Condos Sales and Prices up over last year in Kitchener Waterloo

I hope you are had an amazing long weekend. The kids are back to school and hopefully you have been able to enjoy the warm weather we have had the last few days.

The August Real Estate stats are out for Waterloo Region and it looks like home sales have cooled a bit compared to earlier in the year. Lets take a look at the numbers….

In August, there were 568 homes sold, representing a decrease of 14.2 per cent compared to the previous year and a decline of 23.5 per cent compared to the previous 5-year average for the month.

For the first time in a decade we saw August’s home sales slip under the 600-unit mark which is not surprising given the current borrowing environment.

Total residential sales in August included 315 detached (down 24.1 per cent from August 2022), and 134 townhouses (up 12.6 per cent). Sales also included 74 condominium units (up 10.4 per cent) and 44 semi-detached homes (down 27.9 per cent).

In August, the average sale price for all residential properties in Waterloo Region was $761,377. This represents a 1.4 per cent increase compared to August 2022 and a 4.4 per cent decrease compared to July 2023.

The average price of a detached home was $884,390. This represents a 3.9 per cent increase from August 2022 and a decrease of 3.9 per cent compared to July 2023.
The average sale price for a townhouse was $659,704. This represents a 8.0 per cent increase from August 2022 and a decrease of 1.7 per cent compared to July 2023.
The average sale price for an apartment-style condominium was $485,205. This represents an increase of 4.1 per cent from August 2022 and a decrease of 2.3 per cent compared to July 2023.
The average sale price for a semi was $669,044. This represents an increase of 2.0 per cent compared to August 2022 and a decrease of 0.3 per cent compared to July 2023.

August Average Sales Price - By Property Type 09062023

MLS® Home Price Index Benchmark Price
	Kitchener-Waterloo			Cambridge
Benchmark Type:	August 2023	Monthly % Change	Yr./Yr. % Change	August 2023	Monthly % Change	Yr./Yr. % Change
Composite	$745,100	-2.6	1.1	$758,000	-0.9	1.4
Detached	$846,900	-2.5	3.3	$788,100	-1.1	3.3
Townhouse	$634,900	-2.1	1.4	$669,300	0.9	-5.5
Apartment	$475,400	-2.0	-5.2	$501,000	1.7	-12.4

Home buyers had the advantage of strong listing activity in August, which helped to provide a little more choice and temper prices, but affordability remains a top concern for many who are looking to get into the market and finding it a challenge to resolve what they want with what they can afford.

Market-wide, inventory levels were up 7.6 per cent in August, this was mainly due to the Townhouse/Condo segment, where inventory increased by 35.3 per cent. The property type with the most supply in the market is the condo segment with 3.3 months supply, compared to 1.8 months supply in the detached home category.

Right now, buyers may find it easier to get into a condominium, which can be a great choice for both first time buyers, and anyone looking for a lifestyle change.

There were 1,025 new listings added last month, an increase of 9.7 per cent compared to August of last year and a 11.7 per cent increase compared to the previous ten-year average for August.

The total number of homes available for sale in active status at the end of August was 1,094, an increase of 7.6 per cent compared to August of last year and 14.9 per cent below the previous ten-year average of 1431 listings for August.

There were 2.0 months of inventory at the end of August, unchanged from the end of July and in line with the previous 10-year average. The number of months of inventory represents how long it would take to sell off current inventories at the current sales rate.

The average number of days to sell in August was 19, compared to 23 days in August 2022. The previous 5-year average is 21 days.

Average Sales Price – Municipality