March 2024 Market Stats

This March, the Waterloo Region Association of REALTORS® recorded 596 property transactions via the MLS® System. This reflects a modest 3.2% decrease compared to last year and a more pronounced 33.4% reduction from the five-year monthly average. However, amidst these challenging conditions, there’s a silver lining: we’ve seen an uplifting 8% increase in year-over-year home sales for the first quarter of 2024, albeit still below the decade’s average.

Home values in our region have been consistently rising since December, setting a positive trend. The future pace and extent of price increases may hinge on buyers waiting for more favorable interest rates. With the Bank of Canada unlikely to adjust rates before June, this has introduced a measure of uncertainty for some prospective homeowners.

Yet, the outlook is not entirely dim. Despite March experiencing a notable two-decade low in home sales, there’s emerging positive momentum. Prices and market activity have been on an upward trajectory for the past three months, and we anticipate this growth to continue into the spring, bringing renewed optimism to our local real estate market.

In March, Waterloo Region’s average residential property sale price was $806,279, up 3.6% from March 2023 and 6.6% from February 2024.

• The average price of a detached home in March was $954,342, up 4.9% from March 2023 and 7.3% from February 2024, with 344 detached homes sold, a 3.9% decrease from March 2023.
• The average townhouse sale price in March was $667,810, rising 4.4% from March 2023 and 6.0% from February 2024, with sales of 127 townhouses, a 0.8% decrease.
• The average sale price for apartment-style condominiums was $483,085 in March, up 0.3% from March 2023 and 5.3% from February 2024, with 86 units sold, down 1.1%.
• The average sale price for semis in March was $680,039, a 2.9% decrease from March 2023 but a 1.0% increase from February 2024, with 37 semi-detached homes sold, down 11.9%.

Last month, 1,023 new listings were added to the MLS® System in Waterloo Region, up 18.7% from March last year but down 15.9% from the ten-year March average.

In March, the average time to sell was 19 days, consistent with March 2023 and slightly above the five-year average of 18 days.

While the Waterloo Region’s real estate market faces fluctuations in sales and pricing, the economic climate is pivotal. With the next interest rate announcement expected on April 10th, the market is on the lookout for any shifts that could impact trends. CIBC CEO Victor Dodig predicts limited interest rate cuts, foreseeing one or two decreases in major economies, including Canada, later in the year. This perspective, along with mortgage market challenges, highlights the complex backdrop influencing our local market. Despite these broader economic influences, Waterloo Region’s real estate has shown resilience, with rising home values and a positive sales trend into spring. The relationship between regional market trends and broader economic conditions will be key in shaping Waterloo Region’s real estate future.

If you are thinking of buying or selling this Spring, or have questions about our current real estate market, contact us today.