November brought a boost of activity to the Waterloo Region real estate market, with 539 homes sold—a 21.1% increase compared to last year. Buyers benefitted from an expanded inventory, while sellers saw increased interest in a market moving towards more balanced conditions.
Key Market Highlights:
- Increased Home Sales: Residential sales surged 21.1% year-over-year, led by a 23.5% increase in detached home sales and a remarkable 37.5% rise in semi-detached homes. Townhouses also saw a 37.8% jump in sales, while condos experienced a modest decline of 17.7%.
- Stabilized Prices: The average sale price for all property types was $754,604, maintaining steady year-over-year with a slight 0.2% decrease.
Average Sale Prices by Property Type
- Detached Homes: $862,690 (down 3.1% YOY)
- Townhouses: $615,222 (up 0.9% YOY)
- Condominiums: $452,732 (up 0.5% YOY)
- Semi-Detached Homes: $643,672 (up 4.5% YOY)
While average prices reflect slight fluctuations, the overall stability provides opportunities for both buyers and sellers.
Expanded Inventory Offers Opportunity
November saw 889 new listings, a 2.4% increase from last year, and total active listings reached 1,565—20% higher than November 2023 and well above the 10-year average. With a 2.8-month supply across all property types, buyers enjoyed a broader selection of homes, especially in the condominium and townhouse segments.
Why Now is a Great Time to Buy or Sell
Lower interest rates and upcoming mortgage reforms—such as extended amortization periods and increased insured mortgage limits—are creating favourable conditions for buyers, particularly first-time homebuyers. At the same time, stable pricing and increased market activity make it an attractive moment for sellers.
Partner with Chestnut Park West
Navigating the current market requires the right expertise. Whether you’re looking to find your dream home or maximize the value of your property, Chestnut Park West offers local market insights and tailored strategies to help you succeed.
Contact us today to start your real estate journey with confidence!
The information has been drawn from sources deemed to be reliable, but the accuracy and completeness of the information is not guaranteed. In providing this information, Chestnut Park Realty Southwestern Ontario does not assume any responsibility or liability.
