In January, 329 homes were sold in Waterloo Region through the MLS® System, marking a 12% decline year-over-year (YoY) and 18.6% below the 10-year average for the month. Despite softened sales, buyers are seeing more options, with active listings up nearly 50% YoY and total inventory surpassing the 10-year average.
Higher inventory levels are creating a more balanced market, offering increased opportunities for buyers while requiring sellers to be more strategic.
January 2025 Residential Sales – Waterloo Region
Detached Homes
188 sold (-10.5% YoY)
Average price: $882,941 (-3.1% YoY, -1.2% from December)
Townhouses
81 sold (-8.0% YoY)
Average price: $630,116 (-1.1% YoY, +0.1% from December)
Condos
39 sold (-30.4% YoY)
Average price: $469,623 (+4.6% YoY, -1.2% from December)
Semi-Detached Homes
21 sold (+5.0% YoY)
Average price: $634,762 (-1.9% YoY, -1.6% from December)
Market Trends & Key Economic Factors
New listings: 901, up 25% YoY and well above the 10-year average
Active inventory:1,296 listings (+49.5% YoY)
Total inventory:+43.8% YoY, increasing supply to 2.3 months
Months of inventory by property type:
Condos: 5.1 months
Townhouses: 3.5 months
Detached homes: 1.5 months
Homes Selling Faster Than December
Average days on market:33 days (down from 37 days in December)
Still above the five-year average of 21 days
Interest Rate Cuts & Mortgage Rule Changes
Bank of Canada reduced its policy rate to 3% on January 29, 2025, slightly easing borrowing costs
New mortgage rule changes now allow:
Easier qualification with less than 20% down
Insured mortgage cap increase to $1.5M
30-year amortizations for first-time buyers and new-builds, lowering monthly payments
These changes may encourage more buyers to enter the market, but many remain cautious, waiting for further interest rate cuts.
