Kitchener-Waterloo Real Estate Market Update
Market Update
24 May 2023

May 2023 Kitchener-Waterloo Real Estate Update

By Tracey Appleton

The Kitchener-Waterloo Real Estate Market continues to roar back to life, and much sooner than had been predicted! 

With a short supply of listings coming on the real estate market, buyers find themselves once again in multiple offer situations in a strong Sellers’ market. In many cases, the winning offer does not have any conditions. This type of market is challenging for Buyers who must ponder what it takes to win in these multiple offer situations. We can certainly help buyers with strategies that allow them to put  their best foot forward while reducing risk. For sellers, of course, a tight listing supply means this is a great time to put your home on the market. 

Here is a look at the April 2023 Kitchener-Waterloo Real Estate Market Stats 

The number of Kitchener-Waterloo real estate sales continues to be lower than last year across all property types. The total number of residential sales in April included four hundred detached (down 23.5 per cent from April 2022), and 117 townhouses (down 22.0 per cent). Sales also included ninety-five condominium units (down 18.1 per cent) and fifty-one semi-detached homes (down 25.0 per cent). In April, the average sale price for all residential properties in Waterloo Region was $798,077. This represents an 11.9 per cent decrease compared to April 2022 and a 2.6 per cent increase compared to March 2023.  

  • The average price of a detached home was $926,454. This represents a 10.6 per cent decrease from April 2022 and an increase of 1.8 per cent compared to March 2023.  
  • The average sale price for a townhouse was $664,425. This represents a 12.7 per cent decrease from April 2022 and an increase of 3.8 per cent compared to March 2023. 
  • The average sale price for an apartment-style condominium was $488,971. This represents a decrease of 18.3 per cent from April 2022 and an increase of 1.5 per cent compared to March 2023.  
  • The average sale price for a semi was $686,792. This represents a decrease of 10.1 per cent compared to April 2022 and a decrease of 1.9 per cent compared to March 2023. 
Tags2023 May Tracey