News Release
Waterloo Region’s Housing Market Shows Signs of Higher Demand Compared to the Rest of Ontario
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Wahi’s comprehensive report on the Waterloo Region’s real estate market in 2024 indicates the region has been less vulnerable to the housing-market slowdown affecting other cities.
TORONTO, ONT. —December 17, 2024 — Today, Wahi released its 2024 Kitchener, Cambridge, and Waterloo Housing Snapshot, which provides an overview of home sales and price trends, overbidding and underbidding trends, most and least affordable neighbourhoods, and other key housing market trends in the Waterloo Region from January 1 to November 30, 2024.
Compared to other major Ontario housing markets in the third quarter of this year, Waterloo Region showed higher housing demand with nearly half (48%) of the region’s neighbourhoods selling above list price. Competition for homes in the Waterloo region differed significantly from cities like Hamilton and Ottawa, where nearly every neighbourhood was underbid.
Other key findings in Wahi’s 2024 Waterloo Region Housing Snapshot include:
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- The median sales price for a home in the Waterloo Region was $745,000, and homes took an average of 23 days to sell;
- Single-family homes had a median sales price of $770,000, and took an average of 21 days to sell compared to condos, which had a median sales price of $435,000 and sat on the market for an average of 37 days.
- Wellesley had the highest median sales price of $935,000 in the Waterloo Region, while Kitchener had the lowest median sales price of $700,000.
- The median sold price for condos in Waterloo Region was down 5% and the median sold price for single-family homes was down 1% from the previous year;
- The majority of Waterloo Region’s most affordable neighbourhoods were centrally located in Kitchener, where more condos are concentrated.
- Breslau, Woolwich, was the fastest-selling neighbourhood in the third quarter of the year, with an average of 9 days on market and a median sold price of $1.3 million;
- Clair Hills was the most overbid neighbourhood in Q3, with a median sold price of $961,000 and a median overbid amount of $53,000; and
- Pioneer Tower West was the most underbid neighbourhood in Q3, with a median sold price of $1,480,00 and a median underbid amount of -$47,450.
About Wahi
Wahi redefines the homebuying experience by putting more power into consumers’ hands. By combining cutting-edge tech and market data with expert Realtors, Wahi offers unmatched access to insights, tools and the team that makes buying a home faster and easier. Learn more at wahi.com.
News Media Contacts:
Kristin Doucet
Wahi
Tel: 877-207-4273