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Kitchener-Waterloo-Cambridge Housing Market Report

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Market Report Summary for April 2024
Updated May 8th, 2024
  • Average home prices in the Kitchener-Waterloo-Cambridge Region increased by 0.3% in a year but declined by 0.8% monthly to $800,087.
  • Kitchener Waterloo benchmark prices rose 0.6% monthly to $745,000. They are 1.9% lower from last year.
  • Cambridge benchmark home prices are up 1.5% monthly to $759,000. They declined 0.1% over last year.
  • The average price of detached homes increased by 1.4% year-over-year and decreased by 1.7% monthly to $938,478.
  • Semi-detached homes' average price decreased by 3% year-over-year and by 2.1% monthly to $665,936.
  • Townhouses’ average price is 0.5% below April 2023 and 1% below the March 2024 level at $660,945.
  • The average price of an apartment decreased by 0.7% from last year but increased by 0.5 from last month to $485,586.
  • May 20, 2024 Update: Today’s Lowest mortgage rate in Kitchener is 4.74% for 5-Year Fixed.

Kitchener-Waterloo-Cambridge Housing Market Overview

Data for April 2024
Avg. Sold Price:$800,087
All Property Types:$800,087
Detached:$938,478
Semi-Detached:$665,936
Townhouse:$660,945
Condo Apartment:$485,586
Transactions (Buy/Sell):692
All Property Types:692
Detached:406
Semi-Detached:57
Townhouse:137
Condo Apartment:90
Best 5-Year Fixed Mortgage Rates in ON
Mortgage Term:
Fixed
Variable

Kitchener-Waterloo-Cambridge Housing Market as of April 2024

Kitchener-Waterloo Market Condition
Balanced
This Month’s SNLR: 48%
An SNLR between 40% and 60% indicates a balanced market.

692 home sales in the Waterloo Region in April 2023 were 3.3% higher than last April and 12% lower than the 5-year average for this month of the year.

1,443 new listings are 65% higher than last April and 15% higher than the average 10-year new listings during April. Home resale inventory is 1,390, double last April and 14% above the 10-year average for April.

wahi map

Sales-to-new-listings ratio (SNLR) was 48% compared with 58%, 61%, and 52% in March through January 2024. This ratio suggests that we have returned to a balanced market. However, we should keep in mind that SNLR has a strong seasonal effect. Despite high mortgage rates and housing unaffordability, home prices are supported because of high rents, low vacancy rates, and population growth. Expectations for 2024 mortgage rate decline and 2025 mortgage rate decline are also supporting the housing market.

For April 2024, Benchmark prices declined by 0.1% annually while rising 1.5% monthly in Cambridge to reach $759,000, while in Kitchener-Waterloo, benchmark prices declined by 1.9% over the past year and rose by 0.6% over the past month to reach $745,000. The benchmark price of homes in Cambridge rose by 59% and 155% over the past five and 10 years, while the benchmark price of homes in the Kitchener-Waterloo region rose by 55% and 157% over the past five and 10 years. In contrast, inflation has been 18% and 28% over the past 5 and 10 year periods. This area’s housing market had an incredibly rapid rise in home prices.

Kitchener-Waterloo-Cambridge Housing Market Statistics for All Property Types

Data for April 2024

Average Sold Price

Total Transactions

Property Type Distribution

Detached
Semi-Detached
Townhouses
Condo Apartments

Market Overview for Detached Homes

Data for April 2024

Average Sold Price

Transactions


Market Overview for Semi-Detached Homes

Data for April 2024

Average Sold Price

Transactions


Market Overview for Townhouses

Data for April 2024

Average Sold Price

Transactions

Market Overview for Condo Apartments

Data for April 2024

Average Sold Price

Transactions

Best 5-Year Fixed Mortgage Rates in ON
Mortgage Term:
Fixed
Variable

Housing Markets of Major Cities in the Kitchener-Waterloo-Cambridge Region

Housing Markets Across Canada

Data for April 2024

Glossary and Definitions

MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.

MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.

Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:

  • Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
  • Liability for any property damage or bodily injury suffered on strata property
  • Any fixtures that are part of the "standard unit" or original construction of each unit

Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.

Property types

Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.

Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.

Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.

Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.

Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.

Property Classes

Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.

Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.

Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owner of the buildings has leased the land and pay rent to their landlord while owning the building on the land.

Housing Markets Across Canada

Data sourced from the Waterloo Association of Realtors (WRAR) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.