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Kitchener, Waterloo, Cambridge Real Estate Prices, Everything You Need to Know: 1st Quarter Review 2023

 

The 1st Quarter Edition (Jan-Mar) of our Kitchener, Waterloo, and Cambridge Detached Real Estate Market Report will examine:

  • Number of Sales
  • Average Sale Price
  • Median Sale Price
  • Price Per Square Foot ($/SQFT)
  • Percentage Paid Over Asking Price
  • Days on Market

Summary

The real estate market in Kitchener, Waterloo, and Cambridge has seen a decrease in home prices since this time last year. Additionally, there is more inventory available on a monthly basis, giving buyers a wider selection of homes to choose from. Unlike previous years, bidding wars have become less frequent, indicating a shift towards a more balanced market. These changes suggest that the real estate market in Kitchener, Waterloo, and Cambridge is currently favoring buyers over sellers.

Average Sale Prices (Q1 2023):

  • Kitchener: $873,829
  • Waterloo: $971,800
  • Cambridge: $838,385

1- Year Trends

Examined both Monthly & Quarterly for the Kitchener, Waterloo, and Cambridge area for detached homes only.


Average Sale Prices

Monthly

Quarterly

First Quarter (Jan-Mar) year-over-year change from 2022 to 2023:

  • Kitchener: Year-Over-Year decrease of -22.1% in Q1 2023 vs 2022.
  • Waterloo: Year-Over-Year decrease of -21.2% in Q1 2023 vs 2022.
  • Cambridge: Year-Over-Year decrease of -23.9% in Q1 2023 vs 2022.

Median Sale Prices

Monthly

Quarterly

First Quarter (Jan-Mar) year-over-year change from 2022 to 2023:

  • Kitchener: Year-Over-Year decrease of -22.6% in Q1 2023 vs 2022.
  • Waterloo: Year-Over-Year decrease of -27.8% in Q1 2023 vs 2022.
  • Cambridge: Year-Over-Year decrease of -19.3% in Q1 2023 vs 2022.

Number of Sales

Monthly

 

Quarterly

First Quarter (Jan-Mar) year-over-year change from 2022 to 2023:

  • Kitchener: Year-Over-Year decrease of -46.5% in Q1 2023 vs 2022.
  • Waterloo: Year-Over-Year decrease of -36.1% in Q1 2023 vs 2022.
  • Cambridge: Year-Over-Year decrease of -41.7% in Q1 2023 vs 2022.

Price Per Square Foot ($/SQFT)

Monthly

 

Quarterly

First Quarter (Jan-Mar) year-over-year change from 2022 to 2023:

  • Kitchener: Year-Over-Year decrease of -19.7% in Q1 2023 vs 2022.
  • Waterloo: Year-Over-Year decrease of -21.4% in Q1 2023 vs 2022.
  • Cambridge: Year-Over-Year decrease of -20.4% in Q1 2023 vs 2022.

Percentage Sold Above Asking Price

Monthly

 

Quarterly

 

First Quarter (Jan-Mar) year-over-year change from 2022 to 2023:

  • Kitchener: Year-Over-Year decrease of -102.8% in Q1 2023 vs 2022.
  • Waterloo: Year-Over-Year decrease of -90.5% in Q1 2023 vs 2022.
  • Cambridge: Year-Over-Year decrease of -95.1% in Q1 2023 vs 2022.

Days to Sell (Average)

Monthly

 

Quarterly

  • Detached homes are selling on an average on 1-2 weeks in Kitchener.
  • Detached homes are selling on an average 1-2 weeks in Waterloo.
  • Detached homes are selling on an average of 1-2 weeks in Cambridge.

 

 

All statistics gathered independently from Huron Perth Association of REALTORS®.

This publication is not to be copied or duplicated without the express written permission of Roxanne Finn.

This publication is not intended to solicit buyers or sellers currently under contract with a brokerage.


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