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Kitchener / Waterloo / Cambridge Housing Market Report

By Patrick Ross · Reviewed By Jacob Norris · Last Updated November 5, 2024
Waterloo housing market report

Waterloo / Cambridge / Kitchener housing market overview

  • The average home price in Kitchener/Waterloo/Cambridge was $779,008 — a 1.44% year-over-year increase.
  • The median home price in Kitchener/Waterloo/Cambridge was $737,500 — a 1.72% year-over-year increase.
  • The average detached home price decreased -0.63% year-over-year to $885,587
  • The semi-detached home price decreased -1.22% year-over-year to $650,098
  • The townhouse home price decreased -0.23% year-over-year to $643,382
  • The average condo home price increased 1.79% year-over-year to $484,429
  • The average Waterloo home price decreased -4.93% year-over-year to $799,407
  • The average Kitchener home price increased 5.08% year-over-year to $758,000
  • The average Cambridge home price decreased -3% year-over-year to $735,824

Average home price trends

The average home price across all property types in Waterloo was $779,008. Home prices have increased 1.44% year-over-year compared to the average home price of $767,952 the prior year. The average home price across all property types saw a -1.35% month-over-month decreased from the average home price of $789,692 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 $885,587 -2.87% -0.63%
Semi-Detached $650,098 -0.69% -1.22%
Townhouse $643,382 +7.85% -0.23%
Condo $484,429 -0.17% +1.79%

Important Market Metrics

Sales

Total sales in the Waterloo Region were 606 which is a 7.45% increase from 564 sales the prior year. Here is how the sales are broken down by property type:

  • Detached: 384 — a 15.66% Y/Y increase
  • Semi-Detached: 49 — a 53.13% Y/Y increase
  • Townhouse: 105 — a -19.23% Y/Y decrease
  • Condo: 66 — a 1.54% Y/Y increase

Inventory

The housing inventory this month is 3.1 months which is up from 3.2 months of inventory the prior month and 2.6 months the prior year. Here is the breakdown of inventory based on home type:

  • Detached: 2.5 — a 8.7% Y/Y increase
  • Semi-Detached: 1.9 — a 26.67% Y/Y increase
  • Townhouse: 3.8 — a 26.67% Y/Y increase
  • Condo: 5.5 — a 52.78% Y/Y increase

Listings

The Waterloo Region had total new listings of 1144 which is a 0.97% Y/Y increase and -12.87% M/M decrease.

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 52.97% in August 2024. The SNLR indicates a balanced market as the SNLR ratio is between 40-60%.

Home prices in the Waterloo Region

All property types

Stat August 2024 Y/Y Change
Average Price $779,008 +1.44%
Median Price $737,500 +1.72%
Sales 606 +7.45%
New Listings 1144 +0.97%
Active Listings 1711 +21.52%

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

Stat August 2024 Y/Y Change
Average Price $885,587 -0.63%
Median Price $820,000 +0.61%
Sales 384 +15.66%

Semi-detached home prices in Kitchener/Waterloo/Cambridge

Stat August 2024 Y/Y Change
Average Price $650,098 -1.22%
Median Price $630,000 -3.08%
Sales 49 +53.13%

Townhouse prices in Kitchener/Waterloo/Cambridge

Stat August 2024 Y/Y Change
Average Price $643,382 -0.23%
Median Price $650,000 -1.02%
Sales 105 -19.23%

Condo prices in Kitchener/Waterloo/Cambridge

Stat August 2024 Y/Y Change
Average Price $484,429 +1.79%
Median Price $440,000 -2%
Sales 66 +1.54%

Canada Housing Markets

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

source: WRAR