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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Waterloo Real Estate Market Review – July 2019

In July, the Waterloo real estate market experienced a second straight decline in inventory. Listings continue to sell in about three weeks on average and for approximately 100% of asking price. The Waterloo real estate markets continue to be competitive signalling values should appreciate.

Waterloo Region Real Estate Key Market Stats

  • Average sale price across all property types in Waterloo region was $516,481 in July 2019
  • All listings were on the market for an average of 22 days
  • Overall market supply was 1.8 months in July 2019

Wondering how July compared to past months? View our monthly blogs to see!

Single Family Homes

For single family homes the average sale price has increased by 6.3% from July 2018. The average days on market was 20 days, and the months supply remained at 2 months for the second straight month. 

  • Average Sale Price: $594,270
  • Days on market: 21 Days
  • Months Supply – Inventory: 2.0 Months

The Waterloo real estate market continues to experience very low inventory, especially in single family homes. Low inventory is fueling competition and price appreciation in this segment.

For example, months of inventory for single family homes priced between 200-450,000 is just 0.3 months, down from 0.5 months last year. That is a decrease of about 40%. For single family homes priced above $450,000 there is just 2.4 months of inventory. This is down from 2.8 months (14.3% drop) in the same month last year.


Our Waterloo region real estate market continues to provide opportunity in the Condo segment as redevelopment of the city core’s progress. New developments from local and national organization in uptown Waterloo and downtown Kitchener continue to be the focus for local residence and investors.

  • Average Sale Price: $320,250 
  • Average Days on Market: 29
  • Months of Inventory: 3.3 Months

Waterloo Condos increased in average sale price by almost $15,000 from June to July. Average days on market increased slightly from 19 to 21. Months of inventory increased from 2.9 in June to 3.3 in July.

Townhouses & Semi-Detached

  • Semi -Detached average sale price was $436,904
  • Townhouse average sale price was $421,378
  • The average days on market was 21 days in June for this segment
  • 1.0 months of inventory in July 2019 down from 1.2 in June

Developers and builders just can’t bring new units to market quick enough in this segment. Buyers have been hungry for affordable freehold options which townhouses and semi-detached properties have traditionally filled. What we have found, especially over the past few years, is that the price gap between smaller detached homes and this segment has continued to shrink.

We have speculated that Investor demand and a shift in buyer trend from the resale market to pre-construction has also fueled aggressive price growth in towns and semis. Check Buzz Buzz for pre-construction and upcoming developments in Waterloo Region and surrounding areas.

Realtor Notes – Buyers be ready!

Buyers, we feel your pain. There are few options out there and anything good is sold very quickly and likely above asking. We work with buyers every day and we found that education, qualification, and preparation are the best way to find great deals in any market. 

Educate yourself on the buying process and to better understand the market conditions. Qualify yourself with a mortgage pre-approval, have your deposit ready, and get comfortable with the types of offers that are going to win you the perfect home when you see it! Finally prepare yourself to actively search with the right tools. Buyers, prepare to active search and make sure you are using the best tools. Get connected on a realtor quality property search! Review any options as soon as they come to market and be prepared to search. This will help you narrow your search so you can confidently offer on the next property that matches exactly what you are looking for.

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Single Family Homes in Waterloo Region Continue to Increase in Value

May 2019 Real Estate Review

Single family homes in Waterloo Region continue to experience consistent price growth while selling quickly. As we review other key market data for the condo and Townhouse/Semi-detached segments we notice some short term fluctuations and long term trends. For condos there was slight decrease in average sale price and a little more inventory coming to market. In the townhouse and semi-detached segment of the Waterloo Region real estate market listings are selling quickly, prices rose as well as inventory.

*note there was a previous issue with discrepancies in median and average data figures for April 2019. The issue has be resolved. Contact us directly via contact page or comment for specific questions. 

Key Market Stats

  • Single family average sale price up to $563,056
  • Condo average sale slid to $331,581
  • Single family listings are selling in 2 weeks or less on average (for a 5th straight month)
  • Overall inventory increased in May 2019 to 2.1 months of supply

Single Family Homes

Kitchener, Waterloo and Cambridge continue to account for the largest volume of single family homes in Waterloo Region sold. In these cities, as well as the rest of Waterloo Region, the averages sale price of single family homes continue to rise.

Average Sale Price: $563,056 UP 7,058

The average sale price in May 2019 was $563,056, up from $555,998 last month. Last month’s average sale price for single family homes in Waterloo Region means there has been just over a 7% increase in average sale price since May 2018.

*Note average sale price was about $525,000 in May 2018

Days on market: 11 Days DOWN 1 Day

Single family homes in Waterloo region continue to sell QUICKLY. Single family homes in Waterloo Region sold in 11 days on average, one day quicker than April. Listings in this segment have sold in 14 days or less every month so far in 2019.

Months Supply – Inventory: 2.1 Months UP 0.2 Months

In Waterloo Region single family homes have experienced an extended period of low inventory. Our local real estate markets have not had more than 2.1 months of inventory for single family homes for over 3 years. On a positive note, in December 2018 Waterloo Region only had just one month of inventory. Since then, we have experienced five straight months of rising inventory for single family homes in Waterloo Region.


The condo market remains red hot. Redevelopment in city centres promises additional inventory but it can’t come quick enough. Investors and buyers searching for value in lower price points continue to scoop up great condo deals!

Average Sale Price: $331,581 DOWN $2,213

The average sale price of condos in Waterloo Region slid from $333,812 in Aril to $331,581 in May. This was a minor decrease of $2,213 from the average sale price last month. We can expect the condo market to experience more short term volatility compared to the single family markets in Waterloo region primarily because of the nature of Condo markets (see realtor notes for more on this).

Average Days on Market: 27 Days SAME AS APRIL

The average days on market for condos in Waterloo Region was 27 days. This is the same as April 2019. It is important to note that the overall trend o condos selling in fewer days has continued for year.

Months of Inventory: 3.1 Months UP 0.3 Months

Inventory of condos in Waterloo Region increased for the 5th straight month. May marks the first month since September 2018 that Waterloo Region condo market has had more than three months of inventory. Short term fluctuations in condo inventory numbers can be attributed to the release of new condo developments.

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.

  • Average sale price was $409,728 UP from $407,512 in April
  • The average days on market was 10 days in May DOWN 1 day from April
  • There was 1.6 months of inventory in May 2019 UP 0.4 months from last month

Realtor Notes

Although the average sale price for condos dropped in May the other segments in our local real estate markets continue to experience price appreciation. Even over the next few months we can expect the average sale price of condos to continue to increase. Price growth in our real estate markets is currently fueled by low inventory, strong buyer demand, and low financing rates.

List to sale price ratio (or “Percentage of original price”) is another data point we review to measure how competitive our local real estate market landscape is. For May 2019 that was 101.2% compared to 101% of May last year. That means that on average listings are selling for about 1% above asking price. That compared to the previous 10 year averages of closer to 96-98%.

As noted in the condo market section of this monthly real estate market update this segment will experience short term volatility in key metrics like inventory, price and days on market. One reason for that is that large amounts of inventory being introduced and sold in small time frames. As new condo buildings are ready for sale large numbers of condo units are made available and sold in short periods of time. Compare this to a how a builder releases just a small handful of single family homes at a time. A larger volume of condo units released and sold in a short time frame will create these types of short term volatility in the condo market.

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MLS Waterloo, Kitchener, Cambridge & Guelph – February 2019 Real Estate Market Review

MLS Waterloo, Kitchener, Cambridge and Guelph data show strong price growth in February of 2019 for both the freehold and condo markets. It is important to recognize that the markets for condo and freehold properties are inherently different. Reviewing and monitoring key market stats for both is vital to understanding the direction and speed in which these markets are moving.

Key Stats

  • Average freehold prices JUMP almost 25K Jan-Feb 2019
  • Average condo prices rise over $8,000 or a little more than 2% compared to January numbers
  • Both Freehold and Condo listings selling quicker in February than January
  • Condo inventory dropped from almost 3 months to slightly above 2.5 months
  • Freehold inventory held steady from January to February.

Freehold Market – February 2019
MLS Waterloo, Kitchener, Cambridge & Guelph

Average sale price for freehold listings increase from approximately $525,000 in January to $549,707 in February of this year.

The average days to sell declined slightly from 29 days in January to 27 days in February.

Months of Inventory held steady at just under 3 months for February 2019.

Condo Market – February 2019
MLS Waterloo, Kitchener, Cambridge & Guelph

Average condo prices rose about $8,000 to just over $358,000 in February from January 2019.

The average days for a condo to sell dropped for the second consecutive month to 24 days!

Months of inventory of condos also dropped for the second consecutive month to slightly over 2.5months in February.

Realtor Commentary – MLS February 2019

In review of MLS Waterloo, Kitchener, Cambridge and Guelph data for February 2019 we can confidently say that the seller market continues. Both the freehold and condo markets there is less inventory, listings are selling in fewer days, and prices have increased when compared to last month.

What does this mean for buyers? Competition. Buyers are having to compete more so now than ever in the past 12 months. This is especially apparent in most listings under $500,000 and virtually any listing that shows well, regardless of price point. Check out our last First Time Buyer Blog for expert advice on buying real estate.

For Sellers this means favorable conditions continue. On average all listings are selling in a month or less which is historically fast. That being said, tried tested and true methods of selling listings for top dollar still apply. Preparing your home for market, showing it well, and marketing aggressively to qualified buyers will get you the best offers. Stay tuned for our selling strategies blog post to learn more about how to really take advantage of the current sellers market.

Considering your options for purchasing or selling? We have extensive experience getting the best value for our clients in these competitive markets. Get in touch and ask us about out buying and listing strategies HERE or text/call direct: Zack Brittain at 519-591-8419.

Stay updated on investment property listings, valuable listings, and properties with unique features on our Facebook Page!

Want a topic covered? Looking for specific data and stats? Drop us a comment or email directly here: zack@primepropertieson.com

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MLS Kitchener, Waterloo, Cambridge & Guelph – January 2019 Real Estate Market Review

Now that the first month of 2019 is in the books we want to review the key MLS stats for Kitchener, Waterloo, Cambridge and Guelph real estate markets. For our monthly real estate market reviews this year we will be covering the four major markets in The Region of Waterloo and Wellington county.

Below we share the average sale price, average days on market, and months of inventory for January 2019. We review both the freehold and condo markets in these cities and compare to the last 12 months. Reviewing the MLS data on these three key real estate market stats will help to understand the speed and direction the freehold and condo markets are heading in our major market centers.

Freehold Market – MLS January 2019

The average sale price in January 2019 was $525,653 up from $499,918 in January 2018.

The Average days to sell for freehold properties was 28 days in January 2018 and just 24 days in January 2019.

MLS data on freehold listings shows that we sit at exactly two and a half months of inventory as of January 31, 2019. That is slightly up from just over two months of inventory for January 2018. This tells us that the freehold market is still a strong sellers market.

Months of Inventory – Freeholds in Kitchener Waterloo Cambridge & Guelph January 2019

Condo Market – MLS January 2019

The average price of condos increased to $350,522 in January 2019 compare to $322,063 in January 2018.

Average days to sell increased from 29 days in January 2018 to 33 days in January 2019.

The MLS data shows that the months of inventory has come down from almost three and a half months in January of 2018 to just under three months now. This means that the condo market is still in a sellers market.

Months of Inventory – Condos in Kitchener Waterloo Cambridge & Guelph January 2019

Realtor Commentary – Still A Sellers Market

In review of MLS data this past month we see that there is still a shortage of listings and properties are still selling quickly. One key point is that condos have more inventory and are taking more days to sell on average then freehold properties are. This is likely due to the large influx of condo developments in the Region of Waterloo and Wellington County.

The average prices for freeholds did not change dramatically in 2018. That compared to the the average price of condos that increased by over 10%. The most likely answer to the that is the affordability of such properties. With more buyers getting priced out of the freehold market it wouldn’t be surprising if condos experienced a similar price appreciation in 2019.

In summary the freehold MLS data shows us that these listings are selling quicker and for more money than condo properties. Both markets are still experiencing historically low levels of inventory meaning both are still considered sellers markets.

For more content on buying and selling over the winter months check out our last blog post. Have questions or wanted to see a specific topic covered in our blog? Leave us a comment below or contact us – We would love to connect!

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Waterloo Region Real Estate Market Update – August 2018

Real Estate Inventory, Sales Volume & Prices

August 2018 is in the books, so where are our real estate markets at? In our latest blog post we are taking a look into inventory numbers, sales volume, and price trends. Our goal is to keep you on the forefront of our real estate markets. By monitoring key stats and indicators we will determine where our markets are at now, and where they are heading.

MLS Listings Monthly Stats – Waterloo Region August 2018

Below is a standard “monthly stats” chart for the past 12 months. We monitor this chart on a month-by-month basis to get clarity on the direction and speed in which our markets our heading. We can see that the median days to sell increased from 13 to 16 from July to August this year. Looking at the blue line we can see that prices remained similar over the past 4 months with an upwards trend in the first few days of September 2018. This chart is a great starting point to see how long properties are typically on the market before they sell firm and if the prices homes are selling for is changing.


Competition in Waterloo Region Real Estate

For the residents of Waterloo Region the real estate markets over past two years has been a very intense experience. Properties selling in multiples, in a few days or even just a few hours like last spring is something our markets have not seen for many years. This competitive landscape has a lot of homeowners opting to stay at their current home to avoid the stress and worry of competing. When monitoring competition, especially for those considering buying and selling in a competitive market, list-to-sale price ratio is a great tool!

The chart below shows the ratio of the listing price to the price a property actually sold for. Note that this is an average of all listings in the Waterloo Region over the last 12 months. Ever property, situation and seller is different and there are different strategies for listing and selling property. Overall, if the average listing to sale price ratio is above 100%, we can assume that there is very strong competition. For reference, any List/Sale price ratio above 99% is historically strong. For additional context, review the blog post from June 2018 here we explain this key market statistic relating to Spring 2017.

Inventory & Sales – August 2018

Below is a chart displaying the number of listings sold and months of inventory in for the past 5 years. In August 2018 there were 671 Listings sold. As of August 31st Waterloo Region had just under two months of inventory. Months of inventory measure how long it would take for any market to run out of available properties if no new listings came to market. To put our current inventory levels into perspective, anything between 0-4 months is considered a “seller’s market”. Inventory levels between 4-6 months is a “balanced market”, and 6 months+ is a “buyer’s market”.

Looking back we see that we have not had 4+ months of inventory since Spring/Summer 2014.. yikes. We also see seasonal trends in our marketplace. Blue peaks in Winter and Summer months while green drops. This shows that we have more inventory available in off season months and fewer sales being made.