Waterloo region home prices inch upward for third straight month

The average price of a single-detached home in Waterloo region is creeping back up toward the $1 million mark after slumping to a two-year low in December.

The average single-family home sold for $964,130 in May, while the average condo went for $482,926. Across all property types, the average local home sale price was $821,828.

“The spring market is in full swing with robust buyer and listing activity observed in May,” Waterloo Region Association of Realtors president Megan Bell said in news release.

Bell noted there were 1,264 new listings in the region last month. That’s up from the 896 in April, but still down 32.6 per cent from May of last year and 11.8 per cent under the 10-year average for the same month.

Waterloo region is still a seller’s market, said Bell.

“With limited inventory and a relatively low number of new listings being added to the MLS system, buyers face intensified competition while sellers receive increasingly competitive offers,” Bell said.

Take a deeper dive into the numbers here.