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Kitchener / Waterloo / Cambridge Housing Market Report

By Patrick Ross · Reviewed By Jacob Norris · Last Updated October 4, 2024
Waterloo housing market report

Waterloo / Cambridge / Kitchener housing market overview

  • The average home price in Kitchener/Waterloo/Cambridge was $788,944 — a 2.91% year-over-year increase.
  • The average detached home price increased 2.29% year-over-year to $910,286
  • The semi-detached home price decreased -2.94% year-over-year to $654,613
  • The townhouse home price decreased -6.94% year-over-year to $595,435
  • The average condo home price decreased -3.35% year-over-year to $483,331
  • The average Waterloo home price increased 5.06% year-over-year to $840,884
  • The average Kitchener home price decreased -1.16% year-over-year to $721,368
  • The average Cambridge home price increased 1.46% year-over-year to $758,570

Average home price trends

The average home price across all property types in the Waterloo Region was $788,944. Home prices have increased 2.91% year-over-year compared to the average home price of $766,652 the prior year. The average home price across all property types saw a 2.57% month-over-month increased from the average home price of $769,203 the prior month. Here is how the average home price has changed across property types.

Read More: Toronto Housing Market

Property Type Average M/M Y/Y
Detached $910,286 +2.38% +2.29%
Semi-Detached $654,613 +0.08% -2.94%
Townhouse $595,435 -2.57% -6.94%
Condo $483,331 +5.74% -3.35%

Important Market Metrics

Sales

Total sales in the Waterloo Region were 521 which is a -2.07% decrease from 532 sales the prior year. Here is how the sales are broken down by property type:

  • Detached: 336 — a 9.45% Y/Y increase
  • Semi-Detached: 32 — a -3.03% Y/Y decrease
  • Townhouse: 95 — a -22.13% Y/Y decrease
  • Condo: 57 — a -16.18% Y/Y decrease

Inventory

The housing inventory in September was 3.2 months which is down from 3 months of inventory in August 2024 and 2.6 months the prior year. Here is the breakdown of inventory based on home type:

  • Detached: 2.7 months — a 17.39% Y/Y increase
  • Semi-Detached: 1.8 months — a 50% Y/Y increase
  • Townhouse: 3.6 months — a 9.09% Y/Y increase
  • Condo: 5.5 months — a 41.03% Y/Y increase

Listings

The Waterloo Region had total new listings of 1313 which is a -6.21% Y/Y decrease and 32.89% M/M increase.

Sales-to-new-Listings Ratio

The sales-to-new listing ratio is an important metric as it helps us to understand the balance of supply and demand in the housing market which helps determine who has the majority of negotiating power in the housing market. The sales-to-new-listings ratio (SNLR) in the Waterloo Region was 39.68% in August 2024. The SNLR indicates a weak buyers market as the SNLR ratio is below 40%.

Home prices in the Waterloo Region

Home prices in Waterloo region

All property types

Stat August 2024 Y/Y Change
Average Price $788,944 +2.91%
Sales 521 -2.07%
New Listings 1313 -6.21%
Active Listings 1751 +20.93%

Single-family detached home prices in Kitchener/Waterloo/Cambridge

Stat August 2024 Y/Y Change
Average Price $910,286 +2.29%
Sales 336 +9.45%

Semi-detached home prices in Kitchener/Waterloo/Cambridge

Stat August 2024 Y/Y Change
Average Price $654,613 -2.94%
Sales 32 -3.03%

Townhouse prices in Kitchener/Waterloo/Cambridge

Stat August 2024 Y/Y Change
Average Price $595,435 -6.94%
Sales 95 -22.13%

Condo prices in Kitchener/Waterloo/Cambridge

Stat August 2024 Y/Y Change
Average Price $483,331 -3.35%
Sales 57 -16.18%

Canada Housing Markets

See the housing markets in Canada broken down at a national, provincial and city level with the following reports

source: WRAR