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Real Estate Market 2019 Waterloo Region Annual Report

Waterloo, Cambridge, Kitchener Real Estate Market 2019 Overview

The Waterloo Region real estate market 2019 experienced another year of growth in many key stats. This blog post will review the key market statistics for the entire Waterloo Region. From there we will compare the performance of the Kitchener, Waterloo and Cambridge markets in 2019 to the past years’ numbers. Furthermore we will comment on important trends and metrics that may help indicate what we can expect in the coming months in the Waterloo region real estate market.

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Waterloo Region Real Estate Overall Market Review 2019

There were 8,106 total sales in 2019 throughout Waterloo Region across all market segments. That represents a 3.6% increase in the number of sales from 2018. Of those 8,106 sales 62.6% were single family homes and 37.4% were townhouse/condo sales. Below are the key market stats for the entire Waterloo Region.

  • Median sale price $490,00 UP 10.1% from $445,00 in 2018
  • Average sale price $527,699 UP 9.2% from $483,037 in 2018
  • Average Days on Market 23 Days DOWN 4.2% from 24 in 2018
  • Percentage of Listing Price Received 101.5% UP from 100.9% in 2018
  • Months Supply of Inventory was 1.5 UP from 1.4 in 2018 *Rolling 12 month average across all market segments

Cambridge Real Estate Market 2019

There were 2,187 total sales in Cambridge in 2019, up 9.8% from 2018. Median sale price increased to $475,00 in 2019 from $440,00 in 2018. The average sale price in Cambridge increased to $500,422
(rolling 12 month average) in 2019 from $470,129 in 2018.

The percentage of listing price received increased to 101.1% in 2019, up from 100.4% in 2019. In Cambridge there was just 0.5 months supply of inventory at the end of 2019 and the average days on market was 21 days.

Kitchener Real Estate Market 2019

There were 3,704 total sales in Kitchener over 2019, up 3.6% from 2018. Median sale price across all market segments in Kitchener was $475,00 in 2019, up 10.5% from 2018. The average sale price was $499,282
(rolling 12 month average) in 2019 up 9.3% from 2018.

In Kitchener the average percentage of listing price in 2019 was 101.9%, up from 101.4% in 2018. There was 0.6 months of supply in Kitchener at the end of 2019 compared to 1 month of supply one year ago. Listings in the Kitchener real estate market experienced an average of 21 days on market throughout 2019.

Waterloo Real Estate Market 2019

There were 1,601 sales in Waterloo during 2019, down 4.9% from 2018. The median sale price was $525,00 in 2019, up 11.7% from 2018. In Waterloo the average sale price in 2019 was $562,088 (rolling 12 month average), up 11.1% from 2018.

Waterloo listings sold for 101.2% of listing price on average throughout 2019, up from 100.1% in 2018. There was 0.7 months supply of inventory at the end of 2019 and the average days on market was 25 days throughout 2019.

Realtor Notes
2019 Review & 2020 Thoughts

  • Very strong buyer competition below $600,000
  • Low supply and high demand market-wide
  • Development and redevelopment continue
  • Parking supply in city centres starting to diminish
  • Sustained interest rates

A significant trend we noticed in 2019 was a significant drop in available listings priced at $600,000 and under across all market segments. This is partly because of the aggressive price growth in Waterloo Region over the past few years pushing average prices higher. This trend, and aggressive price growth in the lower price ranges is fueled by strong buyer demand and lack of new inventory coming to market. Pre-construction options under under $600,00 in Waterloo region typically consist of townhomes or condo options, not single detached properties. Low market supply and high buyer demand is expected to continue in Waterloo region.

Development in Waterloo region continues but buyer demand continues to outpace new supply. Intense redevelopment in the downtown Kitchener and Uptown Waterloo areas has continued and gotten more aggressive throughout 2019. Expect this trend to continue in the coming years. With that we have notice parking in the city centres of Waterloo, Kitchener and Cambridge has increasingly become a problem for local businesses and for buyers moving into condos in these locations.

Finally, interest rates have remained low for another year. Throughout 2019 key interest rates and mortgage rates remained fairly steady. Additional regulations we not introduced in 2019 to help cool buyer demand either. If interest rates remain low, and additional regulations are not introduced, expect the financing side of the market to continue to support strong buyer demand.

Looking forward to 2020 we expect these trends to continue. There is low inventory across all market segments, especially under $600,000. New units can’t reach market quick enough to catch up with buyer demand. Financing rates are still historically low as well. Our market conditions support the trend that competition will continue to be strong and prices are likely to continue to rise.

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Kitchener, Waterloo and Cambridge Real Estate Markets December 2019

Waterloo Region Real Estate Review December 2019

Seasonal trends are a very real thing in the Kitchener, Waterloo and Cambridge real estate markets! This is made very clear when we see declining inventory numbers over the winter months. Our local real estate market continue to experience price growth fueled by low inventory and strong buyer demand. Below we review key market stats across all market segments and briefly overall sales numbers and market conditions for buyers and sellers in the realtor notes.

Waterloo Region Real Estate Key Market Stats

Average sale price across all property types in Waterloo region was $543,786 in December 2019.

All listings were on market for an average of 29 days.

Overall market supply was 0.6 months in December 2019

Waterloo Region Single Family Homes

Below are keys stats for the single family property type as well as Condos and townhouses/semi-detached properties afterwards.

Average Sale Price: $645,411 (UP about $15,000 from November)

Days on market: 29 Days (UP from 26 days)

Months Supply – Inventory: 0.6 Months (DOWN from 1.1)

The average sale price of single family homes in the Waterloo Region real estate market was $645,411 in December which is up $15,000 from November and almost $40,000 from October. The average days on market was 29 days for single-family properties. Days on market rose for the third straight month which follows seasonal norms of higher days on market during Winter months. The Kitchener, Waterloo and Cambridge real estate markets experienced a second straight month of declining supply. With only 0.6 months of inventory there are very few single homes available in all of Waterloo Region.

Waterloo Region Condos

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Average Sale Price:  $350,579 (UP almost $12,000 )

Average Days on Market: 40 Days (UP 5 Days)

Months of Inventory: 1.8 Months (DOWN from 2.7 months)

The average sale price for condos in Waterloo Region was $350,579 in December, up for the third straight month. Condos were selling in 40 days on average in Kitchener, Waterloo and Cambridge real estate markets. There was 1.8 months of condo inventory in December. The last time there was less than two months of condo inventory in Waterloo Region was exactly one year ago in December of 2018.

Waterloo Region
Townhouses & Semi-Detached

Check out the key stats on this market segment below! Want more information on this segment? Drop a comment or contact us here.

Semi -Detached average sale price was $473,689

The average days on market for both segments was 22 days

Townhouse average sale price was $411,097

There was just 0.3 months of inventory in November 2019

The spike in average sale price for semi-detached homes was significant in December 2019 jumping to $473,689 from $435,356 just one month ago. A main factor for this was the significant decrease in semi-detached homes listed and sold inthe month of December. We will look at this again in January to see if there is a significant trend or irregular month for this market segment.

Realtor Notes

There were a total of 332 sales across all real estate market segment in December, down from 591 in November. There were 195 Single family homes sold, 55 condos, and 82 townhomes/semi-detached properties sold. December and January are traditionally the slowest months of the year for number of sales and these figures match that trend.

Looking at the Kitchener, Waterloo and Cambridge real estate markets as a whole we noticed that more listings were selling significantly above asking price compared to just a few months earlier. This is likely a combination of timing and market conditions. Buyers and investors may be pushing to lock up properties before the end of the calendar year. That combined with the significant drop in available listings (market supply) may cause buyers to be pushing higher prices to acquire properties. The average sale price as a percentage of listing price was 102.5% this past month, up from 99.6% in December 2018.

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