Condo Market Still Struggles in August Here in Kitchener, Waterloo and Cambridge

I hope you had a wonderful labour day long weekend. Now that the kids are back in school routines should return back to normal. Remember to drive carefully around school zones, as the little ones settle in again. 

The stats are out for August, let’s take a look and see what the market is doing here in Waterloo Region. 

In August, a total of 536 homes were sold. This is a decrease of 1.3 per cent compared with the same period last year and a decline of 23.1 per cent compared to the average number of homes sold in the previous ten years for the same month. 

The market is showing signs of stabilization, though we’re seeing a continued cooling trend compared to last year. While sales volumes have only slightly decreased year-over-year, the more notable change is in pricing, with most property types experiencing moderate downward pressure.

Total residential sales in August included 320 detached homes (down 5.6 per cent from August 2024), and 101 townhouses (down 1.0 per cent). Sales also included 62 condominium units (up 1.6 per cent) and 50 semi-detached homes (up 25.0 per cent).  

In August, the average sale price for all residential properties in Waterloo Region was $728,465. This represents a 5.5 per cent decrease compared to August 2024 and a 1.0 per cent decrease compared to July 2025.  

• The average sale price of a detached home was $846,405. This represents a 4.6 per cent decrease from August 2024 and a decrease of 1.3 per cent compared to July 2025.  
• The average sale price for a townhouse was $594,200. This represents a 3.2 percent decrease from August 2024 and a 1.7 percent decrease compared to July 2025.  
• The average sale price for an apartment-style condominium was $433,113. This represents a 6.0 per cent decrease from August 2024 and an increase of 4.2 per cent compared to July 2025.  
• The average sale price for a semi was $618,206. This represents a 5.5 per cent decrease from August 2024 and a 4.1 per cent decrease compared to July 2025. 

There were 1,028 new listings added last month, an increase of 3.0 per cent compared to August last year and a 11.0 per cent increase compared to the previous ten-year average for August.  

The average time to sell a home in August was 32 days, which is the same as the previous month. In August 2024, it took 25 days for a home to sell, and the five-year average was 19 days. 

Despite the softer market conditions, we are encouraged by the healthy increase in new listings, which gives buyers more options. While our local market statistics indicate signs of stabilization, we are operating in a complex economic environment. The Bank of Canada’s decision to maintain interest rates at 2.75% for the third consecutive time provides some predictability for both buyers and sellers. However, economic uncertainty and the Bank’s focus on inflation, especially regarding shelter costs, remind us that we are in a period where both buyers and sellers need to stay informed. 

If you have any questions at all, are thinking of making a move this fall or are wondering what your home might be worth, give me a call or text to 519-497-4646  or shoot me an email to kevinbakerrealestate@gmail.com and we can sit down for a coffee and chat about your family’s needs going forward.

Have a great rest of September!

Kevin