Waterloo Region Real Estate Market Update - September 2024
Waterloo Region Sees Decrease in Home Sales for September
In September, 521 homes were sold in the Waterloo Region through the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone). This marks a 2.1 percent decrease compared to last year and a 23.5 percent decline from the 10-year average for September.
Despite an overall slowdown in sales, demand for detached homes remained strong, increasing sales for this property type. Buyers benefitted from greater inventory and slightly longer selling times, providing a less stressful purchasing experience. However, sellers faced a more competitive market, requiring patience and potentially adjusting price expectations.
Residential Sales Breakdown
Detached homes: 336 sold (+9.4% year-over-year)
Townhouses: 95 sold (-22.1% year-over-year)
Condominiums: 57 sold (-16.2% year-over-year)
Semi-detached homes: 32 sold (-3.0% year-over-year)
Average Sale Prices
The average sale price for all residential properties in September was $788,944, reflecting a 2.9 percent increase from September 2023 and a 2.3 percent rise compared to August 2024.
Detached homes: $910,286 (+2.3% year-over-year, +2.2% month-over-month)
Townhouses: $595,435 (-6.9% year-over-year, -2.7% month-over-month)
Condominium apartments: $483,331 (-3.4% year-over-year, +4.9% month-over-month)
Semi-detached homes: $654,613 (-2.9% year-over-year, +0.1% month-over-month)
Market Activity and Inventory
September saw 1,313 new listings, a 6.5 percent decrease compared to last year but a 20 percent increase over the 10-year average for the month. Active listings totalled 1,751, marking a 21.3 percent rise year-over-year and a 42.2 percent increase from the 10-year average of 1,232.
The total market inventory grew by 23.1 percent, providing a 3.2-month supply of homes across all property types. Inventory by category:
Condominiums: 5.5 months
Townhouses: 3.6 months
Detached homes: 2.7 months
The average time to sell a home was 28 days, three days longer than in August and nine days longer than in September 2023. The five-year average for this metric is 18 days.
Policy Changes and Market Outlook
We welcomed new federal housing policies announced in September, including:
Extending mortgage terms to 30 years for first-time buyers and new-build purchasers.
Raising the CMHC insurance cap from $1 million to $1.5 million.
These changes, expected to take effect later this year, along with anticipated interest rate cuts, could improve affordability and help more buyers enter the market.
Need Advise?
Navigating the shifting real estate landscape requires professional insight. I recommend consulting a local REALTOR® for tailored advice and market knowledge, which will ensure buyers and sellers make informed decisions suited to their goals.
