March 2024 Real Estate Market Update
The Waterloo Region Real Estate Market has shown clear signs of resilience and strength in the first several weeks of 2024. After a decidedly sluggish last 6 months of 2023, buyer confidence is clearly picking up again.
For the 6th announcement date in a row, Bank of Canada held their policy interest rate steady at 5 % on March 6th. It is widely predicted that rates will begin to decrease in the coming few months. Many real estate buyers anticipate that once that happens, the market will become increasingly competitive again, so they are getting out ahead of this and acting now.
While freehold properties at moderate price points showed brisk sales and many instances of multiple offer situations in the last couple of months of 2023, we have been seeing strong activity in increasingly higher price points so far in 2024. Multiple offers are, once again, not uncommon but, in general, winning bids are not excessively inflated.
A stable real estate market that is moving well is ideal for those who have been waiting for the right time to make a move up or to downsize. As always, if you are considering these types of options, please do reach out for advice on your particular situation. We are here to help!
Total residential sales in February included 281 detached (up 9.3 per cent from February 2023), and 110 townhouses (up 10.0 per cent). Sales also included 73 condominium units (up 30.4 per cent) and 24 semi-detached homes (down 14.3 per cent).
In February, the average sale price for all residential properties in Waterloo Region was $755,934. This represents a 0.7 per cent decrease compared to February 2023 and a 0.7 per cent decrease compared to January 2024.
- The average price of a detached home was $889,280. This represents a 0.5 per cent increase from February 2023 and a decrease of 2.2 per cent compared to January 2024.
- The average sale price for a townhouse was $629,734. This represents a 2.2 per cent decrease from February 2023 and a decrease of 1.8 per cent compared to January 2024.
- The average sale price for an apartment-style condominium was $459,455. This represents an increase of 0.2 per cent from February 2023 and an increase of 3.1 per cent compared to January 2024.
- The average sale price for a semi was $673,638. This represents an increase of 1.0 per cent compared to February 2023 and an increase of 4.2 per cent compared to January 2024.
Read past Waterloo Region real estate updates
