Waterloo Region’s sluggish real estate market breaks 20-year March record

A 'Sold' sign sits outside a home in Waterloo. (Dan Lauckner/CTV Kitchener)

Fewer homes were sold in Waterloo Region last month than any other March in more than two decades, the Waterloo Region Association of Realtors (WRAR) reported Thursday.

It comes after 2023 broke another record for the slowest year for home sales since 2000.

Still, the local realtors association says they’re seeing evidence things could be turning around.

“Over the past three months, prices and activity have started to pick up, and I expect this momentum will continue into the spring,” WRAR President Christal Moura said in a release.

The average Waterloo Region home – including condos and townhouses – sold for $806,279 in March. That’s up seven per cent from the month before and four per cent from the same time last year.

Here’s a breakdown of the average sale price by property type:

• Detached: $954,342
• Semi-detached: $680,039
• Townhouse: $667,810
• Apartment-style condo: $483,085

(Source: Waterloo Region Association of Realtors)

Home prices have been increasing gradually since December, which Moura said is a typical trend for this time of year.  

“The rate and extent of further increases will depend on the willingness and patience of potential home buyers who have been waiting for lower interest rates before making their purchase,” she said. “With the Bank of Canada not anticipated to make any rate changes before its June meeting, some potential home buyers may feel stuck in limbo.”

(Source: Waterloo Region Association of Realtors)

A total of 596 homes were sold via WRAR’s Multiple Listing Service (MLS) in March, while 1,023 new listings were added.

The total number of homes available for sale at the end of March was 1,081 – an increase of 54 per cent compared to March of last year and on par with the 10-year average for the month.