June 2024 Waterloo Region Real Estate Market Update
The Waterloo Region Real Estate Market is holding steady for the most part!
As we head into summer, we hope you are looking forward to fun plans to make the most of the great weather!
With Bank of Canada having made a 0.25% cut to their policy rate at their scheduled June announcement date, many Canadians are sighing a breath of relief and hoping for more cuts to come. Many economists predict the rate, which is now 4.75%, will get to 3% (but probably not lower) by the end of 2025. Time will tell!
The Waterloo Region Real Estate Market is holding steady for the most part! Overall, the number of listings is rising, resulting in a little more choice for buyers in the marketplace.
Buyers looking for freehold options under $700,000 continue to face strong competition and difficulty getting conditional offers accepted. At the same time, though, prices are not escalating! Patience and tenacity are key to real estate success!
Interestingly, even more expensive freehold listings are selling quite well, though with fewer multiple offer situations arising.
The real estate market for condominium apartments remains on a more difficult footing, with listing inventory continuing to rise and average prices softening. One of the challenges for condos is that condominium fees have been noticeably affected by inflation and increased insurance costs over the past couple of years.
June Real Estate Market Statistics
In May, the average sale price for all residential properties in Waterloo Region was $818,507. This represents a 0.3% decrease compared to May 2023 and a 2.3% increase compared to April 2024.
- The average price of a detached home was $943,859. This is a 1.9% decrease from May 2023 and an increase of 0.4% compared to April 2024.
- The average sale price for a townhouse was $653,761. This represents a 6.1% decrease from May 2023 and a decrease of 0.9% compared to April 2024.
- The average sale price for an apartment-style condominium was $459,260. This stands for a decrease of 5.6% from May 2023 and a decrease of 5.6% compared to April 2024.
- The average sale price for a semi was $699,780. This represents a decrease of 3.9% compared to May 2023 and an increase of 5.1% compared to April 2024.
• Read our previous Real Estate Market Updates