November 2024 Real Estate Market Stats

December Real Estate Update for Waterloo Region

In November, 539 homes were sold in Waterloo Region through the MLS® System of the Cornerstone Association of REALTORS®. This marked a 21.1% increase compared to November 2023 but fell 13.1% below the 10-year average for the month.

While sales showed significant year-over-year improvement, activity remained below historical averages and dipped slightly from October levels. The market continues to balance, with increased inventory providing buyers with more options.

Market Snapshot

• Detached Homes: 331 sales (+23.5% year-over-year).
  Average price: $862,690 (-3.1% annually, -2.6% monthly).
• Townhouses: 113 sales (+37.8% year-over-year).
  Average price: $615,222 (+0.9% annually, -4.9% monthly).
• Condominiums: 51 sales (-17.7% year-over-year).
  Average price: $452,732 (+0.5% annually, -6.2% monthly).
• Semi-Detached Homes: 44 sales (+37.5% year-over-year).
  Average price: $643,672 (+4.5% annually, -1.0% monthly).

The average sale price for all residential properties was $754,604, reflecting a 0.2% decline year-over-year and 3.3% drop month-over-month.

Inventory and Listings

• New Listings: 889 (+2.4% year-over-year, +18.4% above the 10-year average).
• Active Listings: 1,565 (+20.0% year-over-year, +57.8% above the 10-year average).

Months of Inventory:

• Condominiums: 5.9 months
• Townhouses: 3.9 months
• Detached Homes: 2.0 months

The average time to sell a home in November was 27 days, consistent with October but slightly higher than the five-year average of 19 days.

Positive Market Trends and Opportunities:

Stable prices and increased inventory make this a favourable time for buyers, particularly with recent mortgage reforms enhancing opportunities for first-time buyers and those purchasing new builds. Expanded eligibility for 30-year amortizations and higher insured mortgage limits will create additional pathways to homeownership.

Looking Ahead to 2025:

According to the RE/MAX Canada Housing Outlook, Kitchener-Waterloo is poised for recovery in 2025:

• Average prices are projected to rise by 6%.
• Sales transactions are expected to increase by 9%.
• Total listings are forecasted to grow by 11%, with new listings up 3%.

Buyer Trends:

• First-time buyers are driving demand, particularly for townhouses.
• Detached homes priced between $600,000–$700,000 remain popular for first-time buyers, while move-up buyers focus on the $800,000–$950,000 range.
• Retirees prefer condos and apartments in the $600,000–$700,000 range.

Development Trends: 

Developers are prioritizing small, detached homes, stacked townhouses, and traditional townhomes to meet buyer demand.

Optimism for Sellers:

With declining interest rates and inflation, buyer activity is expected to strengthen, replicating the robust market conditions of 2021. A strong spring season is anticipated, with steady price growth as rates stabilize.

As we approach the new year, this balanced market presents exciting opportunities for both buyers and sellers. Whether you’re considering buying your first home or selling in this dynamic market, now is the time to plan.