August Waterloo Region Real Estate Market Update

In July, 644 homes were sold in Waterloo Region through the MLS® System, matching last year’s level but 14.3% below the 10-year July average. Sales volumes were steady year-over-year, but prices continue to adjust. With the Bank of Canada holding rates steady, increased inventory, and moderating prices, buyers have more opportunities, though broader economic uncertainty continues to weigh on confidence.

By property type:

• Detached: 383 homes sold (up 0.5% from July 2024) at an average price of $857,579, down 6.2% year-over-year and 4.5% month-over-month.
• Townhouses: 123 sales (down 5.4%) at $603,245, down 2.8% year-over-year and 3.5% month-over-month.
• Condos: 80 sales (down 3.6%) at $415,559, down 16.7% year-over-year and 4.4% month-over-month.
• Semis: 55 sales (up 14.6%) at $644,930, down 3.3% year-over-year and 0.6% month-over-month.

The average residential sale price in Waterloo Region was $735,082, down 6.0% year-over-year and 5.7% from June.

New listings: 1,356 were added in July, down 3.1% from last year but 21.2% above the 10-year July average.

Days on market: Homes took an average of 32 days to sell, up from 27 in June, 22 in July 2024, and a five-year average of 17 days. Longer days on market highlight a shift toward balance—buyers have more time to make informed decisions, while sellers are adjusting expectations.

National Context:

Nationally, home sales rose 3.8% in July, marking the fourth consecutive monthly increase and sitting 6.6% higher than a year ago. Sales have climbed 11.2% over the past three months, with the GTA leading the rebound (+35.5% since March).

The national benchmark price slipped 0.2% month-over-month to $979,000 (down 5.5% year-over-year), while the average price edged up 0.6% annually to $672,784. Inventory is steady month-over-month, but active listings are up 10% year-over-year, with the sales-to-new listings ratio rising to 52%—a sign of tightening conditions.

Still, CREA cut its 2025 forecast for the second time this year, now projecting sales will fall 3% from 2024 with prices dipping 1.7% to $677,368. Economists believe the rebound forecast for early 2025 has only been delayed by a few months. By 2026, CREA expects a 6.3% sales rebound and a 3% price increase.
(Source: The Globe and Mail)

What This Means for Waterloo Region

Waterloo Region is moving in step with these national patterns: sales activity is steady, but prices are adjusting, and homes are taking longer to sell. Buyers benefit from more choice and time, while sellers must align with today’s market realities.
As buyer confidence rebuilds and affordability pressures gradually ease, the local market is expected to follow a healthier, more sustainable pace through the fall and into 2026.

Buyer & Seller Tips in Today’s Balanced Market

For Buyers:

• Take advantage of longer days on market—you have more time to view properties, compare options, and negotiate.
• With more inventory available, consider exploring neighbourhoods you may not have looked at before.
• Secure a pre-approval so you’re ready to act quickly if the right home comes up.

For Sellers:

• Price strategically—today’s buyers are value-conscious and comparing closely across listings.
• Invest in staging and professional marketing to stand out in a market with more choice.
• Be flexible on negotiations; small concessions can help secure a deal faster.
  

Ready to Make Your Next Move?

Whether you’re thinking of buying or selling, now is a great time to start planning. Buyers benefit from more choice in today’s balanced market, while sellers can get ahead by preparing early.

If you’re considering a fall or winter sale, be sure to capture exterior photos while the summer weather is still at its best—they’ll make a big difference when it’s time to showcase your home.

Reach out anytime—we’d be happy to discuss timing, strategy, and next steps.