Home prices rising in Waterloo Region, but may take longer to find a buyer

A property sold in Kitchener. (Daniel Caudle/CTV News Kitchener)

The cost of buying a home in Waterloo Region is going up, but properties are spending more time on the market.

The Cornerstone Association of Realtors, an amalgamation of the former Realtors Association of Hamilton-Burlington, Waterloo Region Association of Realtors, Simcoe and District Real Estate Board and Mississauga Real Estate Board, released their latest data for December 2024.

In a news release, Cornerstone said 334 homes in Waterloo Region were sold in December, an increase of 14.4 per cent compared to December 2023, and 9.9 per cent below the previous five-year average for the month.

Average prices

The average monthly sales price for all residential properties in Waterloo Region in December was $763,840, a 3.3 per cent increase compared to the year before and 1.4 per cent increase compared to November 2024.

Detached homes – $898,204 (6 per cent increase from the year prior, 4 per cent increase from the month before)

Townhomes - $630,676 (1.7 per cent increase from the year prior, 2.7 per cent increase from the month before)

Apartment-style condominiums - $475,006 (3.7 per cent decrease from the year prior, 5.5 per cent increase from the month before)

Semi-detached homes - $644,786 (5.1 per cent increase from the year prior, 0.2 per cent increase from the month before)

How long does it take to sell a home?

According to the report, 346 new listings were added through December, a jump of 19.7 per cent compared to the year before and a 1.6 per cent increase compared to the previous 10-year average for the month.

The number of days it took to sell a property in December was, on average, 36. That was five days longer than the year before.

Looking at 2024 as a whole, the average number of days a home spent on the market was 23 days, compared to 19 days in 2023.