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Kitchener-Waterloo-Cambridge Housing Market Report

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Market Report Summary for November 2023
Updated December 8th, 2023
  • Average home prices in the Kitchener-Waterloo-Cambridge Region increased by 2.9% in a year and declined by 1.4% monthly to $757,272.
  • The average price of detached homes increased by 6.3% year-over-year and 0.1% monthly to $891,091.
  • Semi-detached homes' average price decreased by 3.9% year-over-year and reduced by 6.2% monthly to $617,329.
  • Townhouses’ average price is 1.1% below last November and 5.1% below the October level at $611,667.
  • Apartments’ average price decreased by 1.7% year-over-year while decreasing by 5.4% from last month to $450,476.
  • December 11, 2023 Update: Today’s Lowest mortgage rate in Kitchener is 5.44% for 4-Year Fixed.

Kitchener-Waterloo-Cambridge Housing Market Overview

Data for November 2023
Avg. Sold Price:$757,272
All Property Types:$757,272
Condo Apartment:$450,476
Transactions (Buy/Sell):441
All Property Types:441
Condo Apartment:62
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Kitchener-Waterloo-Cambridge Housing Market as of November 2023

Kitchener-Waterloo Market Condition
This Month’s SNLR: 51%
An SNLR between 40% and 60% indicates a balanced market.

441 home sales in the Waterloo Region in November 2023 were 4.5% lower than last November and a third lower than the 5-year average for this time of the year. The slower pace in Waterloo Region has been common across some of Ontario's housing markets in recent months.

In contrast to the number of sales, 868 new listings are 15% higher than last November and even higher than the average long-term new listings during November. Home resale inventory stands at 1,305, 55% higher than last November. Lower sales and high listing activity compared to long-term averages reflect broader regional trends of lower buyer activity despite increases in new listings. This has put downward pressure on home prices in the Waterloo Region as the housing market continues to cool in November 2023.

Sales-to-new-listings ratio (SNLR) was 51%. This ratio indicates that the market is balanced, as prices remain under pressure due to high mortgage rates and a waning appetite from home buyers amid housing unaffordability, while prices are supported because of high rents, low vacancy rates and population growth.

wahi map

For November 2023, the average home sales price in Waterloo Region was $757,272, a 2.9% increase year-over-year. The best performer in the region was Cambridge, where home prices are up 3.4% year-over-year to $771,360. Waterloo City home prices edged down 5.1% year-over-year to $746,999, while the Kitchener housing market saw prices decline 1.7% year-over-year to $689,849.

Looking again broadly at Waterloo Region, the average single-family detached home price was $891,091 in November 2023, up 6.3% year-over-year. Semi-detached home prices are down 3.9% year-over-year to $617,329, with townhouses declining 1.1% below last year’s price to $611,667. Apartments saw a 1.7% year-over-year decline in average price to $450,476.

Benchmark prices declined by 2.1% annually in Cambridge, while they declined by 0.6% in Kitchener-Waterloo over the past year. The benchmark price of homes in Cambridge rose by 64% over the past five years, while the benchmark price of homes in the Kitchener-Waterloo region rose by 56% over the past five years. In contrast, inflation has been 18% over this period. Thus, this area’s housing market seems poised for a correction after an incredibly rapid rise in home prices.

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

Data for November 2023

Average Sold Price

Total Transactions

Property Type Distribution

Condo Apartments

Market Overview for Detached Homes

Data for November 2023

Average Sold Price


Market Overview for Semi-Detached Homes

Data for November 2023

Average Sold Price


Market Overview for Townhouses

Data for November 2023

Average Sold Price


Market Overview for Condo Apartments

Data for November 2023

Average Sold Price


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

Housing Markets Across Canada

Data for September 2023

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 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.