice when looking for their next home. Let’s take a look at the numbers…
In January, a total of 329 homes were sold in the Waterloo Region. This represents a 12.0 per cent decrease compared to the same period last year and a decline of 18.6 per cent compared to the average number of homes sold in the previous ten years for the same month.
The Waterloo Region’s housing market shows promising dynamics as we begin 2025. With nearly 50 percent more active listings compared to last January and inventory levels well above the ten-year average, we’re seeing more choices for buyers in the market. While sales have softened compared to last year, the increased inventory levels are creating more balanced conditions between buyers and sellers.
Total residential sales in January included 188 detached homes (down 10.5 per cent from January 2024), and 81 townhouses (down 8.0 per cent). Sales also included 39 condominium units (down 30.4 per cent) and 21 semi-detached homes (up 5.0 per cent).
In January, the average sale price for all residential properties in Waterloo Region was $755,859. This represents a 1.0 per cent decrease compared to January 2024 and a 0.6 per cent decrease compared to December 2024.
- The average price of a detached home was $882,941. This represents a 3.1 per cent decrease from January 2024 and a decrease of 1.2 per cent compared to December 2024.
- The average sale price for a townhouse was $630,116. This represents a 1.1 per cent decrease from January 2024 and an increase of 0.1 per cent compared to December 2024.
- The average sale price for an apartment-style condominium was $469,623. This represents a 4.6 per cent increase from January 2024 and a decrease of 1.2 per cent compared to December 2024.
- The average sale price for a semi was $634,762. This represents a decrease of 1.9 per cent compared to January 2024 and a decrease of 1.6 per cent compared to December 2024.
Average Sale Price – Monthly
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | January 2025 | Monthly % Change | Yr./Yr. % Change | January 2025 | Monthly % Change | Yr./Yr. % Change |
| Composite | $730,000 | 1.8 | 0.6 | $747,300 | 3.1 | 0.0 |
| Single Family | $847,500 | 3.1 | 1.5 | $787,400 | 3.8 | 1.2 |
| Townhouse | $590,100 | -1.5 | -2.0 | $626,400 | -0.6 | -3.9 |
| Apartment | $430,600 | -3.4 | -4.2 | $479,600 | 0.2 | -2.3 |
In an expected move, the Bank of Canada lowered its policy rate by 25 basis points to 3 per cent on January 29, 2025, helping to bring down the cost of borrowing. This reduction was welcome news for potential homebuyers, however, with a potential trade war with the U.S. still looming, it’s difficult to predict what will happen when the Bank makes its next interest rate announcement on March 12.
While the current economic uncertainty might make some house hunters hesitant, with the new mortgage reforms that took effect in December. These changes make it easier to qualify for a mortgage with a down payment of less than 20 percent. Additionally, the insured mortgage cap increased from $1 million to $1.5 million, and all first-time buyers and those purchasing new builds will be eligible for 30-year amortizations, which will help reduce monthly payments.
There were 901 new listings added in Waterloo Region last month, an increase of 25.0 per cent compared to January last year and a 27.6 per cent increase compared to the previous ten-year average for January.
The total number of homes available for sale in active status at the end of January was 1,296 an increase of 49.5 per cent compared to January of last year and 71.5 per cent above the previous ten-year average of 992 listings for January.
The total inventory across the market increased by 43.8 percent, resulting in a 2.3-month supply of all property types by the end of January. Condominium apartments had the highest inventory, with 5.1 months’ supply, followed by townhouses with 3.5 months’ supply and detached homes with 1.5 months’ supply. The number of months of inventory represents the time it would take to sell off current inventories at the current sales rate.
The average time to sell a home in January was 33 days, compared to 37 days in the previous month. In January 2024, it took 32 days for a home to sell, and the five-year average was 21 days.
If you have any questions at all, are thinking of making a move this spring or are wondering what your home might be worth, give me a call or text to 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com and we can sit down for a coffee and chat about your family’s needs going forward.
Have a great rest of your week!
Kevin
Average Sales Price – Municipality
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Supply of Homes for Sale – By Property Type
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
Monthly Average Days on Market
Waterloo Home Sales Show Slight Growth in 2024
Happy New Year! I hope you had a wonderful holiday season with your families and 2025 is off to a great start! With the arrival of snow, it looks like winter is finally here.
The stats are out for 2024 and it was a decent year for real estate sales here in Waterloo Region.
There were 6,777 homes sold in 2024, an increase of 2.8 per cent compared to 2023, and a decline of 18.9 per cent compared to the previous 5-year average for annual sales.
On a monthly basis, 334 homes were sold in December, an increase of 14.4 per cent compared to December 2023 and 9.9 per cent below the previous 5-year average for the month.
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.
For 2024, total residential sales included 4,100 detached (up 5.5 per cent), and 1,368 townhouses (up 2.6 per cent). Sales also included 821 condominium units (down 8.8 per cent) and 477 semi-detached homes (up 5.5 per cent).
In December, the average sale price for all residential properties in Waterloo Region was $763,840. This represents a 3.3 per cent increase compared to December 2023 and a 1.4 per cent increase compared to November 2024.
- The average price of a detached home was $898,204. This represents a 6.0 per cent increase from December 2023 and an increase of 4.0 per cent compared to November 2024.
- The average sale price for a townhouse was $630,676. This represents a 1.7 per cent increase from December 2023 and an increase of 2.7 per cent compared to November 2024.
- The average sale price for an apartment-style condominium was $475,006. This represents a 3.7 per cent decrease from December 2023 and an increase of 5.5 per cent compared to November 2024.
- The average sale price for a semi was $644,786. This represents an increase of 5.1 per cent compared to December 2023 and an increase of 0.2 per cent compared to November 2024.
Average Sale Price – Monthly
Year-to-date, the average sale price for all residential properties in Waterloo Region decreased 0.3 per cent to $784,343 compared to 2023.
- The year-to-date average price of a detached home was $910,901. This represents a 0.8 per cent decrease compared to 2023.
- The year-to-date average sale price for a townhouse was $638,385. This represents a 2.3 per cent decrease compared to 2023.
- The year-to-date average sale price for an apartment-style condominium was $472,801. This represents a 2.0 per cent decrease compared to 2023.
- The year-to-date average sale price for a semi was $662,859. This represents a decrease of 2.1 per cent compared to 2023.
Average Sale Price – Year-to-date
| Monthly MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | December 2024 | Monthly % Change | Yr./Yr. % Change | December 2024 | Monthly % Change | Yr./Yr. % Change |
| Composite | $717,200 | -0.4 | 0.6 | $725,000 | -1.7 | 2.4 |
| Single Family | $822,100 | -0.8 | 1.9 | $758,700 | -2.1 | 4.1 |
| Townhouse | $599,000 | 1.1 | -1.7 | $630,300 | 0.6 | -3.7 |
| Apartment | $445,600 | 0.3 | -5.5 | $478,600 | -0.2 | -4.0 |
| Annual MLS® Home Price Index Benchmark Price | ||||
| Kitchener-Waterloo | Cambridge | |||
| Benchmark Type: | 2024 | Yr./Yr. % Change | 2024 | Yr./Yr. % Change |
| Composite | $734,500 | -2.6 | $747,000 | -1.0 |
| Single Family | $846,500 | -1.3 | $781,900 | -0.5 |
| Townhouse | $612,900 | -2.9 | $646,600 | -0.9 |
| Apartment | $451,200 | -5.1 | $491,000 | 0.8 |
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, we are optimistic that the housing market will become more accessible for aspiring homeowners in 2025
There were 346 new listings added last month, an increase 19.7 per cent compared to December of last year and a 1.6 per cent increase compared to the previous ten-year average for December.
In 2024, 13,176 new listings were added, an increase of 14.9 per cent compared to 2023, and a 10.8 per cent increase compared to the previous ten-year annual average.
The total number of homes available for sale in active status at the end of December was 1,092, an increase of 39.5 per cent compared to December of last year and 66.6 per cent above the previous ten-year average of 656 listings for December.
The number of months of inventory across the residential market is up 35.7 per cent compared to December of last year, now at 1.9 months. December’s rolling 12-month average was 2.6 months, which has risen from the 1.67 average of the past decade. In December, condominium apartments had the highest inventory, with 4.5 months’ supply, followed by townhouses with 2.7 months’ supply and detached homes with 1.3 months’ supply. The number of months of inventory represents the time it would take to sell off current inventories at the current sales rate
The average number of days to sell in December was 36, compared to 31 days in December 2023. The previous 5-year average is 23 days.
The average days to sell in 2024 was 23 days, compared to 19 days in 2023 and a previous 5-year average of 17 days.
If you have any questions at all, are thinking of making a move this winter, or are wondering what your home might be worth, give me a call or text to 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com and we can sit down for a coffee and chat about your family’s needs going forward.
Have a great rest of your week!
Kevin
Average Sales Price – Municipality
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Supply of Homes for Sale – By Property Type
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
Monthly Average Days on Market
Homes Sales Up in October in Waterloo Region
I hope you had a great Halloween weekend with the kids!! The weather was pretty good this year and I heard from many friends that they had well in excess of 100 kids with the top one being 400!! That’s crazy.
Well November is here and the stats are out for the October Waterloo Region Real Estate market. Sales were up and prices were up slightly which is a great sign that the market is starting to turn around. With the recent rate drops that is starting to get buyers off the sidelines. Let’s take a look at the stats.
In October, a total of 604 homes were sold in the Waterloo Region. This represents a 7.1 per cent increase compared to the same period last year and a decline of 14.2 per cent compared to the average number of homes sold in the previous ten years for the same month.
For the first time since May, we witnessed an encouraging rise in home sales throughout Waterloo Region last month. This positive trend reflects a shift toward more balanced conditions within our housing market and a renewed confidence among buyers.
Total residential sales in October included 383 detached homes (up 15.4 per cent from October 2023), and 104 townhouses (down 20.0 per cent). Sales also included 66 condominium units (up 1.5 per cent) and 49 semi-detached homes (up 53.1 per cent).
In October, the average sale price for all residential properties in Waterloo Region was $779,008. This represents a 1.4 per cent increase compared to October 2023 and a 1.4 per cent decrease compared to September 2024.
- The average price of a detached home was $885,587. This represents a 0.6 per cent decrease from October 2023 and a decrease of 2.9 per cent compared to September 2024.
- The average sale price for a townhouse was $643,382. This represents a 0.2 per cent decrease from October 2023 and an increase of 7.8 per cent compared to September 2024.
- The average sale price for an apartment-style condominium was $484,429. This represents a 1.8 per cent increase from October 2023 and a decrease of 0.2 per cent compared to September 2024.
- The average sale price for a semi was $650,098. This represents a decrease of 1.2 per cent compared to October 2023 and a decrease of 0.7 per cent compared to September 2024.
Average Sale Price – Monthly
| MLS® Home Price Index Benchmark Price | ||||||
| Kitchener-Waterloo | Cambridge | |||||
| Benchmark Type: | October 2024 | Monthly % Change | Yr./Yr. % Change | October 2024 | Monthly % Change | Yr./Yr. % Change |
| Composite | $713,800 | -2.1 | -2.5 | $738,400 | -0.5 | -1.8 |
| Single Family | $821,900 | -2.7 | -1.1 | $775,900 | -0.2 | -0.6 |
| Townhouse | $594,500 | -1.4 | -5.8 | $628,500 | -2.0 | -5.9 |
| Apartment | $439,500 | 0.9 | -5.7 | $480,400 | -0.2 | -4.3 |
On Wednesday, October 23, the Bank of Canada cut its policy rate by 50 basis points to 3.75 per cent. This marks the fourth consecutive rate cut since June and is the most substantial decrease since March 2020. The interest rate cuts are certainly beneficial for those with variable mortgages and encouraging news for homeowners facing mortgage renewals.
There were 1,144 new listings added in Waterloo Region last month, an increase of 0.3 per cent compared to October last year and a 19.9 per cent increase compared to the previous ten-year average for October.
The total number of homes available for sale in active status at the end of October was 1,711 an increase of 21.0 per cent compared to October of last year and 48.5 per cent above the previous ten-year average of 1,153 listings for October.
The total inventory across the market increased by 19.2 percent, resulting in a 3.1-month supply of all property types by the end of October. Condominium apartments had the highest inventory, with 5.5 months’ supply, followed by townhouses with 3.8 months’ supply and detached homes with 2.5 months’ supply. The number of months of inventory represents the time it would take to sell off current inventories at the current sales rate.
The average time to sell a home in October was 27 days, one day shorter than the previous month. In October 2023, it took 21 days for a home to sell, and the five-year average is 18 days.
If you have any questions at all, are thinking of making a move this winter, or are wondering what your home might be worth, give me a call or text to 519-497-4646 or shoot me an email to kevinbakerrealestate@gmail.com and we can sit down for a coffee and chat about your family’s needs going forward.
Have a great week!
Kevin
Average Sales Price – Municipality
Average Sales Price – Township
Monthly Sales By Property Type
Monthly Supply of Homes for Sale
Monthly Supply of Homes for Sale – By Property Type
Monthly Median Sales Price – By Property Type
Monthly Average Sales Price – By Property Type
Monthly Average Days on Market
KW Real Estate Life 