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Wahi’s 2024 Kitchener, Cambridge, and Waterloo Housing Snapshot Report

Insights, Analysis, and More From the Waterloo Region Real Estate Market

2024 Waterloo Housing Snapshot Report - Wahi

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Media Inquiries:
kristin.doucet@wahi.com

2024 Waterloo Region Market Overview

Prices, Sales, and Average Days on Market

All data in Wahi’s 2024 Housing Market Snapshot Report is from the period between Jan. 1 and Nov. 30 unless otherwise stated. Comparisons to the previous year are for the same year-to-date period. In most cases, data is sourced from Information Technology Systems Ontario (ITSO) with the exception of quarterly numbers, which also include listings from the Toronto Regional Real Estate Board (TRREB).

Waterloo Region TOTAL

Median Sales Price

$745,000

(-1% y/y)

Number of Sales

6,540

(+2% y/y)

Days on Market (DOM)

23

(+4 days y/y)

*DOM refers to Average Days on Market, which represents how long on average listings remain on the market before selling. DOM excludes listings that are pulled from the market without selling.

Kitchener

Median Sales Price

$700,000 (+1% y/y)

Number of Sales

2,307 (+1% y/y)

DOM

22  (+4 days y/y)

Cambridge

Median Sales Price

$730,000 (-1% y/y)

Number of Sales

1,584 (+2% y/y)

DOM

23 (+6 days y/y)

City of Waterloo

Median Sales Price

$755,000 (-2% y/y)

Number of Sales

1,296 (+5% y/y)

DOM

25 (+6 days y/y)

Woolwich

Median Sales Price

$860,000 (0% y/y)

Number of Sales

304 (+21% y/y)

DOM

26 (+4 days y/y)

Wilmot

Median Sales Price

$850,000 (+3% y/y)

Number of Sales

207 (-5% y/y)

DOM

25 (+1 days y/y)

North Dumfries

Median Sales Price

$899,900 (0% y/y)

Number of Sales

123 (+5% y/y)

DOM

33 (+3 days y/y)

Wellesley

Median Sales Price

$935,000 (+9% y/y)

Number of Sales

76 (+3% y/y)

DOM

26 (+2 days y/y)

Waterloo region map

“Waterloo Region’s housing market showed signs of higher demand than Ontario’s biggest cities this year, a trend reflected in higher sales activity. However, bidding competition has still dropped from a year ago, resulting in slightly lower prices.”

-Benjy Katchen-
Wahi CEO

Summary

Through the first 11 months of 2024, Waterloo Region home prices registered a small decline from where they stood a year ago, while homes also took longer to sell on average. This is broadly in line with what was observed in other Ontario markets, such as the Greater Toronto Area, although Waterloo Region has shown more resilience in the face of higher interest rates. Home sales edged higher compared to the same period in 2023.

Bidding competition among homebuyers is one area where the overall region has been diverging from other markets that Wahi tracks. It’s still not uncommon for homes in Waterloo Region to sell for more than the list price — though this varies substantially depending on the neighbourhood and property type. The condo segment has been notably cooler, with sales posting a double-digit annual decline and prices regularly bid down.

 

At the local level, the median price was up or flat on a year-over-year basis in four out of the seven submarkets that make up the region. Sales were also up or flat relative to the year before everywhere but the Township of Wilmot, while homes took longer to sell on average in all submarkets. With homes staying on the market longer, inventory has piled higher in the region, providing buyers more choice.

BREAKDOWN BY HOUSING TYPE

Detached, Semi-Detached, Townhouse, Row House

Single-Family Homes

Median Sales Price

$770,000 (-1% y/y)

Number of Sales

5,773 (+4% y/y)

DOM

21 (+4 days y/y)

Condos

Median Sales Price

$435,000 (-5% y/y)

Number of Sales

767 (-10% y/y)

DOM

37 (+8 days y/y)

Community Spotlight

Wahi drilled down into the market data at the neighbourhood and municipal level to identify hyper-local trends including the most- and least-affordable communities, most popular by search volume on Wahi, and more.

MOST-SEARCHED NEIGHBOURHOODS ON WAHI

Laurentian West 

Sales #

202

Huron South

Sales #

139

Centreville Chicopee

Sales #

125

Laurentian Hills

Sales #

102

City Commercial Core

Sales #

103

Waterloo Neighbourhoods With the Most Home Sales in 2024

Laurentian West

Sales #

202

Doon South

Sales #

170

Central

Sales #

166

Neighbourhood of Forest Heights

Sales #

146

Huron South

Sales #

139

Most Affordable Waterloo Communities by Median Sale Price

The majority of Waterloo Region’s most affordable neighbourhoods were centrally located in Kitchener, where you’re more likely to find condos, which tend to have lower price points. Beaver Creek Meadows’ rock-bottom median home price is due to the prevalence of mobile homes located in the area, specifically those found within Green Acre Park.

*Ranking excludes neighbourhoods with fewer than 5 home sales from Jan.1 to Nov. 30

Beaver Creek Meadows

Median Sales Price

$120,000

City Commercial Core

Median Sales Price

$417,000

Cedar Hill

Median Sales Price

$450,000

Columbia

Median Sales Price

$490,000

KW Hospital

Median Sales Price

$495,000

Most Expensive Waterloo Communities by Median Sale Price

Despite having a lower overall median home price than the other six major submarkets in the Waterloo Region, Kitchener is home to several high-priced pockets. The most expensive pockets in the region are generally known to be upscale neighbourhoods with large single-family homes.

*Ranking excludes neighbourhoods with fewer than 5 home sales from Jan.1 to Nov. 30

Hidden Valley

Median Sales Price

$2,667,500

Pioneer Tower West

Median Sales Price

$1,470,000

Bridgeport North

Median Sales Price

$1,042,500

Doon South

Median Sales Price

$985,000

Conservation Meadows

Median Sales price

$962,500

Fastest- and Slowest-Selling Neighbourhoods

Homes sold within two weeks or less in just six neighbourhoods across Waterloo Region in the third quarter of 2024. The fastest-selling neighbourhoods outpaced the region-wide average (23 days) by more than a week. Affordability also appeared to play a role in how fast homes changed hands. Half of the fastest-selling neighbourhoods had sale prices below the region-wide median.

Overbidding and Underbidding Trends

Waterloo Region has been less vulnerable to the housing-market slowdown affecting cities and towns throughout the province, Wahi research suggests.

Percentage of Waterloo Region in Overbidding and Underbidding Territory: 2024 Q3

In the third quarter of the year, nearly half (48%) of Waterloo Region’s neighbourhoods were in overbidding territory.

 

This stands in stark contrast to other Ontario markets that Wahi tracks. For example, during the same quarter, every neighbourhood in Hamilton was underbid and 99% of Ottawa's neighbourhoods were underbid as well.

 

However, much of the overbidding witnessed in Waterloo Region during the previous quarter was relegated to single-family homes. Looking only at this housing type, 61% of neighbourhoods were in overbidding territory, compared to just 18% for condos.

 

With two 50-basis-point rate cuts from the Bank of Canada in the fourth quarter, Wahi will continue to monitor the Waterloo Region market to see whether bidding activity intensifies in response to potentially improved affordability.

 

Methodology: Every quarter, Wahi compares the differences between median list and sold prices to determine whether Waterloo Region neighbourhoods are in overbidding or underbidding territory, excluding those neighbourhoods with fewer than five transactions over the study period. A total of 83 neighbourhoods out of Waterloo region’s approximately 120 met this threshold in Q3 2024.

MOST OVERBID WATERLOO REGION NEIGHBOURHOODS

Methodology: The top overbidding and underbidding neighbourhoods are ranked by the median overbid or underbid amount. The median overbid and underbid amounts are calculated by subtracting the list price from the sold price of each listing in a given neighbourhood. These are then ranked by the median of all subtractions and presented as the median overbid or underbid amount.

MOST UNDERBID WATERLOO REGION NEIGHBOURHOODS

BIDDING ACTIVITY IN SELECT ONTARO REAL ESTATE MARKETS

Wahi also compares the differences between list and sold prices across 12 larger Ontario markets each quarter. In Q3, the cities of Waterloo and Kitchener, respectively, were the only two that weren’t in underbidding territory as of the third quarter of the year. Both markets were selling at asking, with Cambridge just behind. This comparison differs from the neighbourhood analysis as it is based on all transactions in each city as a whole.

Connect with Wahi

Our team is available to elevate your stories with real-time market data, the latest analysis, and commentary.

Kristin Doucet

Kristin Doucet

Managing Editor

Tel: 877-207-4273
Email: kristin.doucet@wahi.com

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