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Kitchener, Waterloo, Cambridge Real Estate Prices, Everything You Need to Know: 2nd Quarter Review 2023

 

The 2nd Quarter Edition (April-June) 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 Waterloo Region demonstrated remarkable resilience in June, as evidenced by the sale of 780 homes through the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR). This represents a notable 4.6 percent increase compared to the previous year, albeit a decline of 12.3 percent when compared to the average for the month over the past five years.

Megan Bell, the president of WRAR, expresses optimism, stating, “June marked a turning point for the real estate market in Waterloo Region, with sales experiencing a year-over-year increase for the first time in 2023. Although the total number of home sales in the first half of this year is down nearly 25 percent compared to last year, we have witnessed a consistent upward trend since January.”

The data showcases the market’s ability to bounce back, indicating promising prospects for the real estate landscape in Waterloo Region. Average home prices in Waterloo Region have increased by 11.5% compared to June 2022. We anticipate this trend will continue unless interest rates continue to climb.

Average Sale Prices (Q2 2023):

  • Kitchener: $972,700
  • Waterloo: $1,091,717
  • Cambridge: $959,811

1- Year Trends

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


Average Sale Prices

Monthly

Quarterly

Second Quarter (April-June) year-over-year change from 2022 to 2023:

  • Kitchener: Year-Over-Year decrease of -0.8% in Q2 2023 vs 2022.
  • Waterloo: Year-Over-Year increase of +0.3% in Q2 2023 vs 2022.
  • Cambridge: Year-Over-Year decrease of -1.3% in Q2 2023 vs 2022.

Median Sale Prices

Monthly

Quarterly

Second Quarter (April-June) year-over-year change from 2022 to 2023:

  • Kitchener: Year-Over-Year decrease of -1.3% in Q2 2023 vs 2022.
  • Waterloo: Year-Over-Year decrease of -2.5% in Q2 2023 vs 2022.
  • Cambridge: Year-Over-Year increase of +0.6% in Q2 2023 vs 2022.

Number of Sales

Monthly

 

Quarterly

Second Quarter (April-June) year-over-year change from 2022 to 2023:

  • Kitchener: Year-Over-Year decrease of -14.9% in Q2 2023 vs 2022.
  • Waterloo: Year-Over-Year decrease of -4.7% in Q2 2023 vs 2022.
  • Cambridge: Year-Over-Year decrease of -10.7% in Q2 2023 vs 2022.

Price Per Square Foot ($/SQFT)

Monthly

 

Quarterly

Second Quarter (April-June) year-over-year change from 2022 to 2023:

  • Kitchener: Year-Over-Year decrease of -2.9% in Q2 2023 vs 2022.
  • Waterloo: Year-Over-Year decrease of -1.9% in Q2 2023 vs 2022.
  • Cambridge: Year-Over-Year decrease of -0.1% in Q2 2023 vs 2022.

Percentage Sold Above Asking Price

Monthly

 

Quarterly

 

Second Quarter (April-June) year-over-year change from 2022 to 2023:

  • Kitchener: Year-Over-Year decrease of -23.1% in Q2 2023 vs 2022.
  • Waterloo: Year-Over-Year decrease of -22.8% in Q2 2023 vs 2022.
  • Cambridge: Year-Over-Year decrease of -14.1% in Q2 2023 vs 2022.

Days to Sell (Average)

Monthly

 

Quarterly

  • Detached homes are selling on an average on 1 week in Kitchener.
  • Detached homes are selling on an average 1 week in Waterloo.
  • Detached homes are selling on an average of 1 week 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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