Kitchener-Waterloo-Cambridge Housing Market Report
- Average home prices in the Kitchener-Waterloo-Cambridge Region decreased by 6.1% annually to $716,911, but increased 0.4% from last month.
- Kitchener-Waterloo benchmark prices fell 8.7% annually and 0.4% monthly to $640,100.
- Cambridge benchmark home prices declined 6.1% annually and decreased 1.6% monthly to $674,300.
- The average detached price was $839,394, down 6.5% year-over-year and up 1.4% month-over-month.
- The average semi-detached price dropped to $601,535, a 6.7% annual decrease and 5.3% lower than November.
- Townhouses averaged $568,249, down 9.9% annually and 4.6% monthly.
- Condominiums averaged $366,784, down 23% year-over-year, and down 13.1% from November.
- January 29, 2026 Update: Today’s Lowest mortgage rate in Kitchener is 3.35% for 5-Year Variable.
Kitchener-Waterloo-Cambridge Housing Market Overview
Kitchener-Waterloo-Cambridge Housing Market: Price Movements for December 2025
Kitchener-Waterloo Benchmark Home Price | $640,100 | -0.4% 1-Month Change | -8.7% 1-Year Change |
Cambridge Benchmark Home Price | $674,300 | -1.6% 1-Month Change | -6.1% 1-Year Change |
Average Home Price | $716,911 | +0.4% 1-Month Change | -6.1% 1-Year Change |
Note: The MLS HPI benchmark price represents the value of a ‘typical’ home in the area.
Kitchener-Waterloo-Cambridge Housing Market as of December 2025
Average Prices and Home Sales
The average price in the Waterloo region was $716,911, representing a 6.1% annual decrease but a modest 0.4% increase from November. The market showed continued softness through the final two months of 2025, with November posting a 5.4% annual decline to $713,751 before the slight rebound in December.
Average Prices by Property Type - December 2025
- Detached homes: $839,394 (down 6.5% from December 2024)
- Townhouses: $568,249 (down 9.9% from December 2024)
- Condominiums: $366,784 (down 23% from December 2024)
- Semi-detached homes: $601,535 (down 6.7% from December 2024)
306 home sales in the Waterloo Region in December 2025 were 8.4% below last December and 19.5% lower than the 10-year average for this month of the year. This followed November's weaker performance with 465 sales, down 14.8% year-over-year. 375 new listings in December were up 6.5% from last December, though down significantly from November's 764 new listings. While the market has moved toward a better balance with 3.9 months of inventory (compared to the severe undersupply of previous years), prices continue to adjust downward as they normalize from the elevated levels of 2022. The current balanced inventory conditions reflect improved supply meeting stable demand, but buyers remain price-sensitive given affordability concerns and economic uncertainty. This combination of balanced inventory with declining prices suggests the market is in a healthy correction phase - sellers are adjusting expectations while buyers have the time and choice to find appropriately priced homes.
Sales by Property Type - December 2025
- Detached homes: 192 sales (up 1.6% from December 2024)
- Townhouses: 52 sales (down 37% from December 2024)
- Apartment Condominiums: 35 sales (down 14.6% from December 2024)
- Semi-detached homes: 26 sales (up 24% from December 2024)
Benchmark Home Prices
For December 2025, benchmark prices continued their downward trajectory, with Cambridge seeing a 1.6% monthly decrease and a 6.1% annual decrease to $674,300. In Kitchener-Waterloo, benchmark prices were down 0.4% over the past month and 8.7% over the past year, reaching $640,100. November also showed significant declines, with Kitchener-Waterloo dropping 1.9% monthly to $642,600 and Cambridge slipping 0.3% to $685,400. Despite these recent corrections, the benchmark price of homes in Cambridge has still risen by a remarkable 107% over the past ten years and 164% over the past fifteen years. Similarly, Kitchener-Waterloo has seen increases of 102% and 147% over the same periods. In contrast, inflation (CPI) has been 30% and 41% over the past 10-year and 15-year periods, highlighting the incredibly rapid and substantial long-term appreciation in this area's housing market.
Year-End 2025 Performance
For the full year 2025, 6,177 homes were sold in Waterloo Region, representing a decrease of 8.8% compared to 2024 and 25% below the ten-year average. The year-to-date average sale price for all residential properties decreased 3.7% to $754,199 compared to 2024. By property type, detached homes averaged $876,896 (down 3.7%), townhouses $611,256 (down 4.3%), condominiums $437,084 (down 7.4%), and semi-detached homes $635,412 (down 4.1%).
Market Outlook
The market ended 2025 with reasonable inventory levels well above the ten-year average, providing buyers with substantial choice and negotiating power. The market closed December with a 3.9-month supply of all property types, with condominium apartments showing the highest inventory at 4.9 months' supply, followed by townhouses at 3.0 months' supply and detached homes at 1.7 months' supply. This represented an improvement from November's 3.4-month supply but still indicates strong buyer conditions.
Looking ahead to 2026, market conditions are expected to stabilize with the introduction of new government incentives. Both provincial and federal governments have announced plans to remove the Harmonized Sales Tax (HST) from new homes up to $1 million for first-time buyers, which should help improve affordability and stimulate market activity. With inventory at decade-high levels and more time for buyers to make informed decisions, well-priced properties continue to attract attention as both buyers and sellers adjust their expectations to current market realities.
Note: The benchmark price reflects the value of a typical home based on MLS® HPI, while the average and median prices represent actual transactions. The average can be skewed by high-end sales, while the median is less sensitive to extremes.
Kitchener-Waterloo-Cambridge Housing Market Statistics for All Property Types
Average Sold Price
Total Transactions
Property Type Distribution
Market Overview for Detached Homes
Average Sold Price
Transactions
Market Overview for Semi-Detached Homes
Average Sold Price
Transactions
Market Overview for Townhouses
Average Sold Price
Transactions
Market Overview for Condo Apartments
Average Sold Price
Transactions
Housing Markets of Major Cities in the Kitchener-Waterloo-Cambridge Region
Housing Markets Across Canada
Glossary and Definitions
MLS® Home Price Index (HPI): Developed by the Canadian Real Estate Association (CREA), the MLS® HPI is the most advanced tool for tracking price trends in the Canadian housing market. Rather than using simple average prices, which can be skewed by the mix of homes sold in a given month, the HPI tracks the value of a "Benchmark Home"—a property with typical attributes for its specific neighborhood. This allows for an accurate "apples-to-apples" comparison of home values across different regions and time periods, independent of a property's specific features or seasonal volatility. To ensure the index remains relevant, CREA performs an annual review every May to account for evolving market dynamics.
MLS® HPI Benchmark Price: This is the dollar value assigned to a "typical" home in a specific neighborhood. While the HPI itself is an index number used to track trends, the Benchmark Price translates that data into a real-world dollar figure, representing what a standard home with average features (like square footage, rooms, and lot size) would likely sell for in today's market.
Strata Insurance: Strata insurance is insurance used by a strata like a condominium to cover 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. Owners of the buildings have 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.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
- The trademarks MLS®, Multiple Listing Service®, and associated logos are owned by CREA and identify services provided by its members.